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Fast Student Loans

By: EconomyWatch Content Date: 15 December 2009

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Obtaining a student loan is not often an easy task, despite the mushrooming number of student loan lenders. Like with any source of credit, student loan qualification involves lengthy scrutiny of an applicant’s creditworthiness. Nonetheless, one can qualify for fast student loans with proper research and planning.

Fast Student Loans: Application

Timely student loan application is a crucial factor to qualify for fast student loans. Important student loan application forms are:

Free Application for Federal Student Aid (FAFSA)

The FAFSA application form is distributed by the federal government to most high schools, though one can fill the form online as well. A FAFSA form must be compulsorily filled by an applicant to be considered for a federal student loan.

Important documents and proofs that need to be furnished with FAFSA are:

Social Security Number
Driver’s license (if any)
Recent W-2 (Wage and tax statement) form
Current bank statements
Permanent resident card (in case of non-US citizens)

Additionally, a dependant student has to furnish a copy of his/her parent’s recent federal income tax return with the FAFSA form.

The FAFSA is used by the federal government and the US department of education to:

determine an applicant’s eligibility for a federal student loan
compute the loan amount

Remember, this loan amount is established by computing the Expected Family Contribution (EFC) value from the information furnished on the FAFSA. The EFC is an estimate of the amount of contribution expected by the applicant’s family.

CSS/Financial Aid PROFILE

This form is reviewed by colleges and universities to determine the applicant’s eligibility for various non-federal student loans. Unlike the FAFSA, the CSS PROFILE form is not free.

Moreover, a student does not have the option to fill the form manually, as the CSS PROFILE is a complete web-based application. Further, the CSS form requires a student to compulsorily furnish income and asset information of his/her parents, including:

Their home or property value
Their annual retirement fund contribution
Their insurance contract values

Most colleges and universities prefer a CSS form over FAFSA to scrutinize student loan applicants because of the greater flexibility it offers. Unlike the FAFSA (which is standardized), the CSS form can be tailored by the college or university to suit their distinct eligibility parameters, thus facilitating fast student loans approval.