How To Apply For A Student Loan Without Paying Back Option

                                   How to apply for a student loan

There are many factors to consider before applying for a student loan. Among these are how much is available in savings or other non-loan areas. Are you going to receive any scholarships? Is the educational institution accredited? Will you be going full time or only taking one or two classes? Make a list of the expenses for each semester. Will you be living on campus or commuting? Allow enough money to purchase books, food, clothing, and other basic supplies. Once those criteria have been established, you must allow yourself plenty of time to complete the process.

Before even considering loans or grants, you must have received an acceptance letter from the educational institution of your choice. Once that has been accomplished, it is best to visit the school in person and make the acquaintance of the financial aid office. However, that is not always an option. The second step, once an acceptance letter is received and returned is to fill out the FAFSA or Financial Application For Student Aid. Most financial aid offices will help in filling out this form and sending it to the correct address. While awaiting the results from this, explore the possibilities of various grants and scholarships that are available. Again, the financial aid office will help determining the availabilities of these.

The FAFSA will generate a SAR or Student Aid Report. Use this form in conjunction with grants, scholarships and other financial awards to calculate the amount of money that will need to be borrowed to ensure payment of the educational credits. If you are planning on working while attending school, these funds can be used to offset the total repayment amounts. However, the lending institutions will use these monies to determine the loan amounts available for subsequent semesters.
                                     How Not to Pay Back Your Student Loan
Is there ever a chance you will not have to pay back your student loans?  The answer is: YES!

Depending on the type of student loan you have and when you obtained it, you may be able to cancel all or a portion of your loan under one of the following circumstances:

* The former student for whom the loan was taken has died.
* You become totally and permanently disabled.
* Your school closed before you could complete your program of study.
* Your school falsely certified that you were eligible for a student loan.
* You left school and were entitled to a refund but never received the money.
* You teach in a Department of Education-approved school serving low-income students or in designated teacher shortage areas (other types of teacher cancellations are available for Perkins loans).
* You serve in the U.S. military (partial cancellation for Perkins loans only).
* You're a full-time employee of a public or nonprofit agency providing services to low-income, high-risk children and their families (Perkins loans only).
* You're a full-time nurse or medical technician (Perkins loans only).
* You're a full-time law enforcement or corrections officer (Perkins loans only).
* You're a full-time staff member in a Head Start program (Perkins loans only).
* You are a Peace Corps or VISTA volunteer (Perkins loans only)

These circumstances apply mainly to federally funded student loans.  Other lenders, however, may extend the same courtesy to you if you discuss it with them.  They are not required to do so, but asking does not hurt.

Keep in mind that should the circumstances above change, you will most likely be asked to repay your loan.  Find out beforehand what the exact conditions of the loan forgiveness entails. Doing so will help lessen any surptises in the future.

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