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DayStar
Updated:23/03/2024
Determining eligibility for student loans is crucial for financing your education.
Who Qualifies for Student Loans?
- U.S. Citizenship or Eligible Non-Citizen
- Enrollment in an Eligible Program
- Good Academic Standing
- No Default on Previous Loans
- Minimum Age Requirement
Types of Student Loans
- Federal Student Loans
- Direct Subsidized Loans
- Direct Unsubsidized Loans
- Direct PLUS Loans
- Private Student Loans
How to Apply for Federal Student Loans?
- Complete the FAFSA.
- Review your Financial Aid Offer.
- Accept the loan amount you require.
Common Requirements
| Requirement | Description |
|---|---|
| FAFSA Completion | You must complete the Free Application for Federal Student Aid (FAFSA) to determine eligibility. |
| Enrollment Status | You must be enrolled at least half-time in your program. |
| Financial Need | Some loans require demonstrating financial need. |
| Credit Check | Some loans, like PLUS loans, require a credit check. |
Common Questions About Eligibility
- What if I have bad credit?
Some loans like federal loans do not require credit checks. - Can international students qualify?
Generally, only U.S. citizens and eligible non-citizens can apply. - What if I’m enrolled part-time?
Some federal loans may require at least half-time enrollment.
Statistical Snapshot
| Year | Number of Federal Student Loan Borrowers | Total Federal Student Loans Disbursed |
|---|---|---|
| 2020 | 43 million | $1.57 trillion |
| 2021 | 44 million | $1.60 trillion |
| 2022 | 45 million | $1.62 trillion |
Mind Map of Student Loan Qualification
Eligibility Factors
- Citizenship
- U.S. Citizens
- Eligible Non-Citizens
- Education Level
- High School Graduate
- Current College Students
- Loan Type
- Federal Loans
- Private Loans
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