Follow the aid offer through to repayment.
Submitting the FAFSA form begins the federal aid process; it does not itself deposit a loan or require you to accept one. Review the school's aid offer and confirm which loan types, amounts and award year it covers. Ask the financial-aid office about any information still needed.
Before accepting, understand who is responsible for interest while you are in school. Direct Subsidized and Direct Unsubsidized Loans differ on that point. Confirm the conditions for your loan, the current interest rate and fee, and when repayment begins rather than applying another student's terms to your situation.
Use the full aid offer to identify the gap before accepting a federal loan amount.
Compare any remaining funding need with private terms, including benefits you would not receive under that contract.
Understand how the balance and interest interact once a regular repayment schedule begins.
No. Review the aid offer from the school and follow its acceptance process. Ask which additional steps are required before disbursement and how to request a smaller amount.
Eligible subsidized loans receive an interest subsidy during specified periods. Interest on unsubsidized loans starts accruing after disbursement. Check the conditions and dates for your particular loan with the school and Federal Student Aid.
BorrowCompass provides a guide to this topic at federal student loan approval process. Review current provider terms before making a borrowing decision. BorrowCompass does not issue loans or guarantee approval.