Student Loan Process
How to I apply for Financial Aid?
Most colleges require an application for admission before they will consider you for financial aid, so if you have not done that yet, do so now.
Apply for financial aid as soon as possible after January 1 of the upcoming school year to ensure that you will meet the college’s priority deadline for various types of financial aid. You’ll need to complete the form with your parents and here are the steps you’ll need to take to apply for financial aid:
- Apply for a personal identification number (PIN) at www.pin.ed.gov to make the financial aid process quicker.
- Complete a FAFSFA (Free Application for Federal Student Aid) available from your high school counselor.
- Within a month after completion and submission of the FAFSFA, you’ll receive a Student Aid Report letting you know how much you qualify for.
- This Student Aid Report will be reported to the colleges that you list on your FAFSA. Those colleges will then use this information to calculate your Financial Need and eligibility for financial aid at their institutions.
- The college will provide you with an award letter which lists the types and amounts of financial aid for which you qualify. Be sure to respond to the college as requested as failure to do so will be interpreted as declining the aid offered.
- Any money that you are awarded in financial aid will be sent directly to the school that you choose to attend.
What other types of aid is available?
- Grants – financial aid that does not have to be repaid.
- Scholarships – awarded through private donors, colleges and other organizations. Don't have to be repaid, but most based on financial need.
- Work Study – allows you to earn money for your education.
More on types of student loans >
Private Loans
Private student loans can help to bridge the gap between any government student aid you receive and the amount needed to attend your school of choice. Applying for a private student loan should be considered only after you have exhausted all federal student loan options. Contact Kathy Mahlberg at the Downtown Harlan Office at 755-5112 for more information about obtaining a private student loan with SCSB as your lender.
Additional College Planning Assistance
Shelby County State Bank recommends the Iowa College Access Network (ICAN). ICAN offers free services, including assistance with completing the Free Application for Federal Student Aid (FAFSA), to students and their families. Visit www.ICANsucceed.org.
