Student Loan Consolidation

Student Loan Consolidation

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FAQ about Student Loans


Where can I acquire the Application form for Federal Student Aid?

The form is here: You are encouraged to apply online, however if you would like to send a good old fashioned paper version of the form and you can still do so. You will need to contact your high school guidance or financial aid office for your paper form.

My parents are divorced, whose income should I put on the form?

Always use the income of the parent who has custdody of you. If your parents have joint custody, you need to state the income of the parent you lived with over the previous year. If the parent has now remarried you now also have to include the spuses income.


I want to apply for the Federal Direct Stafford Loan, can I?

You will need the Free Application for Federal Student Aid (FAFSA). This form tells your college whether or not yo9u are eligible for a loan . Once you have found out if you are eligible for the Federal Direct Stafford Loan, you then need a Direct Stafford Loan Master Promissory Note (MPN).

What is the most I can borrow?

Dependent student maximum is $5,500 as a Freshman, $6,500 as a Sophomore, and $7,500 as a Junior and Senior. Independent student maximum is $9,500 as a Freshman, $10,500 as a Sophomore, and $12,500 as a Junior / Senior.

Permanent Record

What is the transcript? Can I see it?

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This is your official high school record. It contains a list of most of your courses and grades with an explanation of the school grading system or scale as well as a list of the school course offerings.

You need to find out with your school counselor how to send your transcript out to potential colleges. There will be a small charge for sending them out, make sure that you allow enough time to get them posted off.

I was home schooled, what do I do?

The testing is different for the home schooled: you will show a portfolio of your work and college credits earned before applying. Make sure you check with the colleges you are applying to first so you follow their procedure.

Student Status

Am I an independent student?

You should be classed as an independent student if you are any of the following:

24 or over


Be Married

Have children

A Veteran

If you are unsure then please see your school counselor. It is recommended that you speak to your local authority and get as much information as you can for your circumstances before applying.

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Am I allowed to get other loans?

Are there other loans?

There are other options available, you could apply for a Private loan. Apply for a Student Loan now and get out of a default guarantee. You may need a guarantor or cosigner to secure a private loan. Make sure you do your research.

Can my parents take out a loan for me?

For dependants and undergraduates your parents could apply for the Federal Direct PLUS Loan.

What can I borrow if I study abroad?

Many colleges abroad participate in both the Federal Direct Stafford Loan program and the Federal Direct PLUS Loan program.

How many times do I need to apply?

Do I need to apply for financial support every 12 months?

You have to complete the FAFSA form every year. Every year you receive a new financial aid award letter from your college.

Do I need to complete a MPN every year?

These forms are usually okay for 10 years. However, if you change your circumstances or school, please check and make sure.

Want to find out more about Student Loan Consolidation, then visit Jane Titley’s site on how to choose the best Student Loan Consolidation for your needs.

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