Among the ways to finance a college education is to apply for federal school loans. The process begins with completing and submitting the required Free Application for Federal Student Aid (FAFSA). The FAFSA has several sections, some of which students complete and others that parents must complete. The document is eight pages in length and provides a profile of students, parents and their need for federal school loans.

Part of the FAFSA process is an online entrance interview. It is twenty pages of specific information about federal school loans and the rights and responsibilities of borrowers. The expectation is that those who are serious about obtaining federal school loans will understand their responsibilities and rights before signing a commitment to pay back federal school loans.

To receive federal school loans students must participate in the online entrance counseling and pass a test by answering fifteen questions. Students submit this form with the answers and must answer 12 of 15 correctly. Students may take this test three times and a student who fails it on the third attempt is encouraged to seek private student loans. The same questions will not be asked on the repeat tests.

The federal student loans available once a student is notified of acceptance are the Stafford loans and PLUS loans for parents. Independent students, graduate and professional degree students can receive federal student loans called PLUS loans. In addition, federal work-study programs are available as are federal Perkins loan programs. These funds come from the financial aid offices of colleges.