To receive a school loan, begin by completing and submitting the Application for Federal Student Aid (FAFSA) found online at www.fafsa.ed.com. The information you provide in the application determines your eligibility for financial aid. It is best to submit this in January.

You will receive a Student Aid Report (SAR) stating you are or are not eligible for financial aid. The report includes the Expected Family Contribution (EFC) – the amount of money you and/or your family must pay toward your college education. The SAR shows total college expenses, the EFC amount and the amount of financial aid you are eligible to receive.

In one section of the FAFSA, you will list up to five colleges you are considering attending. Each school receives a copy of your FAFSA, eligibility and Student Aid Report (SAR). The Financial Aid Department of each college will forward an Award Letter to you, outlining the financial package they can offer you.

Your financial package may include grants, scholarships, work-study programs and loans. You and your family then compare financial aid packages and decide upon the college offering the best financial aid for you. Apply for a Federal Stafford loan or Parent PLUS loan if loans are part of your financial aid package.

Contact the college you have chosen and inform them you intend to accept their financial aid package. Contact the other schools and inform them you have decided on a different college. This way the colleges can then offer these resources to other students seeking financial assistance.