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How to Apply for a Student Loan and What to Know Before You Borrow

Student on laptop applying for student loans

Paying for college is a big part of the college decision process. For many students, the total cost of tuition, housing, books and other expenses can feel overwhelming. But the good news is that financial aid is available, and student loans are one part of that support system. Knowing how to apply for a student loan is an important step toward making college affordable.

At Tiffin University, more than 90% of students receive financial aid. That includes scholarships, grants, federal and private loans, and work-study programs. These resources help make TU one of the most affordable private universities in Ohio while still offering the benefits of small class sizes, faculty support and a strong campus community.

This guide will walk through what student loans are, how to apply for a student loan, and what students and families should consider before borrowing. We’ll also cover what to expect from TU’s financial aid process.

What Is a Student Loan?

A student loan is money borrowed to help cover the cost of higher education. Unlike grants and scholarships, loans must be repaid with interest. Loans can come from the federal government or from private lenders, such as banks and credit unions.

So, what is a student loan used for? In most cases, it helps pay for tuition, housing, books, supplies and other college-related expenses. While it can be an important part of a financial aid plan, it’s essential to understand how borrowing works.

There are two main types of federal loans for undergraduate students:

  • Subsidized loans are based on financial need. The federal government covers the interest while the student is enrolled at least half-time and during certain periods after graduation.
  • Unsubsidized loans are not based on need. Interest starts accruing as soon as the loan is disbursed.

Private student loans are also an option, but they usually require a co-signer and may have higher interest rates. These loans often don’t include the flexible repayment plans and protections that come with federal loans.

How to Apply for Student Loans

Applying for student loans begins with the Free Application for Federal Student Aid (FAFSA). This is the form used by the U.S. Department of Education and colleges to determine eligibility for financial aid, including loans.

Here’s a step-by-step breakdown of how to apply for student loans:

  1. Gather the necessary documents: Students and parents will need Social Security numbers, tax returns, W-2s and bank statements.
  2. Complete the FAFSA: Submit the form online and be sure to include Tiffin University’s school code: 003121.
  3. Review the Student Aid Report (SAR): After submitting the FAFSA, review the summary for accuracy. Make corrections if needed.
  4. Receive and review the financial aid offer: After being admitted to TU, students receive a financial aid package outlining available aid. This may include grants, scholarships, work-study and federal student loans.
  5. Accept the financial aid package: Students can choose to accept all or part of the aid offered, including loans. It’s important to only borrow what is needed.
  6. Complete entrance counseling and sign the Master Promissory Note (MPN): First-time borrowers must complete both of these steps before loan funds can be disbursed. Keep in mind that loan funds are sent directly to the university to cover tuition and fees, and any remaining amount may be used for other educational expenses.

Smart Borrowing: What to Know Before Taking Out a Loan

Before accepting a student loan, it’s important to understand the long-term impact. Borrowing is a responsibility, and taking the time to plan ahead can help students avoid unnecessary debt. Taking the time to understand the full picture now can help create a solid foundation for financial success after graduation.

Here are a few key points to keep in mind:

  • Only borrow what is needed: Students are not required to accept the full amount offered. Accepting a smaller loan now means lower monthly payments later.
  • Know the interest rate and repayment terms: Federal loans have fixed interest rates and flexible repayment options. Private loans may not offer the same benefits.
  • Look at future earning potential: Consider starting salaries in the chosen field and aim to borrow less than what could reasonably be repaid within the first few years of employment.
  • Use available resources: TU provides support in understanding loans and budgeting. Students are encouraged to ask questions and use financial planning tools offered through the Financial Aid Office.

Financial Aid at TU

Tiffin University is committed to providing affordable access to a quality education. 

More than 90% of students at TU receive financial aid

TU offers many ways to reduce the overall cost of college. Students can receive aid through several sources, including but not limited to:

  • Academic scholarships based on high school GPA and test scores
  • Athletic scholarships for student-athletes recruited by TU sports teams
  • Arts and performance scholarships through TiffinArts for music, dance, visual media and more
  • Leadership and service awards for students active in their schools or communities
  • Federal Pell Grants for students with financial need, based on FAFSA results
  • Federal SEOG Grants for students with the greatest financial need
  • Ohio College Opportunity Grants (OCOG) for qualifying Ohio residents
  • TEACH Grants for students planning to teach in high-need subject areas
  • Choose Ohio First Grants for students entering STEM or STEM education fields
  • Endowed and annual scholarships funded by alumni and university donors
  • Visit Grant: $1,000 for students who complete a campus visit and submit the FAFSA by February 1
  • FAFSA Grant: $1,000 for students who file the FAFSA by February 1
  • Federal Work-Study opportunities for eligible students to earn money through part-time campus or community jobs
  • Legacy scholarships for students with family ties to TU
  • Military and veteran discounts for active-duty service members and veterans
  • Corporate partnership discounts for students or families affiliated with partner organizations
  • Tuition Exchange Program scholarships for dependents of employees at participating institutions
  • Bachelor’s Degree Discount for qualifying students pursuing their first undergraduate degree

Ready to Take the First Step?

Planning for college is exciting, and figuring out how to pay for it is an important part of the process. At Tiffin University, we are here to help students navigate financial aid, from completing the FAFSA to reviewing loan options and everything in between.

By combining these resources with careful planning, students can build a financial path that supports both their goals and their future. TU is committed to making college accessible and affordable, and our team is here to help every step of the way.

Explore Your Financial Aid Options