The most important thing you need to know about applying for college financial aid is that the entire process begins with completing and filing the The Free Application for Federal Student Aid (FAFSA). The FAFSA is the keystone of the college financial aid process, especially federal aid. It will probably also be your first encounter with the process for getting grants and scholarships, too. The FAFSA is sometimes also used as part of the process to qualify for non-federal aid as well. Don't let the FAFSA form intimidate you. Stay relaxed and take care of filling out the form one step at a time.

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Low interest student loans are available through federal student loan sources as well as private sectors. Some loans are based on financial need, while others are available to almost anyone who is pursuing undergraduate education for the first time. If you qualify to have your government-backed Stafford and Perkins loans subsidized, taxpayers will even pay some of your interest for you. On the private side, you can beat bank's interest rates with social lending or peer to peer lending sites that offer student loans to users with good or excellent credit.

1. Low Interest Student Loans

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     Fill out the Free Application for Federal Student Aid (FAFSA) on the web. This is the most essential step for receiving aid from your college or university as well as from Sallie Mae.

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