The program is meant to provide resources however it comes under the limited resource program. The amount is given to undergraduate students. The amount goes to those undergraduate students who cannot afford to meet their own educational costs. You can also get interest rates and repayment incentives if the student completes the program on time and takes up a job in select public service sectors or any such STEM fields.
The selection for the loan is done on a first come first serve basis. Selection through one year does not guarantee selection through different years. Once the loan is sanctioned and mail is sent privately to the candidate, they have five calendar days to sign the required loan amount.
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What is SAL Loan?
A Student Access Loan (SAL) can be taken by students who already have GA Futures. They need their SSN (social security number) for identification security and need a recent year FAFSA with the GSF/GAFutures.
Some salient features of the SAL loan include;
- The interest rate of these loans is 1% for the SAL loans.
- The repayment duration for the SAL loan is fifteen years.
- The minimum amount of loan given to a student is $500 and the maximum amount is $8000 every year.
- The annual amount of the SAL Program is the lesser of $8000 or the Student’s cost of attendance.
- A student has to give $50 as the non-refundable fee from the first loan disbursement.
How to get SAL loan Online?
First of all to apply for the SAL loans application, one must refer to this list of organizations given here. If you are in one of these organizations, then you can apply for the SAL loans after applying for FAFSA.
- Fill in your personal details followed by your educational and financial details.
- For your financial details, add all earnings of your family including the ones that are not direct earnings.
- Include your address and other related information as per the given prompts.
- After clicking on the Submit button, you must wait till you get a confirmation on your mail from them.
There are certain amounts of loans provided to different institutional segments.
| Private Postsecondary Institution | Postsecondary Institution |
| The minimum loan amount is $500 | The minimum amount is $300 |
| The maximum term loan amount is $4000 | The term loan amount granted for a maximum period is $1500. |
| For a year you can get $8000 and in your entire loan period, you can get $36000 | The maximum annual limit is $3000 and in a college lifetime, one can get $12000. |
Also Read: How to get Budgeting Loan Online?
SAL Loan Application Requirements
The application requirements of the SAL include;
- Individuals must be residents of that particular state and United State residents or citizens.
- Eligible non-citizens can also apply but they must have proper documents.
- Students will need to maintain satisfactory academic progress (SAP) throughout the process.
- Applicants will need to have a social security number (SSN) for SAL.
- A monthly keep-in-touch (KIT) payment of $10 is taken off 60 days after dispatching the first disbursement.
Who is Eligible?
Eligibility for SAL includes the following points;
- The SAL program will randomly select the students.
- Applicants must first apply and exhaust all other Federal and Student loans, scholarships and other grant programs.
- Complete a FAFSA to apply for this SAL program.
- You must watch the age range specified for SAL.
Benefits
The sole benefit of the SAL program includes the monetary help rendered to the students. Most students in the private organization sector can opt for this loan when they have exhausted all other Federal and personal funds.
Also Read: How to get FHA Home Loan?
Conclusion
To find out further about the application details, click on the GAFutures link here. If you want to know about the eligibilities and requirements go through this article briskly to understand more about it.
