In order to take the benefit of the different plans that the government has introduced for the students, there are certain basic qualifications/eligibilities that are required to be fulfilled by the students. It should also be kept in mind that most of the qualifications are such which needs to be remaining satisfied over the entire life of the loan.

Basic Eligibility criteria for the Federal student aid:

This financial aid is for the students so it is obvious that the borrower must be a student or the parents of the student who wants to apply for their child's education. Other basic criteria are;

1) The Student or the parents of the child should actually be in need for the financial aid.

2) The borrower should be a U.S. citizen or an eligible U.S. Noncitizen (The green card holders).

3) The borrower should have a valid social security number with him.

4) There is a requirement for the male students that they should be registered with the selective services in order to be eligible for the financial aid. If the borrower is not in active service with the armed forces than he must also register himself for the selective services. However, if the borrower is a citizen of Federal States of Micronesia, The Republic of Marshall Islands or the Republic of Palau than he is not required to register him for the selective services. There is no such condition for the female students.

5) The student or the borrower should be enrolled for the degree or certificate course or other recognized education credential offered by the institution. It is generally required that such a student must be a regular student.

6) The Direct loans program where the borrower of the loan gets the loan amount directly from the U.S. Department of Education, the student is required to fulfil a condition that he must be enrolled for at least half time to be eligible for such direct loan.

7) This financial aid provided by the government is for the education of the students and so, in order to remain eligible for the plan, the student/borrower must maintain a satisfactory academic progress in the college or the career school.

8) The borrower is required to obtain a signed statement on the Free Application for Federal Student Aid which should state that, there has there has been no default on the part of the borrower in the case of a federal student loan and the borrower does not owe any money to the federal student grant. Moreover, it is to be assured that the financial aid will be used only for the purpose of education and no other unauthorized/personal use.