How that January 1 has come and gone, it’s time for college-bound families to start filling out the Free Application for Federal Student Aid (FAFSA).
The video below from Censtible Student clearly explains the basics of the FAFSA, including what you need to file and how to fill it out.
When we say we are financial aid and student loan repayment consultants, many people assume we work for a college financial aid office, bank, or other outside organization.
But our work is completely independent. As student loan repayment consultants, we work one-on-one with student loan borrowers to set up a repayment schedule that allows them to manage their debt.
Compared to private student loans, whose interest rates vary depending on the borrower’s credit history, federal student loans are a steal. But according to USA Today, a large percentage of private loan borrowers don’t maximize their borrowing of federal student loans.
In fact, the newspaper found that more than half of private loan borrowers failed to max out on federal student loans, and a quarter didn’t take out any federal loans.
This is quite alarming and demonstrates the need for education about the differences between federal and private student loans. Unlike federal student loans, private student loans can have variable interest rates, some greater than 18%. This substantially increase the total amount you repay.
January 1 is quickly approaching–are you ready to fill out the Free Application for Federal Student Aid (FAFSA)?
This video from the U.S. Department of Education tells you everything you need to know about preparing for and filling out the FAFSA.
It might seem unfair, but researchers from Rice University in Houston and the University of Wisconsin have found that martial status plays a significant role in college costs and financial aid. Students from families of divorce pay more According to a NY Times report and a study published in the Journal of Family Issues, college costs fall more […]
On Wednesday, July 31, 2013, the U.S. House gave final passage to a compromised bill for student loan interest rates. The president signed it into law on August 9, 2013.
For new student loans made since July 1, 2013, the new rates for this year will be 3.86% fixed for undergraduate Direct subsidized and unsubsidized loans, 5.41% fixed for Graduate Direct unsubsidized loans and 6.41% fixed for Direct PLUS loans. This is significantly less than borrowers would be paying if a deal hadn’t been brokered.
Many prospective and current college students don’t realize that their income and assets are taken into account when they apply for financial aid, just like that of their parents. So should students be worried about earning too much money and receiving less financial aid if they have a job?
Funding for federal student aid programs was first authorized in the 1960s and 1970s and has increased dramatically to keep up with the skyrocketing costs of college. Yet, despite this increased aid, negative patterns of inequalities in college attendance, low completion rates, and high student debt continue. It’s become clear that a new approach might be needed: one that focuses on college affordability and access.
Confused about your student loan options? This cute video from Planet Nutshell explains the differences between federal subsidized and unsubsidized Stafford loans, parent PLUS loans, and graduate PLUS loans in simple terms.
After President Barack Obama and Congress failed to reach a deal on February 28 to avoid a series of devastating spending cuts, colleges are scrambling to respond to the threat of massive reductions in funding for research and development, student financial aid, and workforce training programs. For prospective college students, the funding cuts for work […]