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The financial aid season is drawing near, and with it comes a flurry of questions and concerns about federal financial aid. There is no doubt that financial aid plays a huge role in funding the educations of the majority of U.S. college students. However, more changes for financial aid could be on the horizon. Many have heard about the debates regarding the proposed “fiscal cliff” since President Obama’s re-election last month. Well, according to college experts, this plan could potentially put a damper on college financial aid. What the fiscal cliff will do in general is automatically cut spending on… Read more here!
Hey there. Okay, you’ve gone through your finances for school, and you realize: student loans are going to be a necessary evil. It’s okay, we’ve all been there. And it doesn’t have to be so bad! The best thing you can do for yourself when dealing with financial aid is to get educated. That’s why you’re here, right? Good. You may wonder, “I know I have to take out some loans, but which are the best student loans?” Well, if you’ve visited the blog before, you’ll note that both the Stafford and Perkins Loans come up a lot. This entry… Read more here!
Financial Aid--most of us have to deal with it, we just don't understand it. Well, just like the introductory courses you take in the early stages of your college career, it's good to take a crash course in financial aid as well. To get the ball rolling on understanding your college finances, we welcome you to a brand new class entitled, "Financial Aid 101." Welcome students. Lesson Number 1: Definition of Financial Aid. This is any money you receive or earn to cover your educational costs. Lesson Number 2: Common Types of Financial Aid. Loans. Let's face it, nobody wants… Read more here!
The hard work is done. Your FASFA is complete and has long been mailed or sent electronically. Maybe you've even submitted your CSS Profile. Now what? The wait and questions begin: "When do I receive my scholarship and/or loan money?", "How will I know it arrived?", "Does the money automatically go to my school or personally to me?" Well, no need to wait for the answers about financial aid disbursement as you wait for your money to come through. Your financial aid is almost always distributed to your school first. Then, your school takes that money and applies it to school fees (tuition and… Read more here!
Congratulations, Class of 2010! Now that you're out in the "real world," here are a few quick things to remember: If you have Federal Stafford Loans (subsidized or unsubsidized), you are required to complete a counseling session that will provide you with information on how to manage your student loans after college. In 6 months (provided you were a full time student), loan repayment begins. If you have any outstanding debts to your school, pay up! This may result in a delay in receiving your diploma. As well as difficulty in requesting transcripts. Read more here!
For a lot of students, attending a couple years of community college is a wise decision. The cost of community college is considerably less than that of a four year college. Students can save a significant amount on tuition, transportation, room, and board. However, parents and students assume that due to the low cost of community college that financial aid is not available for community college. This is not true. Stafford loans provide thousands of dollars in financial aid for community college students regardless of their family's assets and income level. Students who demonstrate need may receive these loans at… Read more here!
Income Based Repayment (IBR) was enacted on July 1, 2009 as part of the College Cost Reduction Act. If you are a borrower experiencing financial hardship, have low income in comparison to your debt, or pursuing a career in public service IBR may benefit you. IBR is designed to make repaying the cost of your education easier for those pursuing careers with lower paying fields, such as public service. IBR caps the monthly payments based on the borrowers income and family size. Your monthly payments may change annually based on changes in family size or income. Single borrowers must have… Read more here!