07.10.08 | Stafford Loan Rates for New Loans
On July 1, important changes went into effect for all undergraduate Stafford loans. The Stafford interest rate dropped from 6.80% to 6.00% for undergraduate subsidized loans and loan limits were increased. Students can now borrow $2,000 more in unsubsidized funds on top of their base amount. With a low fixed rate, it is important to maximize your Stafford Loan award.
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Filed under: Interest Rates
All I want is a good education for my daughter, and it seems like you need an education to understand half of this stuff.I am just a middle class person,living in a middle class house, and just want to send my daughter to college. But it is sooooo confusing all the stuff to remember, and who you know, and what you make.
Why can’t things be simple.
signed
A loving parent
July 10th, 2008 | #
I agree that it seems more complicated than it needs to be. (It also seems like there’s not nearly enough aid out there for the typical “middle class” family.) Having helped a friend with some of this recently, my best suggestions are:
1. File your FAFSA early since everything else hinges in this.
2. Be sure to read the instructions *carefully* so you don’t include resources (IRA, 401k, home, etc.) that you shouldn’t.
3. Meet in person with the Financial Aid counselor at the college. Try to build a good relationship with them since they have the answers you need and can be really helpful.
I hope you and your daughter find all the information (and $) you need!
July 14th, 2008 | #
I am a grandparent trying to manuever this maze for my grandson..I am so stressed & frustrated to think that something I have done by accident could be the reason that he is not getting enough money to go to college. His dad is a single dad with limited income, but he did not get quite enough to pay for tuition,fees & room. Not any grant $ on loans..I just don’t understand???
July 17th, 2008 | #
i called school today to see how my daughter who will be in her 2nd year this fall can apply for the extra 2000.00 unsub stafford, was told I would have to apply for parent plus loan , and if denied then she would be eligible. I called fafsa got 3 differnt answers,,,
July 21st, 2008 | #
Sophia I was reading your comments you left. I am going through the same thing with my daughter. I was wondering what type of answers you received from FAFSA. It is so hard to get into touch with anyone who will give you a straight and clear answer.
July 22nd, 2008 | #
My best advice is to be sure to contact the financial aid at the college where your child is going. They know what your numbers have to look like in order to get financial aid. You have to have to be almost destitute to qualify for financial aid. They told me that even having two kids in college isn’t going to help. However, they did mention that if my daughters got pregnant and had babies they would be able to get financial aid. If you’ve lived your life responsibly and saved a little bit of cash you can forget it. I’ve found that the best bet is to work hard and go for the scholarships. Even kids that don’t excel in academics can get out there and do volunteer work. There are colleges that award scholarships for service.
September 5th, 2008 | #