Student Loans : News, Updates and Blog Posts

Student Loan Blog: News, Updates and Advice

 

08.23.10 | Last Chance to File a FAFSA Correction

Posted in FAFSA, Financial Aid by Evan Jacobs

Hello college-goers! This is your friendly Student Advocate Evan here to remind you that this is the last week or two you can file a FAFSA correction and expect the changes to reflect quickly on your tuition bill.

If you’re wondering what types of things require you to file a correction, here is a partial list: (more…)

08.19.10 | From Our Forums: Am I dependent or independent?

Posted in FAFSA, Financial Aid, Graduate Loans by Evan Jacobs

Ah yes, the ever nagging question of dependency status on the FAFSA. We know it well. Recently one of our financial aid forum users, Ssully, posted this question in regards to that exact topic: (more…)

07.23.10 | A Handy Dandy Federal Direct Loans Guide!

Hi readers! If you’re confused by the federal Direct Loans switchover currently in progress, you’ll be happy to know that we’ve put together a guide to the steps required to apply for and receive federal direct loans.

Download the Direct Loans Guide PDF »

You will need Adobe Reader (or other PDF software like Apple Preview) to view it, so if you don’t have it installed, download Adobe Reader.

If you’d like some more general information about aid and loans, check out our full-feature e-book Finding Financial Aid 2010.

As always, thank you for being a loyal reader. We look forward to answering your questions as the new academic year begins.

06.23.10 | What is Entrance Counseling?

Posted in FAFSA, Student Loans by Evan Jacobs

Taking out student loans is a major responsibility, one most prospective college students undertake without actually knowing the ins and outs of the process. For that reason, the federal government requires entrance counseling for any undergrad who is taking out a Direct Loan, and has not previously taken out federal student loans.

Entrance counseling advises students on their rights and responsibilities as student loan borrowers. Generally, students can meet their entrance counseling requirement by taking the tutorial on the Federal Aid website. The first step should be to contact the university’s financial aid office for information on satisfying the school’s specific entrance counseling requirement.

Remember, the goal is to stay informed about your financial aid decisions. Be sure to visit Student Loan Network throughout the summer as we provide up-to-date information on federal aid, alternative loans and scholarships.

06.17.10 | Federal Direct Loans and Graduate School

Posted in FAFSA, Graduate Loans by Evan Jacobs

On July 1, 2010, the world as you know it is about to change. Okay, that’s not true. But student loans will be handled in a different fashion than in previous years. As a prospective graduate student, you might be wondering how the changes affect you.

Graduate Stafford: You can still receive a Graduate Stafford loan, however this loan will be originated by the federal government, and not a Federal Family Education Loan (FFEL) bank. You will still apply by filling out your FAFSA. You can receive subsidized or unsubsidized Stafford Loans for graduate school, the primary differences being that unsubsidized Stafford loans will being accruing interest immediately and are not based on need.

Graduate PLUS: When Stafford loans aren’t enough, you should look into a graduate PLUS loan, a federally originated loan that allows you to borrow up to the cost of attendance. The Graduate PLUS loan is based on credit, not need, and carries a fixed interest rate of 7.9 percent.

Remember, to receive federal direct loans, you need to fill out your FAFSA. If federal aid isn’t enough, consider an alternative student loan.

06.09.10 | Did you get enough financial aid?

Posted in FAFSA, Financial Aid, Student Loans by Evan Jacobs

Now that we’re inching into June, I figured it would be a good time to reflect back on your FAFSA applications and ask you all if you ended up getting enough money in federal student aid.

Did you get enough federal financial aid for school?

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If you didn’t, there are a lot of other places you can find funding for school… so don’t get stressed out just yet. Let’s breeze over a few: (more…)

06.03.10 | Don’t Forget About Federal Work-Study

Federal work-study isn’t often brought up when discussing paying for college, but it is an amazingly useful and convenient avenue for cash.

Federal work-study programs are based on demonstrated financial need.  All you have to do is meet certain eligibility requirements and complete a FAFSA, where you will be asked if you are interested in student employment.  If you are eligible, your work-study funds will be noted on your award letter.

Federal work-study allocates a set amount of funds per semester that you can earn in various on-campus jobs. Like a scholarship or grant, it doesn’t need to be paid back. You earned it. You keep it.

There is also Non-Federal work-study, which is not based on need and is available on many campuses across the nation. Ask your school employment office about on-campus jobs that are available.

Federal work-study, unfortunately, is not guaranteed. If you don’t use it, you might lose it for future semesters.

Looking for another way to earn money for college that you don’t have to pay back? Visit ScholarshipPoints.com for the chance to win free money to pay for your education. Use the code “WORKSTUDY” to get started.

05.26.10 | Did something change? File a FAFSA correction.

Posted in FAFSA, Financial Aid by Evan Jacobs

File a FAFSA CorrectionIt doesn’t happen often, but once in a while an event can change your financial situation in between when you fill out your FAFSA and the beginning of school. For instance, one of your parents might have lost their job or a change on your taxes could reduce your adjusted gross income. There are many reasons why a FAFSA correction could be necessary and thankfully the process is pretty simple.

First, you can choose to either file your correction via paper mail or online. We recommend filing online because it eliminates the chance of your document getting lost in the mail or significantly delayed due to postal glitches (we all know they happen often.) Once you make that decision, it’s as easy as transcribing your original information and swapping out whatever you are correcting. (more…)

05.20.10 | How to Make Changes to your Financial Aid Status

Posted in FAFSA by Evan Jacobs

For many, FAFSA time has come and gone (for those of you procrastinators – better hurry, June is the recommended deadline for filing the 2010-2011 FAFSA).However, if you have already submitted your FAFSA, you might be wondering what to do if you need to make a change that could affect your aid.

If you have suffered an economic hardship,  contact your financial aid office for a review. If you can prove during this review that you, or a parent, has suffered a job loss or costly medical setback (bring in documentation), then you may be able to receive increased aid.

If you decide to go to a school that was not listed on your FAFSA: You can add a school to your FAFSA after the fact. First, if you have your pin number from the Department of Education, you can visit www.fafsa.ed.gov and select the option to Add or Delete a School Code. If you can’t find your PIN, you can use your Student Aid Report, and call the Department of Education at 1-800-433-3243.  You will need your Social Security number, Data Release Number (listed on your Aid Report) and your transaction number (also listed on the SAR)

If you are changing your dependency status: This can be tricky. The only way to change from a dependent student to an independent student (provided you don’t meet the FAFSA independent student guidelines) is through a dependency override. This can only be accomplished in extreme circumstances, such as abandonment or if neither parent is unable to support you. Contact your financial aid office for more information.

ScholarshipPoints code: FAFSACH

05.12.10 | Time is Running Out to File Your FAFSA

Posted in FAFSA, Financial Aid by Evan Jacobs

If you aren’t already aware, June is the recommended deadline to file your FAFSA for the 2010-2011 academic year. Although you can file it any time during the year, it is important that your school receive your Student Aid Report (SAR) early on in their financial aid planning process. The later you wait to file your FAFSA, the lower your chance to be awarded the maximum amount of financial aid possible.

For the most part, this refers to eligibility for school-based financial aid more than federal. Many colleges use the information contained in your SAR to determine your financial need and subsequently award funds based on this information. Thus, you’re only reducing your chance to get extra money for school by waiting to file your FAFSA.

File Your FAFSA Now >>