For Immediate Release From FAFSA!
Student Checklist TO DO:
ALL YEAR
Work hard all the way to graduation—second-semester grades can affect scholarship eligibility.
Stay involved in after-school activities, and seek leadership roles if possible.
TO DO: FALL
As soon as possible after its release, complete and submit your Free Application for Federal Student Aid (FAFSA®) form, along with any other financial aid applications your chosen college or career/trade school may require. You should submit your FAFSA form by the earliest financial aid deadline of the schools to which you are applying, usually by early February.
After your FAFSA form is submitted and processed, you should receive an email with instructions on how to access an online copy of your FAFSA Submission Summary for the 2024–25 award year (July 1, 2024, to June 30, 2025) or Student Aid Report (SAR) for the 2023–24 award year (July 1, 2023, to June 30, 2024). These documents list your answers to the questions on your FAFSA form and give you some basic information about your aid eligibility. Review the documents, make any necessary corrections, and submit the corrections.
If you haven’t done so already, register for and take the standardized tests required for college admission. Check with the colleges you are interested in to see what tests they require.
Apply to the colleges you have chosen. Prepare your applications carefully. Follow the instructions, and PAY CLOSE ATTENTION TO DEADLINES!
Well before your college application deadlines, ask your counselor and teachers to submit the required documents (e.g., transcript, letters of recommendation) to the colleges to which you’re applying.
Complete any last scholarship applications.
Understand the FAFSA process better by watching the videos at YouTube.com/FederalStudentAid.
Follow or like the office of Federal Student Aid at Twitter.com/FAFSA and Facebook.com/FederalStudentAid to get regular financial aid tips.
REMEMBER: Register for all tests in advance, and be sure to give yourself time to prepare appropriately! If you have difficulty paying a registration fee, ask your school counselor about getting the fee waived.
TO DO: SPRING
Visit colleges that have invited you to enroll.
Review your college acceptances and compare the colleges’ financial aid offers.
Contact a school’s financial aid office if you have questions about the aid that school has offered you. In fact, getting to know your financial aid staff early is a good idea no matter what—they can tell you about deadlines, other aid for which you might wish to apply, and important paperwork you might need to submit.
When you decide which school you want to attend, notify that school of your commitment and submit any required financial deposit. Many schools require this notification and deposit by May 1st.
Make informed decisions about student loans. “Loans” and “Federal Versus Private Loans” are important resources at this point.
Parent Checklist
TO DO:
Work with your child on filling out the FAFSA form.
Make sure your child’s personal information is safe when they apply for financial aid.
Use the Consumer Financial Protection Bureau’s financial path to graduation tool to determine each school’s net price—your child’s actual out-of-pocket cost.
Read IRS Publication 970, Tax Benefits for Education to see how you might benefit from federal income tax credits for education expenses.
Understand the benefits of federal student loans.
Help your child learn about the responsibilities involved in accepting a student loan by reviewing “What should I consider when taking out federal student loans?” with them.
With your child, look at communications from schools to which your child sent FAFSA information.
Learn more HERE!:
https://studentaid.gov/resources/prepare-f... ********
Payment Count Adjustments Toward Income-Driven Repayment and Public Service Loan Forgiveness Programs
More than 3.6 million William D. Ford Federal Direct Loan (Direct Loan) Program borrowers will receive at least three years of credit toward loan forgiveness, and many will see their loans forgiven automatically.
Learn more HERE!:
https://studentaid.gov/announcements-event... ********
Applying for SAVE Plan
The Saving on a Valuable Education (SAVE) plan (formerly the REPAYE program) provides the lowest monthly payment amount of any Income-Driven Repayment (IDR) plan available to most borrowers. The SAVE plan differs from other IDR plans in several ways, including:
The SAVE plan offers a lower monthly payment amount because it increases the income exemption from 150% to 225% of the poverty line.
The SAVE plan eliminates 100% of remaining interest for both subsidized and unsubsidized loans after a scheduled payment is made. This means if you make your monthly payment, your loan balance won’t increase due to unpaid interest.
The SAVE plan excludes spousal income for borrowers who are married and file federal taxes separately from their spouse.
For more information about the SAVE plan, visit StudentAid.gov/save.
How to Apply
If you are already enrolled in SAVE, you will automatically be placed on the SAVE plan once it becomes available. The application for the new SAVE plan will be available Summer 2023.
The quickest and easiest way to submit your request for SAVE is online. You will need your FSA ID, personal information, spouse information (if applicable), and income information to complete the request.
If you are unable to complete the online request, you have the option to use the form instead.
You must annually recertify your family size and provide income documentation in order for us to determine your continued eligibility under the SAVE plan. For your convenience, you can provide consent for the Department of Education (ED) to obtain your federal tax information directly from the IRS; this will enable ED to automatically recertify your IDR plan annually. To do so, visit StudentAid.gov/idr to opt-in. Otherwise, we will send you a reminder prior to the recertification due date. If the required documentation is not received by the annual recertification deadline, then your SAVE Plan will expire and your loan(s) will be placed into an Alternative repayment plan.
Eligibility
SAVE is available for Direct Loan borrowers only, and eligible loan types include: Direct Subsidized/Unsubsidized, Direct Grad PLUS, and Direct Consolidation loans. Direct Parent PLUS loans, defaulted loans and consolidation loans that repaid a Parent PLUS loan cannot be repaid under the SAVE plan.
Learn more Here!:
https://edfinancial.studentaid.gov/repaye ********
Federal Student Loan Forgiveness Program
WHEN: Wednesday, April 24, 2023
TIME: 3:00 p.m., EST
HOW: REGISTER NOW at
https://forms.office.com/pages/responsepag...
Posted By: agnes levine
Wednesday, April 17th 2024 at 11:34AM
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