Find out if you qualify. To calculate your estimated loan
payment amount under IBR, go to the
IBR calculator.
A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell
Grants are awarded usually only to undergraduate students who have not
earned a bachelor's or a professional degree. (In some cases, however, a
student enrolled in a post-baccalaureate teacher certification program
might receive a Pell Grant.) Pell Grants are considered a foundation of
federal financial aid, to which aid from other federal and nonfederal
sources might be added.
The maximum Pell Grant award for the 2009-10 award year (July 1, 2009 to
June 30, 2010) is $5,350. For the 2010-11 award year (July 1, 2010 to
June 30, 2011), the maximum award is $5,550. The amount you get, though,
will depend not only on your financial need, but also on your costs to
attend school, your status as a full-time or part-time student, and your
plans to attend school for a full academic year or less. Note: The
maximum award amount is given for any Pell Grant eligible student whose
parent or guardian died as a result of military service in Iraq or
Afghanistan after Sept.11, 2001. You must be under 24 years old or
enrolled at least part-time in college at the time of your parent's or
guardian's death.
Your school can apply Pell Grant funds to your school costs, pay you
directly (usually by check), or combine these methods. The school must
tell you in writing how much your award will be and how and when you'll
be paid. Schools must disburse funds at least once per term (semester,
trimester, or quarter). Schools that do not use semesters, trimesters,
or quarters must disburse funds at least twice per academic year.
The U.S. Department of Education administers the William D. Ford Federal
Direct Loan (Direct Loan) Program. The Direct Loan programs consist of
what are generally known as Stafford Loans (for students) and PLUS Loans
for parents and
graduate and professional degree students.
Under a bill signed by President Obama in March 2010, the FFEL program
has been discontinued.
For this type of loan, you must fill out a FAFSASM. After
your FAFSA is processed, your school will review the results and will
inform you about your loan eligibility. You also will have to sign a
promissory note, a binding legal document that lists the conditions
under which you're borrowing and the terms under which you agree to
repay your loan.
It depends on your year in school and whether you have a subsidized or
unsubsidized Direct Loan. A subsidized loan is awarded on the basis of
financial need. If you're eligible for a subsidized loan, the government
will pay (subsidize) the interest on your loan while you're in school,
for the first six months after you leave school, and if you qualify to
have your payments deferred. Depending on your financial need, you may
borrow subsidized money for an amount up to the annual loan borrowing
limit for your level of study (see below).
You might be able to borrow loan funds beyond your subsidized loan
amount even if you don't have demonstrated financial need. In that case,
you'd receive an unsubsidized loan. Your school will subtract the total
amount of your other financial aid from your cost of attendance to
determine whether you're eligible for an unsubsidized loan. Unlike a
subsidized loan, you are responsible for the interest from the time the
unsubsidized loan is disbursed until it's paid in full. You can choose
to pay the interest or allow it to accrue (accumulate) and be
capitalized (that is, added to the principal amount of your loan).
Capitalizing the interest will increase the amount you have to repay.
You can receive a subsidized loan and an unsubsidized loan for the same
enrollment period as long as you don't exceed the annual loan limits.
If you're a dependent undergraduate student (excluding students whose
parents cannot borrow
PLUS Loans), each year you can borrow up to:
·
$5,500 (for loans first disbursed on or after July 1, 2008) if you're a
first-year student enrolled in a program of study that is at least a
full academic year. No more than $3,500 of this amount can be in
subsidized loans.
·
$6,500 (for loans first disbursed on or after July 1, 2008) if you've
completed your first year of study and the remainder of your program is
at least a full academic year. No more than $4,500 of this amount can be
in subsidized loans.
·
$7,500 (for loans first disbursed on or after July 1, 2008) if you've
completed two years of study and the remainder of your program is at
least a full academic year. No more than $5,500 of this amount can be in
subsidized loans.
If you're an independent undergraduate student (and a dependent student
whose parents have applied for but were unable to get a
PLUS Loan (a parent loan)), each year you can borrow up to:
·
$9,500 (for loans first disbursed on or after July 1, 2008) if you're a
first-year student enrolled in a program of study that is at least a
full academic year. No more than $3,500 of this amount may be in
subsidized loans.
·
$10,500 (for loans first disbursed on or after July 1, 2008) if you've
completed your first year of study and the remainder of your program is
at least a full academic year. No more than $4,500 of this amount may be
in subsidized loans.
·
$12,500 (for loans first disbursed on or after July 1, 2008) if you've
completed two years of study and the remainder of your program is at
least a full academic year. No more than $5,500 of this amount may be in
subsidized loans.
These amounts are the maximum yearly amounts you can borrow in both
subsidized and unsubsidized Direct Loans, individually or in
combination. Because you can't borrow more than your cost of attendance
minus the amount of any Federal Pell Grant you're eligible for and minus
any other financial aid you'll get, you may receive less than the annual
maximum amounts.
For both the Direct Loan and FFEL programs, you'll be paid through your
school in at least two installments. No installment may exceed one-half
of your loan amount. Your loan money must first be applied to pay for
tuition and fees, room and board, and other school charges. If loan
money remains, you'll receive the funds by check or in cash, unless you
give the school written authorization to hold the funds until later in
the enrollment period.
Generally, if you're a first-year undergraduate student and a
first-time borrower, your school cannot disburse your first payment
until 30 days after the first day of your enrollment period. This
practice ensures you won't have a loan to repay if you don't begin
classes or if you withdraw during the first 30 days of classes.
A school with a cohort default rate of less than 10 percent for each of
the three most recent fiscal years for which data are available are not
required to delay the delivery or disbursement of the first disbursement
of a loan for 30 days for first-time, first year undergraduate
borrowers.
For all unsubsidized Stafford loans first disbursed on or after July 1,
2006, the interest rate is fixed at 6.8 percent. The interest rate for
subsidized Stafford loans first disbursed on or after July 1, 2009 is
fixed at 5.6 percent.
This change from a variable to a fixed interest rate does not affect a
borrower's variable interest rate on loans made before July 1, 2006.
Click here for the Direct Loan interest rates as of July 1, 2009.
Over a four-year period beginning July 1, 2008, the interest rate on
subsidized Stafford Loans made to undergraduate students will be
reduced. The applicable interest rates for loans made during this period
are as follows:
|
First disbursement of a loan: |
Interest rate on the unpaid |
|
|
Made on or after
|
And made before
|
|
|
July 1, 2009 |
July 1, 2010 |
5.6 percent |
|
July 1, 2010 |
July 1, 2011 |
4.5 percent |
|
July 1, 2011 |
July 1, 2012 |
3.4 percent |
These changes apply to subsidized Stafford loans first disbursed on or
after July 1 of each year through June 30 of the next year. This change
does not affect any prior loans made to borrowers; the terms and
interest rates of those loans remain the same. These reduced interest
rates apply only to subsidized loans; any unsubsidized Stafford Loan for
the same undergraduate borrower would continue to be made at the current
fixed interest rate of 6.8 percent.
After you graduate, leave school, or drop below half-time enrollment,
you will have a six-month "grace period" before you begin repayment.
During this period, you'll receive repayment information, and you'll be
notified of your first payment due date. You're responsible for
beginning repayment on time, even if you don't receive this information.
Payments are usually due monthly.
During the grace period on a subsidized loan, you don't have to pay any
principal, and you won't be charged interest. During the grace period on
an unsubsidized loan, you don't have to pay any principal, but you will
be charged interest. You can either pay the interest or it will be
capitalized (added to your principal loan balance, thus increasing the
amount you'll repay).
You'll repay your Direct Loan to the U.S. Department of Education's
Direct Loan Servicing Center. The Direct Loan program offers four
repayment plans you can choose from, but the terms differ slightly. You
will receive more detailed information on your repayment options during
entrance and exit counseling sessions your school will provide. To read
more now about repayment plans under both programs, go to the
Repayment Information section of this Web site.
Under certain circumstances, you can receive a deferment or forbearance
on your loan, as long as it's not in default. During a deferment, no
payments are required. You won't be charged interest for a subsidized
Direct Stafford loan. If you have an unsubsidized Stafford Loan, you are
responsible for the interest during deferment.
Yes, but only under a few circumstances. Your loan can't be canceled
because you didn't complete the program of study at the school (unless
you couldn't complete the program for a valid reason the school closed,
for example), or because you didn't like the school or the program of
study, or you didn't obtain employment after completing the program of
study.
For more information about discharge, go to the
Repayment Information section of this Web site.
Parents can borrow a PLUS Loan to help pay your education expenses if
you are a
dependent undergraduate student enrolled at least half time in an
eligible program at an eligible school. PLUS Loans are available through
the William D. Ford Federal Direct Loan (Direct Loan) Program. Your
parents must have an acceptable credit history.
For a Direct PLUS Loan, your parents must complete a Direct PLUS Loan
application and promissory note, contained in a single form that you get
from your schools financial aid office.
Also, your parents generally will be required to pass a credit check. If
your parents don't pass the credit check, they might still be able to
receive a loan if someone, such as a relative or friend who is able to
pass the credit check, agrees to endorse the loan. An endorser promises
to repay the loan if your parents fail to do so. Your parents might also
qualify for a loan without passing the credit check if they can
demonstrate that extenuating circumstances exist. You and your parents
must also meet other general eligibility requirements for federal
student financial aid.
The yearly limit on a PLUS Loan is equal to your cost of attendance
minus any other financial aid you receive. If your cost of attendance is
$6,000, for example, and you receive $4,000 in other financial aid, your
parents can borrow up to $2,000.
The U.S. Department of Education (for a Direct PLUS Loan) will send the
loan funds to your school. Your school might require your parents to
endorse a disbursement check and send it back to the school. In most
cases, the loan will be disbursed in at least two installments, and no
installment will be greater than half the loan amount. The funds will
first be applied to your tuition, fees, room and board, and other school
charges. If any loan funds remain, your parents will receive the amount
as a check or in cash, unless they authorize the amount to be released
to you or to be put into your school account. Any remaining loan funds
must be used for your education expenses.
For PLUS Loans disbursed on or after July 1, 2006, the interest rate is
fixed at 7.90 for Direct PLUS Loans. For 2009-2010, the variable rate
for these PLUS Loans is 3.28percent. Interest is charged on a PLUS Loan
from the date of the first disbursement until the loan is paid in full.
Your parents will pay a fee of up to 4 percent of the loan, deducted
proportionately each time a loan disbursement is made. For a Direct PLUS
Loan, the entire fee goes to the government to help reduce the cost of
the loans. Also, your parents may be charged collection costs and late
fees if they don't make their loan payments when scheduled.
For PLUS loans made to parents that are first disbursed on or after July
1, 2008, the borrower has the option of beginning repayment on the PLUS
loan either 60 days after the loan is fully disbursed or wait until six
months after the dependent student on whose behalf the parent borrowed
ceases to be enrolled on at least a half-time basis.
They'll repay their Direct PLUS Loan to the U.S. Department of
Education's Direct Loan Servicing Center.
Yes, under certain circumstances, your parents can receive a deferment on
their loans.
If they temporarily cant meet the repayment schedule, they can also
receive forbearance on their loan, as long as it isn't in default.
During forbearance, their payments are postponed or reduced.
Generally, the conditions for eligibility and procedures for requesting
a deferment or forbearance apply to both
Stafford Loans and PLUS Loans. However, since all PLUS Loans are
unsubsidized, your parents will be charged interest during periods of
deferment or forbearance. If they don't pay the interest as it accrues,
it will be capitalized (that is, added to the principal amount of the
loan, and additional interest will be based on that higher amount).
Yes, under certain conditions. A
discharge (cancellation) releases your parents from all obligation
to repay the loan.
Your parents PLUS Loan cant be canceled for these reasons: You didn't
complete your program of study at your school (unless you couldn't
complete the program for a valid reason because the school closed, for
example), you didn't like the school or the program of study, or you
didn't obtain employment after completing the program of study.
After you graduate, leave school, or drop below half-time enrollment,
you have a period of time before you have to begin repayment. This
“grace period” will be six months for a Federal
Stafford Loan.
The repayment period for all PLUS loans begins on the date the loan is
fully disbursed, and the first payment is due within 60 days of the
final disbursement. However, a graduate student PLUS loan borrower (as
well as a parent PLUS borrower who is also a student) can defer
repayment while the borrower is enrolled at least half time, and, for
PLUS loans first disbursed on or after July 1, 2008, for an additional
six months after the borrower is no longer enrolled at least half-time.
Interest that accrues during these periods will be capitalized if not
paid by the borrower.
Parent PLUS loan borrowers whose loans were first disbursed on or after
July 1, 2008, may choose to have repayment deferred while the student
for whom the parent borrowed is enrolled at least half-time and for an
additional six months after that student is no longer enrolled at least
half-time. Interest that accrues during these periods will be
capitalized if not paid by the borrower.
You'll receive information about repayment, and your loan provider will
notify you of the date loan repayment begins. We can't emphasize enough
the importance of making your full loan payment
on time either monthly (which is usually when you'll pay) or
according to your repayment schedule. If you don't, you could end up in
default, which has serious consequences (scroll down to the Default
discussion below). Student loans are real loans—just as
real as car loans or mortgages. You have to pay back your student loans.
Find out about your obligations in this section so you can stay on top
of your loans.
The U.S. Department of Education's National Student Loan Data System
(NSLDSSM) allows you to access information on loan and/or
federal grant amounts, your loan status (including outstanding
balances), and disbursements made. Go to
www.nslds.ed.gov.
You have a choice of repayment plans. How much you pay and how long you
take to repay your loans will vary depending on the repayment plan you
choose. There are several repayment plans available: Standard, Extended,
Graduated, Income Based Repayment (IBR), Income Contingent Repayment
(ICR) (available to borrowers with Direct Loans.
Go to
Repayment Plans and Calculators for more information about the
various repayment plans and to calculate your estimated repayment amount
under each of the different plans.
The Publication Funding Education Beyond High School: The Guide to
Federal Student Aid provides additional information on repayment
options, with examples of monthly payments for different loan amounts,
and covers other topics you need to consider when managing your loans.
You can see the entire publication
here.
To determine the amount of interest you will be required to pay each
month, use the following formula called the Simple Daily Interest
formula:
Simple Daily Interest Formula
Number of days since last payment
x
Principal Balance Outstanding
x
Interest Rate Factor
=
Interest Amount
Practice Example:
Let's say the remaining balance on your loan is $9,500.00. You sent in a
payment of $160.00, 32 days after your previous month's payment. Your
interest rate is 8.25% (interest rate factor is .00022587).
32 (days) x $9,500.00 (PBO) x .00022587 (interest rate factor)
You would pay $68.66 toward interest and $91.34 toward the principal
balance. This would leave you with a loan balance of $9,408.66 after the
$160.00 payment was applied.
The interest rate factor is used to calculate the amount of interest
that accrues on your loan. It is determined by dividing your loan's
interest rate by 365.25 (the number of days in a year). See the
following table to see some examples of interest rate factors.
|
Interest |
Converted |
Divide |
Interest |
|
8.99% |
.0899 |
.0899/ |
.00024613 |
|
8.25% |
.0825 |
.0825/ |
.00022587 |
|
7.59% |
.0759 |
.0759/ |
.00020780 |
Interest accrues on a daily basis on your loans. Factors such as: the
number of days between your last payment, the interest rate, and the
amount of your loan balance, determine the amount of interest that
accrues each month.
You can calculate how much will accrue on your loan by using the
Simple Daily Interest Formula.
If you have questions about your Direct Loans SM, you can go
online to find the answers. With your PIN, you can view your detailed
account information, complete exit counseling, make an online payment,
enroll in any of our electronic services, and much more. For the payment
address to send your Direct Loan payments,
click here.
In some cases, you might be able to reduce your interest rate if you
sign up for electronic debiting. Find out more about electronic payment
and debiting here.
If you default, it means you failed to make payments on your student
loan according to the terms of your promissory note, the binding legal
document you signed at the time you took out your loan. In other words,
you failed to make your loan payments as scheduled. Your school, the
financial institution that made or owns your loan, your loan guarantor,
and the federal government all can take action to recover the money you
owe. Here are some consequences of default:
·
National credit bureaus can be notified of your default, which will harm
your credit rating, making it hard to buy a car or a house.
·
You would be ineligible for additional federal student aid if you
decided to return to school.
·
Loan payments can be deducted from your paycheck.
·
State and federal income tax refunds can be withheld and applied toward
the amount you owe.
·
You will have to pay late fees and collection costs on top of what you
already owe.
·
You can be sued.
For more information and to learn what actions to take if you default on
your loans, see the
Department of Education’s Default Resolution Group Web site.
In certain circumstances, your loan can be discharged/canceled. Read
about cancellation provisions here.
If you're a teacher serving in a low-income or subject-matter shortage
area, it may be possible for you to cancel or defer your student loans.
Let us help you find out if you qualify.
Under the Loan Forgiveness for Public Service Employees Program, the
borrower must be employed full-time in a public service job during the
same period in which the qualifying payments are made and at the time
that the cancellation is granted. The amount forgiven is the remaining
outstanding balance of principal and accrued interest on an eligible
Direct Loan for a borrower who is not in default and who makes 120
monthly payments on the loan after October 1, 2007.
A Consolidation Loan allows you to combine all the federal student loans
you received to finance your college education into a single loan. Read
this section to help you decide whether consolidation is right for you.
When it comes time to start repaying your student loan(s), you can
select a repayment plan that’s right for your financial situation.
Generally, you'll have from 10 to 25 years to repay your loan, depending
on which repayment plan you choose.
·
Standard Repayment
With the standard plan, you'll pay a fixed amount each month until your
loans are paid in full. Your monthly payments will be at least $50, and
you'll have up to 10 years to repay your loans.
Your monthly payment under the standard plan may be higher than it would
be under the other plans because your loans will be repaid in the
shortest time. For that reason, having a 10-year limit on repayment, you
may pay the least interest.
To calculate your estimated loan payments, go to the Standard Repayment
plan
calculator.
·
Extended Repayment
Under the extended plan, you’ll pay a fixed annual or graduated
repayment amount over a period not to exceed 25 years. If you're a
Direct Loan borrower, you must have more than $30,000 in outstanding
Direct Loans. Your fixed monthly payment is lower than it would be under
the Standard Plan, but you'll ultimately pay more for your loan because
of the interest that accumulates during the longer repayment period.
This is a good plan if you will need to make smaller monthly payments.
Because the repayment period will be 25 years, your monthly payments
will be less than with the standard plan. However, you may pay more in
interest because you're taking longer to repay the loans. Remember that
the longer your loans are in repayment, the more interest you will pay.
To calculate your estimated loan payments, go to the Extended Repayment
plan
calculator
·
Graduated Repayment
With this plan, your payments start out low and increase every two
years. The length of your repayment period will be up to ten years. If
you expect your income to increase steadily over time, this plan may be
right for you. Your monthly payment will never be less than the amount
of interest that accrues between payments. Although your monthly payment
will gradually increase, no single payment under this plan will be more
than three times greater than any other payment.
To calculate your estimated loan payments, go to the Graduated Repayment
plan
calculator
·
Income Based Repayment (IBR) – Effective July 1, 2009
Income Based Repayment is a new repayment plan for the major types of
federal loans made to students. Under IBR, the required monthly payment
is capped at an amount that is intended to be affordable based on income
and family size. You are eligible for IBR if the monthly repayment
amount under IBR will be less than the monthly amount calculated under a
10-year standard repayment plan. If you repay under the IBR plan for 25
years and meet other requirements you may have any remaining balance of
your loan(s) cancelled. Additionally, if you work in public service and
have reduced loan payments through IBR, the remaining balance after ten
years in a public service job could be cancelled. For more important
information about IBR go to
IBR Plan Information. Or, to download an IBR Fact Sheet in PDF
format, click
here.
|
|
Find out if you qualify. To calculate your estimated loan
payment amount under IBR, go to the
IBR calculator.
|
·
Income Contingent Repayment (ICR) (Direct Loans Only)
This plan gives you the flexibility to meet your Direct Loans SM
obligations without causing undue financial hardship. Each year, your
monthly payments will be calculated on the basis of your adjusted gross
income (AGI, plus your spouse's income if you're married), family size,
and the total amount of your Direct Loans. Under the ICR plan you will
pay each month the lesser of:
1.
The amount you would pay if you repaid your loan in 12 years multiplied
by an income percentage factor that varies with your annual income, or
2.
20 percent of your monthly discretionary income.
If your payments are not large enough to cover the interest that has
accumulated on your loans, the unpaid amount will be capitalized once
each year. However, capitalization will not exceed 10 percent of the
original amount you owed when you entered repayment. Interest will
continue to accumulate but will no longer be capitalized (added to the
loan principal).
The maximum repayment period is 25 years. If you haven't fully repaid
your loans after 25 years (time spent in deferment or forbearance does
not count) under this plan, the unpaid portion will be discharged. You
may, however, have to pay taxes on the amount that is discharged.
To calculate your estimated loan payments, go to the ICR plan
calculator
·
Additional Information
The publications Funding Education Beyond High School: The Guide to Federal Student Aid and Your Federal Student Loans: Learn the Basics and Manage Your Debt provide additional information on repayment options and cover other topics you need to consider when managing your loans. For additional information on the Income Based Repayment plan, see the IBR Fact Sheet.
If you have trouble making your education loan payments, contact
immediately the organization that services your loan. You might qualify
for a deferment, forbearance, or other form of payment relief. It's
important to take action before you are charged late fees. For Direct
Loans SM, contact the Direct Loan
Servicing Center at
www.dl.ed.gov or by calling 1-800-848-0979 or 1-315-738-6634. TTY
users should call 1-800-848-0983.
·
Deferment:
You can receive a deferment for certain defined periods. A deferment is
a temporary suspension of loan payments for specific situations such as
reenrollment in school, unemployment, or economic hardship. For a list
of deferments, click
here. You don’t have to pay interest on the loan during deferment if
you have a subsidized FFEL or Direct Stafford Loan or a Federal Perkins
Loan. If you have an unsubsidized FFEL or Direct Stafford Loan, you’re
responsible for the interest during deferment. If you don’t pay the
interest as it accrues (accumulates), it will be capitalized (added to
the loan principal), and the amount you have to pay in the future will
be higher. You have to apply for a deferment to your loan servicer (the
organization that handles your loan), and you must continue to make
payments until you’ve been notified your deferment has been granted.
Otherwise, you could become delinquent or go into default.
·
Military Service Deferment
An active duty military deferment is available to borrowers in the
Direct Loan programs who are called to active duty during a war or other
military operation or national emergency. This deferment is available
while the borrower is serving on active duty during a war or other
military operation or national emergency or performing qualifying
National Guard duty during a war or other military operation or national
emergency and, if the borrower was serving on or after Oct. 1, 2007, for
an additional 180-day period following the demobilization date for the
qualifying service.
·
Post-Active Duty Student Deferment
A Direct Loan borrower who is a member of the National Guard or other
reserve component of the U.S. Armed Forces (current or retired) and is
called or ordered to active duty while enrolled at least half-time at an
eligible school, or within six months of having been enrolled at least
half-time, is eligible for a deferment during the 13 months following
the conclusion of the active duty service, or until the borrower returns
to enrolled student status on at least a half-time basis, whichever is
earlier.
·
Economic Hardship Deferment
A Direct Loan borrower may
qualify for an economic hardship deferment for a maximum of three years
if the borrower is experiencing economic hardship according to federal
regulations. For more information on deferments, contact your lender or
the financial aid office at your school.
·
Forbearance:
Forbearance is a temporary postponement or reduction of payments for a
period of time because you are experiencing financial difficulty. You
can receive forbearance if you’re not eligible for a deferment. Unlike
deferment, whether your loans are subsidized or unsubsidized, interest
accrues, and you’re responsible for repaying it.
Note to PLUS Loan borrowers: Generally, the same eligibility
requirements and procedures for requesting a deferment or forbearance
that apply to Stafford Loan borrowers also apply to you. However, since
all PLUS Loans are unsubsidized, you'll be charged interest during
periods of deferment or forbearance. If you don't pay the interest as it
accrues, it will be capitalized (added to the principal balance of the
loan), thereby increasing the amount you'll have to repay.
·
Other Forms of Payment Relief
Although you’re asked to choose a repayment plan when you first begin
repayment, you might want to switch repayment plans later if a different
plan would work better for your current financial situation. Under the
Federal Direct Student Loan Program SM, you can change plans
any time as long as the maximum repayment period under your new plan is
longer than the time your Direct Loans have already been in repayment.
Go to the
Repayment Plans and Calculators section to learn more about options
available to you to repay your loans.
1.
Should I pay for help to fill out my FAFSASM?
4.
How
will my PIN be sent to me?
5.
I lost my PIN. What should I do?
6.
How
can I check the status of my FAFSASM
application?
7.
What is the Data Release Number (DRN)
8
Can I add a school code to my FAFSASM
application?
9.
What is the deadline for the FAFSASM
application?
10.
I haven't finished my taxes yet. What should I do?
11.
Why do I have to provide my parents' information on the FAFSASM?
12.
How can I check the status of my student loans?
13.
I have questions about my financial aid award. Who should I contact?
14.
How can I get in touch with someone who can help me with a financial aid
question?
15.
Where can I find out more information about Pell Grants?
16.
I am an older student. Am I eligible to receive financial assistance?
1. Should I pay for help to fill out my FAFSASM?
No, you don't need to. If you apply using FAFSA on the Web SM
at www.FAFSA.ed.gov,
you get online instructions for each question, and you can chat live
online with a customer service representative. Another source of free
help is our online guide,
Completing the FAFSA.
Whether you apply online or use the paper FAFSA, you can get free help
by calling the Federal Student Aid Information Center (FSAIC) at the
telephone number(s) listed below or by contacting the financial aid
administrator at your college.
Federal Student Aid Information Center (FSAIC):
1-800-4-FED-AID (1-800-433-3243)
(TTY 1-800-730-8913)
Various Web sites do offer help filing the FAFSA for a fee. These sites
are not affiliated with, or endorsed by, the U.S.
Department of Education. We urge you not to pay these
sites for assistance that we provide for free.
2. What is the PIN?
The Personal Identification Number (PIN) serves as your identifier to
let you access your personal information in various U.S. Department of
Education systems. It's like the PIN you get from your bank that permits
you to access your account. The PIN also allows you to sign your federal
student aid application online and allows you to correct your
application data online.
In the interest of keeping your personal information secure, do not
share your PIN! You should never give your PIN to anyone. Be sure to
keep your PIN in a safe place.
You can apply for a PIN by clicking
here.
3. Why should I get a PIN?
You can use your PIN to access your financial aid data at these U.S.
Department of Education Web sites:
§
FAFSA on the WebSM
Web site at
www.fafsa.ed.gov: Access and complete your Free Application for
Federal Student Aid (FAFSA). You can also:
- submit corrections to your processed
FAFSA,
- use your PIN to electronically sign your
submitted FAFSA,
- obtain a copy of your processed FAFSA
information, or
- add a school code to your FAFSA
application.
§
The National Student Loan Data SystemSM Web
site at
www.nslds.ed.gov: View a history of the federal student financial
aid you have received.
§
The Direct Loan Servicing Center Web site at
www.dl.ed.gov: Use
your PIN to access your Direct Loan account, if you have this type of
loan. Use your PIN to get up-to-date account information, loan balances,
and payoff information. Use our online repayment calculator to help you
forecast repayment of your loan and contact our customer service staff
by e-mail.
§
The Direct Loan Consolidation Web site at
www.loanconsolidation.ed.gov: Your PIN will enable you to track the
processing status of your online Consolidation Loan application
throughout the entire consolidation process from application receipt to
booking with Direct Loan Servicing.
§
Direct Loan Master Promissory Note
Web site at
www.StudentLoans.gov: You can electronically sign a master
promissory note (MPN) for your Direct LoansSM.
4. How will my PIN be sent to me?
It depends. You will select your own delivery method when you submit
your request on the PIN site, or while completing a FAFSA on the Web
application. Your options include:
§
Select your own PIN (this option only appears when you apply for a new
PIN or request to change your PIN).
§
Instantly view your PIN online.
§
Receive an e-mail with the PIN immediately. This e-mail will contain a
link to our secure PIN delivery Web site where you will be able to input
your personal data and retrieve your PIN online. For security purposes,
this link will be available for only 14 calendar days. If you do not
retrieve your PIN within 14 days, it will be mailed to you at the
address you provided.
§
Have your PIN sent by postal mail within 7-10 days.
Note: If you don't use the PIN site to apply for your PIN [for example,
you apply for a PIN by submitting a FAFSA4casterSM or a Free
Application for Federal Student Aid (FAFSA)] you will automatically
receive your PIN electronically if you provide a valid e-mail address.
If you do not provide a valid e-mail address, we will send you a PIN
through regular postal mail.
5. I lost my PIN. What should I do?
If you have lost or forgotten your PIN, you will need to request that it
be sent to you again. If you think that someone else may know your PIN,
or you believe your PIN may have been compromised when it was lost, we
can generate a new PIN for you.
Click
here for instructions for replacing a lost PIN or to request a
duplicate of your PIN.
6. How can I check the status of my FAFSASM application?
At any point during the processing period, you can use your PIN to check
the status of your FAFSA or to check on a correction you made to your
FAFSA:
§
Click on the FAFSA icon located on this site's home page under "Apply
for Financial Aid."
§
Click on the first item in the right-hand column (under FAFSA
Follow-up): Check status of a submitted FAFSA or print Signature Page.
§
Read the Check Status page, click on Next at the bottom of the page,
then enter the information required.
Checking the status of your application at any time during the
processing period is beneficial, but we recommend you at least check the
status at the following times:
§
3 to 5 days after submission - if you used a PIN to sign your
application
§
2-3 weeks after submission - if you printed, signed, and mailed a
signature page.
Helpful Hint: If you printed out the Electronic Filing Instructions when
you filed your Web application, write down the dates you checked the
status.
If you've already checked the status of your processed application and
would like to view your application data, click
here. (Note: You must have a U.S. Department of Education PIN.)
7. What is the Data Release Number (DRN)?
The Data Release Number (DRN) is required to make certain changes
associated with the FAFSA you filed. You can make corrections to your
mailing address and/or to the schools you listed to receive your FAFSA
data. Just call the U.S. Department of Education's Federal Student Aid
Information Center (1-800-4-FED-AID [1-800-433-3243]). The DRN also
allows you to release your FAFSA data to schools you did not list on
your original FAFSA. The DRN is printed in the lower left-hand
corner of your Student Aid Report (SAR)
8. Can I add a school code to my FAFSASM application?
You may either make the correction online with your PIN number, over the
phone (1.800.4-FED-AID) if you have your DRN number (see above), or you
can fax the request (1.877.264.9664).
9. What is the deadline for the FAFSASM application?
Submit your application as early as possible, but no earlier than
January 1. For the 2009-2010 school year, we must have your application
no later than June 30, 2010. Your college must have your correct,
complete information by your last day of enrollment in the 2009-2010
school year.
For the 2010-2011 school year, we must have your application no later
than June 30, 2011. Your college must have your correct, complete
information by your last day of enrollment in the 2010-2011 school year.
10. I haven't finished my taxes yet. What should I do?
If you are facing a deadline and want to get the application in as soon
as possible, you may estimate your tax amounts for now. Once you have
completed your tax forms, make the corrections to your file either on
the Web or by mailing in your paper SAR.
11. Why do I have to provide my parents' information on the FAFSASM?
When you apply for federal student aid, your answers to the questions in
Step 3 of the paper FAFSA or the Dependency Status section of the online
FAFSA will determine whether you're considered dependent on your parents
or independent. If you're considered dependent, your parents' income and
assets as well as your own must be reported on the FAFSA. Students are
classified as dependent or independent because federal student aid
programs are based on the principle that students (and their parents or
spouse, if applicable) are considered the primary source of support for
postsecondary education.
12. How can I check the status of my student loans?
You should contact the holder of your loan. If you don't know who holds
your loan, you can use our Web site (www.nslds.ed.gov)
to find out about your federal student loans. The site displays
information on loan and/or federal grant amounts, outstanding balances,
loan statuses, and disbursements.
To use the NSLDS Student Access Web site, you will need to provide your
Social Security Number, the first two letters of your last name, your
date of birth, and your PIN.
13. I have questions about my financial aid award. Who should I contact?
Contact the financial aid office at your school. The financial aid
administrator at a postsecondary institution combines various forms of
aid into a package to help meet a student's need. Using available
resources to give each student the best possible package of aid is one
of the aid administrator's major responsibilities. Because funds are
often limited, a financial aid package might fall short of the amount a
student is eligible for. Also, the amount of federal student aid in a
financial aid package is affected by other sources of aid received
(scholarships, state aid, etc).
14. How can I get in touch with someone who can help me with a financial
aid question?
If you wish to speak with a person regarding a financial aid question,
please call one of the telephone numbers provided below:
Telephone: 1-800-4-FED-AID (1-800-433-3243)
TTY: 1-800-730-8913
Spanish speakers are available (se habla espaol)
If you are unable to dial the toll-free number from your area, an
alternate number is 1-319-337-5665.
To find out more about the U.S. Department of Education's (ED) federal
student aid programs, click
here.
15. Where can I find out more information about Pell Grants?
Federal Pell Grants
A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell
Grants are generally awarded only to undergraduate students who have not
earned a bachelor's or a professional degree. (In some cases, however, a
student enrolled in a post- baccalaureate teacher certification program
might receive a Pell Grant.)
Click here to learn more about Pell Grants.
How much can I get?
The maximum Pell Grant award for the 2009-10 award year (July 1, 2009 to
June 30, 2010) is $5,350. For the 2010-11 award year (July 1, 2010 to
June 30, 2011), the maximum award is $5,550. The amount you get,
however, will depend not only on your financial need, but also on your
costs to attend school, your status as a full-time or part-time student,
and your plans to attend school for a full academic year or less. Note:
The maximum award amount is given for any Pell Grant eligible student
whose parent or guardian died as a result of military service in Iraq or
Afghanistan after Sept.11, 2001. You must be under 24 years old or
enrolled at least part-time in college at the time of your parent's or
guardian's death.
If I am eligible, how will I get the Pell Grant Money?
Your school can apply Pell Grant funds to your school costs, pay you
directly (usually by check), or combine these methods. The school must
tell you in writing how much your award will be and how and when you'll
be paid. Schools must disburse funds at least once per term (semester,
trimester, or quarter). Schools that do not use semesters, trimesters,
or quarters must disburse funds at least twice per academic year.
16. I am an older student. Am I eligible to receive financial assistance?
Age is not a factor in determining eligibility for the Federal Student
Aid programs. Check out federal student aid eligibility criteria by
clicking
here.
17. What if I am unable to provide my parents information, their income
information and signature, due to special circumstances?
Under Federal law your family is primarily responsible-to the extent
they are able-for paying for your college expenses. To determine how
much your family can afford to pay towards your college expenses, we
must collect your financial information and if you are a dependent
student, we must also collect your parents' financial information.
Under very limited circumstances, an otherwise dependent student
may be able to submit the FAFSA without parental information due to
special circumstances. Before you proceed to skip the parental section
of your FAFSA, consider the following:
Examples
of special circumstances where you may be able to submit your FAFSA
without providing parental information include:
·
Your parents are incarcerated; or
·
You have left home due to an abusive family environment; or
·
You do not know where your parents are and are unable to contact them
(and you have not been adopted).
Not all situations are considered a special circumstance. The following
are situations that would not be considered a special
circumstance:
·
Your parents do not want to provide their information on your FAFSA; or
·
Your parents refuse to contribute to your college expenses; or
·
Your parents do not claim you as a dependent on their income taxes; or
·
You do not live with your parents.
If you believe you have a special circumstance and are unable to provide
parental information, you should complete information about you and your
finances and skip any questions about your parents. You should sign your
FAFSA with your PIN and leave your parent's PIN blank. It is important
to note:
1.
We will allow you to submit your FAFSA without parental information,
however your FAFSA will not be considered complete.
2.
Because your FAFSA is not considered complete, we will not calculate
your Expected Family Contribution (EFC) which is the index used by
colleges to determine how much student aid you are eligible to receive.
3.
If you are approaching any deadlines for your state, college, or
scholarship aid, you may want to contact your financial aid
administrator (FAA) before submitting your FAFSA without parental
data.
4.
Once you submit your FAFSA without parental data, you must follow up
with the FAA at the college you plan to attend, in order to complete
your FAFSA and receive an EFC. Also note the following:
·
Under Federal law, only your FAA has the authority to decide whether or
not you must provide parental information on your FAFSA.
·
You will have to provide documentation to verify your situation.
Gather as much written evidence of your situation as you can. Written
evidence may include court or law enforcement documents, letters from a
clergy member, school counselor or social worker, and/or any other
relevant data that explains your special circumstance.
·
After reviewing your circumstances carefully, your FAA will decide
if you must provide parental information or if your circumstances allow
you to proceed without providing parental data. Your FAAs decision is
final and can not be appealed to Federal Student Aid.
The sites below provide the information you are seeking to assist you in
your education beyond high school.
You
must complete and submit a Free Application for Federal Student Aid
(FAFSASM) to apply for federal student aid and most state and
college aid. FAFSA on the WebSM is the quickest and easiest
method of applying.
You
have the option of applying for federal student aid by completing a PDF
form of the FAFSA. The PDF FAFSA is available for you to print and fill
out manually or is screen-fillable.
If
you're not sure how to answer a question on the FAFSA form and/or you're
wondering, "Why do they ask that?," or saying, "My family situation is
different, now what do I do?", Completing the FAFSA explores the purpose
of FAFSA questions and discusses how information should be reported in
some unusual cases.
We
recommend that students and parents request a personal identification
number (PIN) before applying for aid. The PIN can be used to
electronically sign your FAFSA application, dramatically decreasing the
processing time. You can also use your PIN to make online corrections to
your FAFSA, access your Student Aid Report, sign the master promissory
note for a federal student loan and access your federal student aid
records online including your student loan history information on
National Student Loan Data SystemSM (NSLDSSM).
If
you want to begin exploring your financial aid options and get an early
start on the financial aid process, FAFSA4casterSM is for
you! By using FAFSA4caster, you and your family will receive an early
estimate of eligibility for federal student aid. When youre ready to
apply for aid, much of the information that you enter in the
FAFSA4caster will populate your FAFSA on the Web application, making the
experience of applying for federal student aid a lot easier.
Over
90% of the FAFSA applications are submitted online. The FAFSA on the Web
Worksheet is designed for those who prefer to write down information
before applying online. The Worksheet includes a list of documents
needed to complete the FAFSA and shows the FAFSA questions in the order
as they appear online.
This Web site is a demonstration version of the FAFSA on the Web,
Corrections on the Web, and Student Access. It offers all the features
of the production versions, except that no data is processed. At the
site you learn to complete a sample FAFSA, make corrections, check the
status of the FAFSA and electronically sign the FAFSA.
The
U.S. Department of Education’s StudentLoans.gov Web site provides
information on managing your student loans, such as, – view your loan
documents, sign Master Promissory Note, entrance counseling and complete
PLUS request process.
A
scholarship is money for college that you will not be expected to repay.
Colleges, businesses and other organizations sponsor scholarships. Use
this free scholarship search for finding scholarships that you may
qualify for.
CareerOneStop
Web site (sponsered by the U.S. Department of Labor) features
user-friendly occupation and industry information, salary data, career
videos, education resources, career exploration assistance, and other
resources, such as the new ReEmployment portal, that support talent
development in today's fast paced global marketplace.
The Career Voyages Web site is the result of a collaboration between the
U.S. Department of Labor and the U.S. Department of Education. It is
designed to provide information on high growth, in-demand occupations
along with the skills and education needed to attain those jobs.
The Publications section provides access to a wealth of free
publications and application tools to assist you as you pursue education
beyond high school. You will find guides, brochures and fact sheets such
as College Preparation Checklist, Funding Education Beyond High School:
The Guide to Federal Student Aid, Completing the FAFSA, Federal School
Code List, Choosing a Career and Don't Get Scammed on Your Way to
College.
The Federal Student Aid Forms section has information on the Free
Application for Federal Student Aid (FAFSA) filing options, deadlines
for applying, a sample paper FAFSA, FAFSA on the Web Worksheet, and
student loan deferment and forbearance forms.
The National Student Loan Data SystemSM (NSLDSSM)
is the U.S. Department of Education's central database for student aid.
NSLDS receives data from schools, guaranty agencies, the Direct Loan,
Pell Grant, and other Department of Education programs. At NSLDS Student
Access, aid recipients can view information on their loans and grants.
The
Direct Loan Programs provide you with a choice of repayment plans. How
much you pay and how long you take to repay your loans will vary
depending on the repayment plan you choose. The Repayment Plans and
Calculators page provides information on the various repayment plans and
calculators for estimating your repayment amount under each plan.
What types of aid are available? How do you get a PIN? What's the
difference between an Academic Competitiveness Grant and a National
SMART Grant? Learn more about federal student aid by watching or
listening to these informational programs.
The more education you get, the more likely it is you will always have a
job. KnowHow2GO provides middle schoolers to adults extensive
information on the value of continuing education after high school, how
to prepare for college, the myths vs. realities about college and the
availability of financial aid for college. In addition, the KnowHow2GO
Web site provides resources for information on counseling, academics,
and financial aid that is available within your state or territory.
Check out the College Access Web site Going2College.org. This Web site
provides all the resources your state has on preparing for college,
planning a career, finding and applying to college and what state aid is
available to help pay for college.