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Department of Education announced this week that its Office of Federal Student Aid (FSA) will resume collections on defaulted federal studentloans beginning Monday, May 5, 2025, ending a pause that has been in effect since March 2020. The book is scheduled to be released in September 2025.
The American Federation of Teachers (AFT) and other unions filed a federal lawsuit Monday alleging that DOGE staff, including a 19-year-old with a history of leaking information, have been given improper access to millions of Americans' sensitive studentloan data, Social Security numbers, and other private records.
Nearly a third of borrowers whose federal studentloans entered repayment in October 2023, following the COVID-19 pandemic extended pause, are past due on the payments, according to a newly released report from the U.S. The above pie chart shows the number of federal studentloan borrowers in repayment by status, as of Jan.
What are the COVID-19 studentloan relief deadlines for federal debt repayments? You may have heard some studentloan servicers are closing shop — when does that happen? Over next two years: Many federal studentloan servicer contracts due to expire. When do you need to file your FAFSA for this year?
What You Have to Pay Back: LoansLoans are the money you borrow to help pay for school, but remember: this is money youll have to repay, with interest. There are federal studentloans, which often come with lower interest rates and better terms, and private loans, which can vary in cost.
Ive seen how early preparation can help families make more informed decisions. Understanding these factors early will help your child make more informed decisions about financial aid. Additionally, familiarizing yourself with the FAFSA (Free Application for Federal Student Aid) now can help ensure a smooth application process later on.
Its important to balance work-study with your class schedule to avoid burnout. While loans, work-study, and grants are the main components of most financial aid packages, your award letter should include some other information. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.
Heres a step-by-step guide to help you make an informed decision about your college financial aid package. Understand LoansLoans are another part of your financial aid package that you need to take seriously. Unlike grants and scholarships, loans must be paid backoften with interest.
For students preparing to apply for financial aid, the Free Application for Federal Student Aid (FAFSA) is a crucial part of the process. With recent changes to the FAFSA process, it’s important to stay informed about whats going on. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.
The FAFSA will pull your tax information from the IRS, but it’s good to have other documents ready. They’ll all receive your financial aid information automatically, so make sure you include every school you’re considering applying to. Personal Information: This includes your name, address, SSN, and more.
Here are a few key things you should know to maximize your financial aid opportunities: Understand Dependency Status : Your dependency status determines if you need to provide parental information. Most students under 24 are considered dependent, and require their parents’ financial details.
This confirmation will include a Student Aid Report (SAR) , which summarizes the information you provided on your FAFSA. Its important to review this report for any errors or missing information. The schools financial aid office will then use this information to create a financial aid package for you.
Borrowing studentloans is a significant financial decision that can have long-lasting implications on your student’s future. While loans can help make higher education more accessible, it’s crucial to approach borrowing with careful consideration and awareness.
Otherwise, you’re unable to make informed decisions with your family about how to pay for school! Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.
This timing is crucial for making a fully informed decision about which school fits your academic and financial needs. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college. It ensures you can weigh all options side-by-side, allowing you to pick the best value for your family. #2.
Financial aid packages are based on information submitted in the FAFSA, but schools can adjust awards based on changes in circumstances. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.
The timing of your application—whether you choose Early Action or Regular Decision—can influence both the financial aid options available to you and your ability to make a fully informed decision. This includes comparing scholarships, grants, federal loans, and work-study opportunities. It gives you more time to evaluate your options.
This post is a continuation of the last two that summarized Modules 1 and 2 of the StudentLoan Entrance Counseling (SLEC). Module 3, “Federal StudentLoans”, is summarized in this post. SLEC ensures that a student understands their rights and responsibilities with Federal loans prior to entering into a loan agreement.
Your Student Portal and Email This will become your new communications hub. Colleges will send important information about housing, orientation, tuition bills, and financial aid herenot to your personal email. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college. Set Up (and Check!)
This is especially helpful for students and families who want time to evaluate their financial aid packages from multiple schools before making a final decision. You’ll be able to make a more informed decision about which school to attend. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.
By the end of your visits, youll be well-equipped to make an informed decision on where to applyand where youll likely thrive. More about Jodi and College Financial Aid Advisors Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid.
Be sure to reach out to these offices for information on scholarships, grants, and the application process. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college. They may also have tips on how to maximize your financial aid package.
Attend an info session: Many colleges offer information sessions that give more in-depth details about admissions, financial aid, and campus life. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college. This will help you later when youre comparing schools.
Get more information For more on recruiting adult student populations, including graduate students, subscribe to the Professional and Adult Education Blog. These students may also face financial impediments from their prior higher ed experience, such as studentloan debt or lingering bursar holds.
Take the time to research each school and make an informed decision. For instance, many people who choose to go back to school to advance their career opt for online programs because they work around their current work schedules. You don’t want to apply to a school that is too competitive or too expensive for you.
When a student is approved for a Federal studentloan for the first time, they’re required to complete StudentLoan Entrance Counseling (SLEC), an online course offered by the Office of Federal Student Aid (FSA), the agency within the U.S.
Explore scholarships, grants, and studentloans, and don’t hesitate to reach out to the financial aid office for guidance. Remember to review any payment requirements with your student so they know what they’re responsible for. It can be a great way to meet fellow students, too!
However, one tool that can make this journey smoother is often right at your student’s fingertips: the college portal. Your student’s ability to regularly monitor their college portal is essential to their application process, especially when it comes to staying updated and informed about financial aid tasks and deadlines.
, many students and families are left wondering how financial aid distribution will work for the 2024-2025 school year. 2024-2025 FAFSA Updates For the 2024-2025 college application cycle, the FAFSA will be open to students and family by December 31, 2023. Unfortunately, that means we’re not 100% sure when that opening day is.
Once you complete the FAFSA (Free Application for Federal Student Aid), you’ll receive a SAR or Student Aid Report. This document summarizes the information you submitted on your FAFSA. You’ll provide information about your family’s income, assets, and other financial details. What Is SAR? What is COA?
You’re likely to see scholarships and grants you will not have to repay, and studentloans that you will have to repay. Make one last effort at increasing financial aid Remember, the colleges are looking at financial aid information from the last year. Be sure you know how much of each financial aid offer comes.
More about Jodi and College Financial Aid Advisors Jodi helps with the financial aid process, from completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding studentloan options. Still Want More Help?
Supply all requested information: If any of your financial applications were selected for verification, you must get all the supporting documentation to the school in a timely manner so they can make a final decision regarding your financial aid. Review the differences between private and federal loans.
With the FUTURE Act Direct Data Exchange (FA-DDX) (replacing the previous IRS Data Retrieval tool), a lot of information will be pulled from your family’s federal tax returns. Take your time, double-check your information, and don’t hesitate to ask for help if you need it!
If you don’t have financial resources to cover these amounts, you might have to rely on studentloans and it’s important to see the full picture. What kind of budget will your student have? When chatting about college finances, discuss now how much money you will be able to supply for your student’s living expenses.
To help you understand the financial aid landscape and make informed decisions as a college-bound student (or with them as a parent), I’ve put together a glossary of the most common financial aid terms and their meanings. LoansLoans are borrowed funds that must be repaid with interest. Simple as that!
Tips for Staying on Track In a recent blog, I discussed creating a master schedule that includes all of these deadlines. The end of summer is also a wonderful time to review your resume and collect information on your grades, volunteer work, and job experience – all of which you’ll need to complete applications.
Gather Social Security numbers, driver’s license information, and income/investment information. They will be using the FUTURE Act Direct Data Exchange to gather information from your last tax return, but it won’t hurt to have the other information on hand.
From this amount you can subtract the amount of financial aid most students receive that does not have to be repaid, such as grants and scholarships. What are my chances of realistically being able to repay my studentloans? What else do you suggest for students in my particular situation?
Requirements: List the specific requirements for each scholarship, such as essays, letters of recommendation, transcripts, and financial information. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.
FAFSA Overview The FAFSA is your gateway to federal financial aid, including grants, work-study programs, and loans. Now, you’ll get that information in the Student Aid Index. Unlike the FAFSA, it digs deeper into your family’s finances and may require more detailed information about assets and expenses.
Throughout this month, all of us in the higher education community make an extra effort to provide even more information about how to use and access financial aid for college. Over 80% of full-time, first-time undergraduate students receive financial aid every year for college, so it’s important to really understand the financial aid process.
But youngsters who don’t understand the value of money grow up to be college students who graduate with heavy studentloan debt. It’s important to have a money talk with your student(s) early on. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college. See our top 5 Money Lessons here!
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