If you are employed full-time by a government or not-for-profit organization, you may be able to receive loan forgiveness after making 120 qualifying payments (10 years), thanks to the Public Service Loan Forgiveness (PSLF) Program.
But loan forgiveness is not automatic. There are a number of specific requirements you must meet. If you want to make sure you’re on the right track, avoid these common mistakes:
There’s so much information available about financial aid for college or career school that it can be hard to tell the facts from fiction. We’ve got you covered! Here are some common myths—and the real scoop—about financial aid and the Free Application for Federal Student Aid (FAFSA®) form.
Having one child who is heading to college can be stressful, but having to help multiple children at the same time can feel like too much to manage. While I can’t save you from a forgotten application deadline or the “how to do your own laundry” lessons, hopefully, I can help make the financial aid part of the process run more smoothly with these tips:
While the Free Application for Federal Student Aid (FAFSA®) form is the student’s application, we know that parents often play a large role in the process. After all, students who are considered dependent have to provide parental information on the FAFSA form anyway and must have a parent sign it. While we recommend that the student start his or her own FAFSA form, we know that’s not always what happens. With that in mind, we wanted to provide instructions for parents who are starting the FAFSA form on behalf of their child so you can avoid running into issues completing the form.
If you are a parent completing the FAFSA form for your child, follow these steps:
Ah, deadlines. The sworn enemy of students across the nation. When you’re busy with classes, extracurricular activities, and a social life in whatever time you’ve got left, it’s easy to lose track and let due dates start whooshing by. All of a sudden, your 10-page term paper is due in an hour, and you’re only on page 5 (with the help of 26-point type and triple line spacing). We get it.
Nevertheless, we’re here to point out a few critical deadlines that you really shouldn’t miss: those to do with the Free Application for Federal Student Aid (FAFSA®) form. By submitting your FAFSA form late, you might be forfeiting big money that can help you pay for college.
If you need financial aid to help you pay for college, you must complete the Free Application for Federal Student Aid (FAFSA®) form. The 2018–19 FAFSA form was made available as of Oct. 1, 2017. You should fill it out as soon as possible on the official government site, fafsa.gov.
It’ll be easier to complete the FAFSA form if you gather what you need ahead of time. Below is what you’ll need to fill it out.
Everyone’s college experience is unique—and probably not quite what they were expecting, but here are some tried and true tips on how to get through it.
1. Get involved.
This point may be the most overhyped, but it’s still valid. Go to your school’s activities fair if they have one; otherwise, keep your eyes open for opportunities to join different clubs or teams. Joining a club or team can often provide a much-needed relief from your everyday classes or responsibilities, and it’s a great way to meet new people or to try something new! Many schools even have niche groups such as unicycle clubs, quidditch teams (of Harry Potter fame), and virtual reality clubs. If you don’t find a club that aligns with your interests, you can always start your own!
One of the questions we receive most often is: “Why didn’t I get more money for school?” It’s especially frustrating when you have no idea how a school decided on your aid offer. Hopefully, this information will shed some light on how schools calculate your financial aid.
It all starts when you submit your Free Application for Federal Student Aid (FAFSA®) form. Once we (Federal Student Aid) process your application (it takes about three days if you submitted it online), we make your information available to all of the schools you listed on it. Each school then uses your FAFSA information to determine how much aid you are eligible to receive at that school. Each school has its own schedule for awarding financial aid. You must check with each school to find out when you can expect to receive an aid offer.
If you didn’t make payments on your federal student loans and are now in default, don’t get discouraged. It may seem like an overwhelming situation, but you have multiple options for getting out of default. Remember, it’s in your best interest to act quickly to resolve the default, because the consequences of default can be severe.
If you have a defaulted federal student loan owned by the U.S. Department of Education (ED), immediately contact ED’s Default Resolution Group. They will help you figure out the best way to resolve the default based on your individual circumstance.