FAFSA

Free Application for Federal Student Aid (FAFSA)

January 1st is the first day you can apply for the FAFSA.

Students are encouraged to apply online as paper applications will not be sent to the schools. If you need a paper application contact Mrs. Jones. You can apply online at www.fafsa.ed.gov. You may want to print out the worksheet before beginning the online application, the worksheet is available at www.fafsa.ed.gov also. The worksheet will help you gather all the information you will need before logging in to the FAFSA website. If you do not have you taxes completed, you will need to do an estimate based on last year's taxes.

Before applying online the student AND a parent or guardian will need to register for a PIN at www.pin.ed.gov.

Once you apply for a PIN it will take a few days to get to you, so apply now. Once you have your PIN you will use it every year to reapply as a student and as a parent you will you the same PIN for other children you may have entering college.

I encourage EVERYONE to apply for the FAFSA even if you don't think you will be eligible. The FAFSA is not only for federal student aid, but low interest loans and work study opportunities at college.

Loan Information

Perkins Loan - Awarded based on exceptional need. Interest is subsidized and fixed at 5%. Favorable benefits may be lost upon consolidation.

Repayment begins 9 months after graduation or dropping below half-time enrollment status. Teachers eligible for cancellation benefits.

Stafford Loan - Fixed interest rate is 6.8% is loan originated on/after July 1, 2006

Subsidized

    Interest accrues starting 6 months after graduation

Unsubsidized

    Interest accrues during school

Repayment begins 6 months after graduation or after dropping below half-time enrollment status.

PLUS Loan (Parent Loan for Undergraduate Students)

If loan originated on/after July 1, 2006:

Direct PLUS fixed interest rate is 7.9%.

FFEL PLUS fixed interest rate is 8.5%

Repayment begins within 60 days after last disbursement of loan.

Federal Consolidation Loan

Combine loans to one lender

Fixed interest rate is the weighted average of the federal loans rounded up to the nearest 1/8 of a %

Interest rate capped at 8.25%

Lower monthly payments

Private/Alternative Loan

Interest rates and fees based on borrower's and co-signer's credit scores.

More expensive than Federal loans

May have more flexible repayment provisions

for more information on private/alternative loans, visit: www.finaid.org/loans/privateloan/phtml

All information from FastWeb!

How wonderful that nobody need wait a single moment before starting to improve the world.   ~Anne Frank