Funding Education Beyond High School: The Guide to Federal Student Aid 2008-09


	Mission of Federal Student Aid A Message to Our Readers Federal Student Aid at a Glance Considering Education Beyond High School Federal Student Aid Summary Chart What is federal student aid? How do I apply for federal student aid? Who gets federal student aid? Process Summary Chart FAFSA4caster A What You Should Know Before You Apply Education After High School Earnings in 2005 by Educational Attainment of the Population 25 Years and Over What questions should I ask when considering a college or career school? Where can I find this information? Take the next steps. What kind of information should I get from a school? Find out about financial aid at the school. Find out the school's refund policy. Find out the school's return-of-aid policy. Find out the school's completion and transfer-out rates. FAFSA4caster Who should use FAFSA4caster? What are other benefits? How do I get started? What information does FAFSA4caster provide? Reducing the Cost of Education Lower-cost schools State Higher Education Agency Work or volunteer opportunities Tax breaks Hope tax credit or Lifetime Learning tax credit Am I Eligible? Basic Requirements Financial Need Education requirements Legal and other requirements “Match” requirements Financial need and (EFC) I think I have some special circumstances in my family. Are these considered in determining my financial needs? What Type of Federal Student Aid Might I Get? There are three types of federal student aid Grants There are four types of federal student aid grants What is a Federal Pell Grant? What is a Federal Supplemental Educational Opportunity Grant (FSEOG)? What’s the difference between Federal Pell Grants and FSEOGs? What is an Academic Competitiveness Grant (ACG)? What is a National Science and Mathematics Access to Retain Talent Grant (National SMART Grant)? What is the difference between the ACG and the National SMART Grant? How much financial aid can I get? How will I be paid? How often will I receive funds? Can I receive a grant if I’m enrolled lessthan half-time? Work-Study What is the Federal Work-Study (FWS) Program? What kinds of jobs are there? Are Federal Work-Study jobs on campus or off campus? How much can I earn? How will I be paid? Can I work as many hours as I want? Loans Types of Loans Student Loan Comparison Chart What are the differences in these loan programs? How do I apply for a Perkins or Stafford Loan? How much can I borrow? Maximum Annual Loan Limits Chart—Subsidized and Unsubsidized Direct and FFEL Stafford Loans Other than interest, are there any fees or charges required to get these loans? How will I be paid? Can I cancel my student loan if I change my mind, even if I have signed the promissory note agreeing to the terms of the loan? PLUS Loans How do parents and graduate and professional degree students apply for a PLUS Loan? What are the eligibility requirements for PLUS Loans? Are there any other requirements? Stafford and PLUS Loan Summary Do we need to find a lender? How much can a parent or graduate and professional degree student borrow under the PLUS Loan program? If a parent obtains a PLUS Loan to help pay for a dependent student’s education, who receives the loan money—the parent or the student? Can a borrower cancel a PLUS Loan even after signing the promissory note and agreeing to the terms of the loan? Other than interest, are there any fees or charges to get a PLUS Loan? More Federal Student Aid Information Other Financial Aid Sources Financial aid office State Higher Education Agency AmeriCorps Robert C. Byrd Honors Scholarship Program (Byrd Program) Public libraries and the Internet Businesses and labor organizations Organizations, foundations, etc. U.S. Armed Forces U.S. Department of Veterans Affairs Internal Revenue Service (IRS) www.students.gov It’s a Jungle Out There … Be Careful Scholarship Scams What about scholarship search services? How can I tell if these search services are scams? Are there any signs I should look for? Identity Theft What is identity theft? How can this happen? What happens if someone steals my identityand gets a student loan in my name? How can I avoid identity theft? B Start Here … How Do I Apply? Complete Your FAFSA. Receive Your SAR. Getting Your Federal Student Aid PIN What is a Federal Student Aid PIN and what is it used for? Should I get a PIN if I’m not applying online? How and when should I get a PIN? How do I sign my application? What if I don’t have a PIN? I submitted my FAFSA but did not sign with a PIN. Will I get one automatically? What if I have questions about the PIN? Can I get a PIN from the Federal Student Aid Information Center? Completing the FAFSA What information do I need to complete a FAFSA accurately? Can I apply online? Why should I apply online? What if I decide I want a paper FAFSA? Then what should I do? Dependency Status I am considered a dependent student; however,I have no contact with my parents. What do I do about reporting my parents’ income? If I am a dependent student, whose information do I report if my parents are divorced or separated? Do I report stepparent’s information? Do I need to fill out a FAFSA every year I apply for aid? What if I need help filling out my FAFSA application? How do the schools I’m interested in attending get my FAFSA information? What if I want to add or change schools later? The Student Aid Report (SAR) and Why It’s Important After you apply for federal student aid you’ll receive your FAFSA results in your SAR What do I do with my SAR? If you need to make corrections to the SAR … Once my SAR is accurate and complete, how do I find out if I’m eligible for federal student aid and how much I’ll receive? C Repaying Your Student Loan What you need to know as a borrower Borrower’s Responsibilities Think about how much you’re borrowing Signing a promissory note means you agree to repay the loan Make payments regardless of receiving billing notices Continue to pay while waiting for deferment, forbearance or discharge approval Notify your lender or loan servicing agency when you … Receive entrance and exit counseling Borrower’s Rights What you need to know about your loan Before you leave school Grace period Loan repayment schedule Sale of loan Loan Repayment When do I start paying back my student loans? How much time do I have to repay my student loans? When do parents and graduate and professional degree students begin repaying a PLUS Loan? How much will I have to repay and how often do I make payments? Do I have repayment options? Examples of Typical Perkins Loan Repayments Chart How do parents or graduate and professional degree students repay their PLUS Loan? Are there tax incentives for paying back student loans? Examples of Typical Direct and FFEL Stafford Loan Repayments Postponing Loan Repayment (Deferment and Forbearance) What is deferment? How do I qualify for a deferment? Can my parents or graduate and professional degree students defer repayment of their PLUS Loan? Is there deferment for active military service? Loan Deferment Summary Chart What is forbearance? Applying for deferment or forbearance Are there circumstances when I must be granted a mandatory forbearance? Consolidating Your Loans What is loan consolidation? What kinds of loans can be consolidated? When can I consolidate my loans? How do I get a consolidation loan and where can I get more information? What’s the interest rate on a consolidation loan? Are there any disadvantages to getting a consolidation loan? Loan Discharge or Cancellation Is it ever possible to have my federal student loan discharged or canceled? What qualifies my loan for discharge? What qualifies my loan for cancellation? How do I find out if I can get a discharge or cancellation? Can parents and graduate and professional degree students with PLUS Loans ever have their loan discharged or canceled? Perkins Loan Discharge and Cancellation Summary Chart Stafford and PLUS Loan Discharge and Cancellation Summary Chart Important Terms State Higher Education Agencies Other Federal Student Aid Publications

U.S. Department of Education | Federal Student Aid