If you thought student loans were bad enough, wait until July 1 of this year passes – that’s when you will see student loan interest rates DOUBLE from their current rates. An interest rate cut set by the government pulled back interest rates on subsidized Stafford loans, which account for almost half of all federal… Read more »
The CSS PROFILE: A Valuable Resource for Federal Aid
CSS PROFILE® administered by the College Scholarship Service (CSS), the financial aid division of the College Board, allows students to create a profile that is more in-depth and more extensive than the Free Application for Student Federal Aid (FAFSA). The CSS is also used by 350 private institutions around the United States and can actually… Read more »
529 Plans: The Perfect Gift for Your Children’s Education
It is important to let your kids have a good time and enjoy their lives, but it is also equally important to start setting the foundations of their future as well. Fortunately, saving for future college expenses now have more options than ever before. One of the most popular ones is a 529 plan –… Read more »
FAFSA School Codes
To apply for financial aid, you must first correctly complete your FAFSA worksheet; including the correct FAFSA school code for each college or university to which you are applying. The Federal School Code (also known as a Title IV Institution Code) is a six-character identification code beginning with 0 (zero), G, B, or E and… Read more »
Income-Based Repayment (IBR)
Income-Based Repayment is a plan that can substantially lower the amount you must pay each month on your federal student loans. It does this by capping the monthly payments at 15% based on your Adjusted Gross Income (AGI) and family size.1 IBR uses a kind of sliding formula to determine how much you can afford… Read more »
Facebook App Launched to Help Connect Students with Financial Aid
Getting financial aid for college education is not easy nor is it guaranteed, but a new Facebook app could help make things less of a hassle for young students. “My College Dollars” is a Facebook app that uses the information on an individual’s Facebook profile to connect the individual with financial aid that he or… Read more »
Michigan Democrats Pushing for Free College Education
Michigan democrats want to push forward an investment package that will virtually pay for the college costs of all in-state college. The Michigan 2020 plan aims to provide extensive tuition grants for students who spend their entire K-12 education in public, private and home schools in Michigan. The grants themselves would range around $9,500 a… Read more »
Grad PLUS Loan
According to FinAid, Graduate and Professional Student PLUS (Grad PLUS) Loan operates in similar fashion to the parent PLUS Loan – as a low-cost supplement to borrow. The same terms and conditions applicable to PLUS Loans for parents also apply to PLUS Loans for graduate and professional students: a fixed interest rate of 7.9%. No… Read more »
Direct PLUS Loans for Parents
Parents of dependent students1 may apply for a unsubsidized Direct PLUS Loan to help pay their child’s education expenses as long as certain eligibility requirements are met. Here, the parents are responsible for repayment on the loan, not the student. A Parent PLUS Loan, often referred to as “financial aid for parents”, allows the parent… Read more »
Direct Stafford Loan
The Direct Stafford Loan is the biggest source of low-interest loans for college-bound students who demonstrate financial need. In fact, nearly all students are eligible to receive Stafford loans regardless of credit. These loans come in two flavors: either subsidized or unsubsidized. “Subsidized” means that the interest is paid by the government while the student… Read more »