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Your Expected Family Contribution (EFC) is pumped out automatically by your Free Application for Federal Student Aid (FAFSA). EFC and FAFSA Problems: When Your Parents Can’t Help Pay for College ...
The federal financial aid form looks different in the 2024-25 school year. Here's what college students and parents need to know about the new FAFSA.
The repayment schedule for Direct PLUS Loans disbursed on or after July 1, 2008 is the same as the schedule for Stafford loans. [1] [2] However, for Direct PLUS Loans first disbursed before July 1, 2008, the repayment period begins at the time the PLUS loan is fully disbursed, and the first payment is due within 60 days after the final ...
You may have to fill out information for only one parent.
The parents use these loans to pay for educational expenses on behalf of the student. For undergraduate students, there is the parent loan for undergraduate students or PLUS Loan. This loan allows parents to borrow up to the total cost of attendance, minus any other financial aid the student receives.
Even if the parents have no intention of helping pay the student's college expenses, which legally they are not required to do, the student remains considered a dependent and the parents' income and assets are used in determining the EFC and through it, the student's financial aid award. Put differently, if the parents are able but unwilling to ...
If you think you can’t get financial aid for college because your parents make too much money, it’s worth your time to fill out the FAFSA, aka the Free Application for Federal Student Aid. Why?
All new Stafford, PLUS, and consolidation loans are now administered through the Direct Loan Program. Campus-Based Aid includes types of aid that schools are responsible for administering on behalf of the federal government. Federal Perkins Loans are low-interest loans made through a school’s financial aid office using federal funds ...