Funding Your Education: The Guide to Federal Student Aid

by U.S. Department of Education, Federal Student Aid

Overview

This guide provides a description of Federal Student Aid programs and the application process.  Readers will find information on federal student aid as a source for funding postsecondary education, and know where to go for more detailed information. Funding Your Education: The Guide to Federal Student Aid speaks to high school students, college students, adults, and parents interested in finding out about financial aid from the federal government to help pay for education expenses at an eligible college, technical school, vocational school, or graduate school. 

Product Details

ISBN-13:	9780160926235
Publisher:	United States Dept. of Education
Publication date:	10/01/2014
Sold by:	Barnes & Noble
Format:	eBook
Pages:	36
Sales rank:	539,069
File size:	3 MB
Age Range:	14 - 18 Years

About the Author

Federal Student Aid, a part of the U.S. Department of Education, is the largest provider of student financial aid in the nation.  As the office of Federal Student Aid, our 1,200 employees help make college education possible for every dedicated mind by providing more than $150 billion in federal grants, loans, and work-study funds each year to more than 15 million students paying for college or career school.  We are proud to sponsor millions of American minds pursuing their educational dream.

Table of Contents

CONTENTSFederal Student Aid At a Glance............................1Who gets federal student aid?....................................1What is federal student aid?......................................1What is the FAFSA?..................................................1How do I apply for aid?..............................................1When do I complete the FAFSA?................................1How much aid is available?.......................................1    Table 1. Federal Student Aid: Type of aid, eligibility,     award amount, interest rate, and other details, by      program.......................................................................2Steps to Federal Student Aid.....................................4Part I. Prepare to Pay for College..........................5Choosing the Right School.........................................5Estimate Your Aid: FAFSA4caster...............................5What is the FAFSA4caster?...........................................5Who should use FAFSA4caster?...................................5Reducing the Cost of Education.................................5Part II. Who Gets Aid?...........................................7Can I Get Aid?..........................................................7How Much Financial Aid Can I Get?...........................7What does cost of attendance (COA) mean?................7What’s the Expected Family Contribution (EFC)?..........7Staying Eligible.........................................................7Table 2: Basic Requirements.......................................8PART III. Types of Federal Student Aid..............9Types of Federal Student Aid.....................................9Federal student aid includes:.......................................9Grants.............................................................................9What kinds of federal grants are available?...................9Can I receive a grant if I’m enrolled less than half-time?.....................................................................10Work-Study....................................................................10What is the Federal Work-Study Program?.................10Loans.............................................................................10William D. Ford Federal Direct Loan (Direct Loan) Program.....................................................................10Federal Perkins Loan Program...................................10Differences between Direct Subsidized Loans and   Direct Unsubsidized Loans…………………………..10What are Direct PLUS Loans?.....................................11What is a Federal Perkins Loan?.................................11How much can I borrow?...........................................11What are the current interest rates?............................11Table 3. Interest rates for Direct and Perkins loans.....11How will I receive my loans?.......................................11Should I accept all the aid I’m offered?.........................11Benefits for Members of the Military................................12Table 4. Annual and aggregate limits for DirectSubsidized Loans and Direct Unsubsidized  Loans.....13PART IV. FAFSA: Apply for Aid.............................15Complete the FAFSASM........................................................15Why should I fill out the FAFSA?.....................................15When should I apply for federal student aid?..................15How do I fill out the FAFSA?...........................................15What if I need help filling out my FAFSA?.......................15How do I sign my online application?...............................16Do I need to fill out a FAFSA every year I apply for aid?.16Why does dependency status matter?...............................16What if I’m a dependent student but my parents are  divorced or separated?....................................................16What Happens After I Submit My FAFSA Online?..............16Where does my FAFSA information go once I submit it?...16How can I check to see whether my FAFSA has been processed?.16Whom will I hear from, and when?....................................16Table 5. Am I dependent or independent?........................17What is a Student Aid Report (SAR)?...............................18How and when will I get my SAR?....................................18What information does a SAR contain?............................18What am I supposed to do with my SAR?.........................18What if I find a mistake on my SAR?.................................18Table 6. Student Aid Report Table....................................19PART V. Repay Your Loans...............................................21Loan Repayment..................................................................21Loan servicers....................................................................21Making payments...............................................................21Choosing a Repayment Plan..............................................21Table 7. Repayment Plans.................................................22Income-Driven Repayment Plans.......................................23Loan Consolidation.............................................................24Deferment and Forbearance..............................................24Forgiveness, Cancellation, and Discharge.........................24Understanding Default........................................................24Resolving Disputes.............................................................24Glossary..........................................................................25