Help For Students With Financial Aid
Help For Students With Financial Aid
Help For Students With Financial Aid
After years of observing how rising tuition costs have been placing college out of reach for so many students, The President and congress have decided that the status-quo can't continue. The president has set a goal that by 2020, America will have the greatest proportion of college graduates on the earth. To reach this goal, the federal government has made changes to the financial aid application process and to current federal financial aid programs. These changes are aimed at making it simpler for low and middle-class students to get federal financial aid to assist in pay for college. Current and nearing improvements are disclosed below.
Federal Student Loan Creation
Beginning in July 2010, federal student loans can no longer created by private lenders. Previous to then, schools were able to select whether to have federal loans administered through the federal government directly, or through private lenders. Students who already have federal loans started by private lenders will be able to centralize these loans with direct loans to simplify the repayment process. The loans will be serviced by a small number of lenders picked by the federal government. The modification affects Stafford loans and PLUS loans.
Free Application for Federal Student Aid (FAFSA) Changes
The Free Application for Federal Student Aid, also known as FAFSA, can be a cumbersome application that can take a long time to complete. It is believed because of the difficulty of the application method stops many students from applying for assistance and deters several from attending university since they don't know if they will qualify for help. There are ideas for important improvements in the future, but in the meantime, some changes have been brought out that make steps in the right direction.
Starting in January 2010, information that don't apply to specific groups of students are automatically removed. For example, low-income students no longer have to answer inapplicable questions about assets and people who have lived in the same house for at least five years don't be required to answer residency questions. Married students at least 24 years old have 11 fewer questions to answer and an extra 22 questions have been discarded for all.
Testing a new project, financial aid applicants for the 2010-2011 school year are able to view and recover tax information from the IRS directly into the FAFSA. This is an optional feature that most candidates will have the capability to use and will save time and boost accuracy. Some other new improvements involve instant estimates about Pell grant and loan qualification and links to information about graduation rates and tuition rates for colleges the applicant recorded on the application
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