IMPORTANT STUDENT LOAN UPDATE AS OF JULY 1, 2012: Although Congress has kept the interest on new subsidized Stafford loans at 3.4%, other changes have made federal student loans more costly. Please see update below for details.
January 1st marked the first day that the Free Application for Federal Student Aid (FAFSA) could be filled out and thus, the kick-off of financial aid season. With college applications in and acceptance letters on their way, now is the time to start thinking about the cost of college and consider your financial aid options. FAFSA is usually the first form that you should fill out in the financial aid process, so we figured we would round up our favorite resources to help you along the way. In addition to some of iGrad’s own FAFSA content, including dynamic articles and a 7-part video tutorial, we have also hand-picked some of the best FAFSA resources on the web to get you the most reliable and relevant information available.
iGrad FAFSA Resources
The Five-Minute FAFSA
A quick introduction to the FAFSA form (how to fill it out; why to fill it out) with helpful hints and advice.
Reasons to Fill Out the FAFSA
This video provides reasons why one should fill out FAFSA, provides an explanation of state need grant eligibility, and describes the University of Washington's Dream Project.
Student Loans and Grants: How to Fill Out the FAFSA and Get Financial Aid
A breakdown of everything you need to know about financial aid for students, with video tutorials included.
Paying for College
Learn about other resources to fund your college education if FAFSA aid didn’t cover your cost of attendance.
Top 5 FAFSA Filing Tips
Lee from FAFSAonline.com and StudentLoanNetwork.com gives you the five most important helpful hints on filing your FAFSA.
How to Fill Out the FAFSA (Part One)
In this 7-part video tutorial series hosted by David Beck of Bay Area Planners, you will learn by watching exactly how to fill the FAFSA out on your own, including preparation, mistakes to avoid, important details to remember, and what to do once you’ve submitted your form.
Other Online FAFSA Resources
Students, Fill Out Your FAFSA!
Ease into FAFSA season with this article that gives a brief rundown of the importance of the FAFSA form and why it’s an important factor in covering the cost of college education.
Financial Aid FAQ
Get all your questions about financial aid answered, from general questions about eligibility to specifics about your family situation—there is even an ‘Unusual Questions’ section that might answer a question you never even though to ask!
FAFSA FAQ
This FAQ site is just for FAFSA-related questions, and gives informative, thorough answers to make sure you are well-prepared to fill out your financial aid forms correctly and on-time.
22 Facts About the FAFSA
This is a good introductory list for those of you who are just getting familiar with the FAFSA and don’t want to be intimidated or bogged down by a ton of information at once.
Avoid 10 Common FAFSA Mistakes
Filling out the FAFSA can be one giant headache, especially if you don’t know what to do. This article will help you focus your attention on the details of filling the FAFSA out correctly by telling you what NOT to do.
10 Tips for Getting Federal Student Aid
Some of these tips overlap with the advice given in the previous article, but there are definitely some valuable points in here about how to can make sure you receive the aid you qualify for.
FAFSA and Net-Price Calculator Tips {Video}
This is a great clip from The Today Show with Matt Lauer interviewing some of the top dogs in education and financial aid. They discuss the best ways to make the most of your FAFSA and financial aid.
4 Ways to Get FAFSA Help
The FAFSA is a tricky form to tackle and is just about as fun as filing your taxes, so getting outside help if you’re feeling lost is not only a good idea, but recommended. CBS News lets us in on some of the top resources available to help you complete your financial aid forms.
Auto-Fill Your FAFSA with IRS Data Retrieval
It’s about time somebody came up with a way to make it easier to fill out the FAFSA. Because much of the data required for your FAFSA is the same as that used in your tax forms, a handy IRS data retrieval tool has been introduced to make filling out these forms more convenient. Learn about this new tool here.
The FAFSA Financial Aid Process
Learn step-by-step how to apply for the FAFSA, with useful advice on what you’ll need and what requirements and deadlines you should be aware of.
Make the Most of Your FAFSA Application
Bankrate provides a comprehensive article about the FAFSA application, detailing everything from the basics to federal aid loopholes.
Graduate Student FAFSA
Graduate students are handled differently on the FAFSA then undergraduate students and this article explains exactly what differences you need to know.
The FAFSA Blog
The official blog of FAFSA and Federal Student Aid is a good resource to check from time to time for useful student aid-related article and news.
**UPDATE AS OF JULY 1, 2012
No grace period. For subsidized Stafford loans taken out after July 1, the federal government will no longer pay the interest for the first six months after graduation. (The feds will, thankfully, continue to pay the interest on new loans while the undergraduates are still in school.)
What does that mean for the typical college student? Once you graduate, you'll still get six months of breathing room before your first student loan payment comes due. However, the interest that accumulates in that six months will be added to your loan principal.
No subsidized loans for graduate students. It's even worse for students seeking advanced degrees. As of July 1, graduate students are no longer eligible for new subsidized federal loans. That means they'll be responsible for paying the interest that accrues on new federal loans from the very first day they borrow the money. (They also didn't get a break on interest rates in last week's deal, so Stafford loans come with a 6.8% rate. The federal Grad PLUS loans have a slightly higher rate of 7.9%.)
What does that mean for the typical grad student? By one estimate, the end of the federal subsidy will add $7,000 to the cost of the average grad school loan.
Other changes:
- A family now has to have an income of no more than $23,000 to qualify for an automatic zero family contribution on the Free Application for Federal Student Aid (FAFSA), down from $32,000.
- Needy students will be eligible for Pell grants for only 12 full-time semesters. There was no limit before. This sounds reasonable. One smart way to reduce college costs is to earn a degree in four years or less.
The States With The Heaviest Student Loan Debts And Highest Delinquency Rates
Borrowing money is a great way to pay for college but it comes with a lot of responsibility and if not managed properly, you may find yourself in a situation of high student loan debt and even delinquency, like many other students in the US as shown...
