As part of a series of efforts to boost the economy, President Obama announced a new plan last week aimed at relieving the debt burden faced by low-income graduates. His program is two-pronged: it will add consolidation options for borrowers with a combination of FFELP and Direct Federal Loans, and it will lower the required monthly payments for low-income borrowers who graduate in the coming years.
The new provisions for low-income borrowers will affect many thousands of Americans, while the debt-consolidation program could aid over 6 million who currently hold both FFELP and Direct loans.
This week we have another question submitted through our Ask the Experts form. if you have any questions about financial aid or paying for college, be sure to submit them here.
This year I did not work at all and so I will not have any tax returns to file. How then do I apply for financial aid and how can it affect my aid? I’ve have had aid for the previous couple of years.
The following question was submitted via our Ask the Experts form:
Hi, I am having a problem with FASFA. I submitted my form online, and imported my tax return from 2010, as requested. However, last year I worked full time and went to school at night. This year I go to school full time and work part time. My financial situation has completly changed. What types of documents can I show FASFA that they would consider to be a current reflection of my financial situation?
Thanks for the question, Kristy! This is a fairly common question, and one that you should be able to resolve without too much trouble.
We’ve made it to October, which means it’s once again time for College Money Insider’s monthly list of scholarship deadlines. It may not be the traditional time of year to apply for scholarships, but if you look hard enough, there are some great opportunities available year-round. And the time is ALWAYS right to get some extra cash for college.
To receive a monthly list of upcoming scholarship deadlines right in your inbox, as well as our other financial aid advice and tips, subscribe to College Money Insider here – it’s free!
Now let’s get right to the details of this month’s scholarships…
Today’s guest post is written by Overture Technologies’ Ben Carey. Ben is a 22 year veteran of the student lending industry and the father of a college student. Check out our Resources section to learn more about the differences between PLUS and Private Student Loans.
So, your child has done her part: Great grades, strong SAT’s, taken pretty much every AP course in high school, two sport athlete…Top 5% of her graduating class!
I have Good News and Bad News:
Good News…She has been accepted into the school of her dreams!
Bad News…The four year price tag has you thinking outside your comfort zone!?
The ball is in YOUR court!