- What is a FAFSA?
This is a Free Application for Federal Student Aid
- What is Federal Financial Aid?
Federal Financial Aid, includes the PELL Grant as well as Stafford Loans.
- What is the PELL Grant?
PELL Grant is a grant that is offered through the Department of Education. This grant is based on financial need and does not need to be paid back.
- What are Stafford Loans?
Stafford Loans are loans that are offered through the Department of Education to help students pay for their education. These loans are not credit based, and the payments can be deferred while the student is in college.
- Is there a limit to how much financial aid I can get while in school?
There is a limit to the total amount of aid that a student can receive while in college. These amounts vary based on your degree program, as well as dependency status.
- What is Dependency Status?
This is determined when completing the FAFSA. A person is either an independent student or a dependent student. Once your dependency status is determined you will know what types of financial aid, as well as how much financial aid you are able to receive.
- What if I don’t get enough financial aid to pay for college?
There are other options aside from Federal Financial Aid. You have the option to apply for scholarships as well as private educational loans to help pay for your college education.
- When do I have to start paying my student loans back?
Generally, repayment will start 6 months after you graduate, leave college, or drop below a half time enrollment level.
- What if I can’t afford to pay my loans?
If you cannot afford to make the required payments on your loans, it is important to reach out to the lender to review other re-payment options, that can include a reduced payment, income based repayment, forbearance, and other options that can be used based on your circumstances.
- How can I get help with the process of completing the FAFSA and all of the other financial aid forms that I need for college?
That is why “FAACTS” was created. We offer counseling to our clients while ensuring that we are complaint with the guidelines and regulations of the Department of Education.