benzatp, Author at Financial Aid

Federal Direct Student Loan 2017–2018 Interest Rates

Federal Direct Student Loans: The interest rate is calculated each year based on the 10-year Treasury Bill rate plus 2.05 percent (Undergraduate students) or 3.6 percent (Graduate/Professional students) and is capped at 8.25 percent for Undergraduate students and 9.5% for Graduate and Professional students.  For Federal Direct Student Loans with a first disbursement date between July 1, 2017 and June 30, 2018, the following rates are fixed for the life of the loan:

Direct Subsidized Loans and Direct Unsubsidized Loans for Undergraduate Students

4.45% 

Direct Unsubsidized Loans for Graduate and Professional Students

6.00% 

Direct PLUS loans for Parents of Undergraduate Students and Direct PLUS Loans for Graduate / Professional Students

7.00%

IRS Data Retrieval Tool Unavailable

The IRS Data Retrieval Tool is unavailable at this time.

To fill out a FAFSA, you can manually input your tax information. Remember, if you’re filling out the 2017–18 FAFSA form, your 2015 tax information is required (not 2016).

For more information, please visit this announcement from the Department of Education.

 

Federal Student Aid ID

The FSA ID ― a username and password ― has replaced the Federal Student Aid PIN and must be used to log in to certain U.S. Department of Education websites. Your FSA ID confirms your identity when you access your financial aid information and electronically sign Federal Student Aid documents. If you do not already have an FSA ID, you can create one when logging in to fafsa.gov, the National Student Loan Data System (NSLDS®) at www.nslds.ed.gov, StudentLoans.gov, StudentAid.gov, and Agreement to Serve (ATS) at www.teach-ats.ed.gov

Step by step instructions can be found on the following .pdf:  Federal ID Procedures

Extension of Loan Repayment Option: Pay As You Earn

President Obama has announced an extension of the Pay As You Earn (PAYE) repayment option to approximately 5 million additional borrowers, who first took out loans between 2007 and 2011, and whose dates of borrowing exclude them currently. The PAYE option caps monthly payments at 10 percent of discretionary income, setting monthly payments on a sliding scale based upon income. Any remaining balance is forgiven after 20 years of payments, or 10 years for those in certain public service jobs. The PAYE plan will be available to these additional borrowers by December 2015.

For additional information please review the Presidential Memorandum – Federal Student Loan Repayments and the Presidential Fact Sheet: Making Student Loans More Affordable