May 26th, 2017 | News
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
Direct Unsubsidized Loans for Graduate and Professional Students
Direct PLUS loans for Parents of Undergraduate Students and Direct PLUS Loans for Graduate / Professional Students
March 10th, 2017 | News
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.
May 4th, 2015 | News
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
June 12th, 2014 | News
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
March 28th, 2014 | News
There are multiple loan repayment programs based on income. The two main plans have been Income-Based Repayment (IBR) and Income-Contingent Repayment (ICR). Both IBR and ICR provide affordable monthly payment amounts. Under both plans, any remaining loan balance is forgiven after 25 years, and payments made can count toward the 120 payments required for Public Service Loan Forgiveness.
There are important differences between IBR and ICR. IBR applies to both the Federal Family Education Loan Program (FFEL) and the Federal Direct Loan Program, while ICR is only available for Federal Direct Loans. IBR does not apply to PLUS Loans or consolidation loans that include PLUS loans, while ICR does include Direct PLUS loans that are part of a Federal Direct Consolidation Loan.
As of December 21, 2012, eligible borrowers of federal student loans may enroll in the new “Pay as You Earn” program. The new income-based repayment plan caps monthly loan payments at 10 percent of a borrower’s discretionary income. After 20 years of payments, the government will forgive the loans. (The Education Department’s older income-based repayment program currently caps monthly loan payments at 15 percent of discretionary income, with loan forgiveness after 25 years.) The new program will accept enrollees who were new borrowers after October 1, 2007, and who also took out a loan on or after October 1, 2011.
For more detailed information about the multiple federal student loan repayment options, please visit the following sites:
Federal Student Aid Understanding Repayment
Federal Student Aid Repayment Plans
Federal Student Aid Repayment Estimator