FAFSA stands for Free Application for Federal Financial Aid - the federal student loan application to apply for student grants and loans.
Another federal option is a Direct PLUS Loan (often called a “Parent PLUS Loan”). This loan is granted to the parents of undergraduate students and has a similar application process as the FAFSA. Federal student loans can help you and your family pay for college, but they may not cover ...
The FAFSA could either be in the form of a grant or a loan. So, while I was explaining this to my parents I was pretty sure they were going to have a question about that. I told them that a grant is free money and that it didn't needed to be paid back and that a loan was ...
Schools can offer these loans as part of a financial aid package regardless of a family's financial situation. Dependent students are eligible for a maximum of $31,000 in subsidized and unsubsidized loans over their undergraduate years unless their parents are ineligible forfederal PLUS loans, in...
If you have a Direct Subsidized or Unsubsidized Loan, you will have a six-month grace period. If you have a Direct Plus loan, you will be required to begin paying it back as soon as you've received it in full. There are some circumstances that can change your grace period: Active...
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The award letter outlines the type and amount of all financial aid that's offered to the student, including grants (such asPell Grantsand Federal Supplemental Educational Opportunity Grants),loans(for instance, direct subsidized loans or parent PLUS loans),scholarships, and any work-study eligibility...
PLUS Loans are government-subsidized loans that are limited to the cost of education. Parents do not need to demonstrate need. Interest rates can vary. Pell Grants Pell Grants are government grants are awarded to students who need a great deal of financial aid. They do not need to be repaid...
Students who submit an online FAFSA can expect it to beprocessed within 1-3 days, while those who submit a paper FAFSA can expect it to be processed within 7-10 days. You will know your application has been successfully processed when you receive your FAFSA Student Aid Report. ...
Consider your private borrowing options.Given the burden of repayment, borrowing should be a last resort, and it’s generally wise to exhaust your federal loan allotment first. But you can findprivate student loansfrom banks, credit unions and online lenders to supplement. ...