Federal
What is the definition of a Borrower Defense Loan Discharge?
If your school misled you or engaged in other misconduct in violation of certain state laws
What are the 3 methods to file a FAFSA?
Log in at fafsa.gov to apply online
Complete a FAFSA PDF (note: you must print out and mail the FAFSA PDF for processing)
Request a print-out of the FAFSA PDF by calling us at 1-800-4-FED-AID (1-800-433-3243); then fill out the form and mail it for processing
True or False
If you’re a dependent student, you don't need to report parent information on your FAFSA form.
False
If you’re a dependent student, you’ll need to report parent information on your FAFSA form.
What is PLUS Credit Counseling?
PLUS Credit Counseling will help students and parents understand the obligations associated with borrowing a PLUS loan and assist them in making careful decisions about taking on student loan debt.
What is the definition discretionary income?
the difference between your annual income and 150 percent of the poverty guideline for your family size and state of residence.
What are the benefits of receiving a closed school loan discharge?
you have no further obligation to repay the loan;
you will receive reimbursement of payments made voluntarily or through forced collection; and
the record of the loan and all repayment history associated with the loan, including any adverse history, will be deleted from your credit report.
True or False?
If you log in with your FSA ID, certain information (including your name, Social Security number, and date of birth) will be automatically loaded into your application.
True
We strongly recommend you create your account before starting your_______.
FAFSA FORM
Wht does the acronym 'IDR" stand for?
Income-Driven Repayment
Generally 10 percent of your discretionary income.
What IDR Plan am I?
REPAYE Plan
What are the eligibility requirements for an automatic closed school loan discharge?
Schools that closed on or after Nov. 1, 2013, but before July 1, 2020, and you have not enrolled at another school that participates in the federal student aid programs within three years of the date your school closed,
True or False
While completing the FAFSA form, you must list at least 3 schools to receive your information.
False
You only need to list one school
If you have an FSA ID but do not remember your username on studentaid.gov what should you click on to assist you?
click on Forgot Username.
Ture or False
An income-driven repayment plan sets your monthly student loan payment at an amount that is intended to be affordable based on your income and family size.
True
True or False
You will always pay the same amount each month under an income-driven repayment plan
False
Under all of the income-driven repayment plans, your required monthly payment amount may increase or decrease if your income or family size changes from year to year.
What should you continue to do while you wait for your loan discharge to process (3 things)
Be sure to continue to make payments on your loan while your discharge application is being processed.
Find out what happens if your loan discharge is approved.
Find out what happens if your loan discharge is denied.
What are the free tools that can be used if you need help filling out a FAFSA form?
there are 4 answers...
In the online FAFSA form, select the white question mark icon next to a FAFSA question to view a “tool tip” that provides information about how to answer that question.
You can visit the “FAFSA Help” page, where you can view trending FAFSA topics, browse FAQs, search for more information, or select “Contact Us.”
Once you select “Contact Us,” you’ll have the option of emailing us with your question or, during business hours, chatting (in English or Spanish) with live technical support staff.
Contact the financial aid office at the college or career school you plan to attend
What are the Federal Deadlines for FAFSA?
2023–24 Academic Year
The FAFSA form must be submitted by 11:59 p.m. CT on June 30, 2024. Any corrections or updates must be submitted by 11:59 p.m. CT on Sept. 14, 2024.
2022–23 Academic Year
The FAFSA form must be submitted by 11:59 p.m. Central time (CT) on June 30, 2023. Any corrections or updates must be submitted by 11:59 p.m. CT on Sept. 9, 2023.
What are the 4 income-driven repayment plans
Revised Pay As You Earn Repayment Plan (REPAYE Plan)
Pay As You Earn Repayment Plan (PAYE Plan)
Income-Based Repayment Plan (IBR Plan)
Income-Contingent Repayment Plan (ICR Plan)
What are the consequences if you default on a loan?
Need at least 5 answers to get full points
The entire unpaid balance of your loan and any interest you owe becomes immediately due (this is called "acceleration").
You can no longer receive deferment or forbearance, and you lose eligibility for other benefits, such as the ability to choose a repayment plan.
You lose eligibility for additional federal student aid.
The default is reported to credit bureaus, damaging your credit rating and affecting your ability to buy a car or house or to get a credit card.
It may take years to reestablish a good credit record.
You may not be able to purchase or sell assets such as real estate.
Your tax refunds and federal benefit payments may be withheld and applied toward repayment of your defaulted loan (this is called “Treasury offset”).
Your wages may be garnished. This means your employer may be required to withhold a portion of your pay and send it to your loan holder to repay your defaulted loan.
Your loan holder can take you to court.
You may be charged court costs, collection fees, attorney’s fees, and other costs associated with the collection process.
If your school withholds your official transcript, upon your request the school must provide you with an unofficial transcript that might be accepted by another institution. If you are struggling to get your transcript from your school, submit a complaint to the Consumer Financial Protection Bureau.
What is a teach-out?
a program, institution, or institutional location that provides 100 percent of at least one program engages in an orderly closure; or
following the closure of an institution or campus, another institution provides an opportunity for the students of the closed school to complete their program, regardless of their academic progress at the time of closure.
If you’re a _______, one of your parents whose information is reported on the FAFSA form will also need an FSA ID so that your parent can sign your application electronically.
dependent student,
Even if you were a minor (under the age of 18) when you signed your ___________ or received the loan, you are still responsible for repaying your loan.
Promissory Note
How is my monthly payment amount calculated under an income-driven repayment plan?
your payment amount under an income-driven repayment plan is a percentage of your discretionary income. The percentage is different depending on the plan.
What are the steps you should take to renew your FAFSA form?
4 Answers
Log in with your FSA ID username and password at fafsa.gov. Learn what to do if you forgot your FSA ID username or password.
Select “Renew my FAFSA Form.”
Update any prefilled information that has changed, and provide the requested financial information.
Sign and submit the FAFSA renewal.