FAFSA
the form used to apply for federal student aid, such as grants, work-study, and loans. It is also used by most states and colleges to award nonfederal aid.
What is the FAFSA form, and what is it used for?
What is a Master Promissory Note (MPN)?
This status determines whose information must be reported on the FAFSA.
What is dependency status?
can be viewed on their NSLDS Financial Aid Dashboard or COD.
Where can you view a student's LEU?
Damage to credit score, wage garnishment, and legal action.
What are the consequences of defaulting on a student loan?
An MPN expires one year from the date received if no disbursements are made, or ten years from the date received if at least one disbursement occurred within the first year.
When does an MPN expire?
This type of federal financial aid does not need to be repaid, except under certain circumstances.
What is a Pell Grant?
the total percentage of a student's Scheduled Pell Grant awards that have been disbursed throughout their academic career. The lifetime limit is 600%.
What is Lifetime Eligibility Usage (LEU)?
Subsidized loans do not accrue interest while the student is in school, while unsubsidized loans do.
What is the difference between a subsidized and unsubsidized loan?
You'll need to provide personal information like your name, address, contact information, Social Security Number, and driver's license information. You'll also need to provide references.
What do I need to provide when filling out an MPN?
These loans qualify for a federal interest subsidy, meaning the government pays the interest while the student is in school.
What are subsidized loans?
The financial aid office at your college will use your SAI and other information to determine the amount of aid you will receive.
How do I know how much student financial aid I will receive?
Standard, graduated, income-driven, and extended repayment plans.
What repayment options are available for student loans?
You need two references with different U.S. addresses who have known you for at least three years. The first reference should be a parent or legal guardian.
Who can be my references?
This type of federal loan is not based on financial need and the borrower is responsible for interest from the disbursement date.
What is an Unsubsidized Loan?
$7395
What is the maximum Pell Grant award for a full-time student for the 2024-25 academic year?
Students who have not previously received a Direct Loan
Who is required to complete entrance counseling?
You'll need to provide personal information like your name, address, contact information, Social Security Number, and driver's license information. You'll also need to provide references.
What do I need to provide when filling out an MPN?
This is the term for the total amount an individual can borrow for all loans of a specific type.
What is Aggregate Loan Limit?