Just follow these simple steps to complete the Free Application for Federal Student Aid (FAFSA):
Yes. If you have someone else fill out your FAFSA for you (not including one of your parents or your spouse), you should make sure they list themselves as a “preparer” at the end of your FAFSA.
A preparer should never ask for your PIN, apply for a PIN on your behalf, or sign your FAFSA using your PIN. The security of your PIN is important because it can be used to:
Remember, the FAFSA is a completely FREE application. If you need help filling it out, there are many free tools available to help you. You do not need to pay anyone to help you fill out your FAFSA. Contact one of our Tuition Planners at LA College at 1-800-574-6428, ext. 1998, or email FinancialAid@lac.edu if you have questions about completing the FAFSA.
(for example, high medical bills or recent unemployment) that the FAFSA doesn’t ask about?
If you believe you have unusual circumstances, contact one of our Tuition Planners at LA College at 1-800-574-6428, ext. 1998, or email FinancialAid@lac.edu.
TIP: If you believe that you have unusual circumstances that should be taken into account, such as unusual medical expenses or a large change in income, contact one of our Tuition Planners at LA College at 1-800-574-6428, ext. 1998, or email FinancialAid@lac.edu.
Your federal student aid will be paid to you through LA College.
Contact one of our Tuition Planners at LA College at 1-800-574-6428, ext. 1998, or email FinancialAid@lac.edu for more information about federal, state, school and other sources of student financial aid.
You can also check out these resources:
Information about other nonfederal assistance may be available from foundations, religious organizations, community organizations, and civic groups, as well as organizations related to your field of interest, such as the American Medical Association or American Bar Association. Check with your parents’ employers or unions to see if they award scholarships or have tuition payment plans.
Warning!
Be wary of organizations that charge a fee to submit your application, or to find you money for school. Some are legitimate and some are scams. Generally, any help that you pay for can be received free from LA College or from Federal Student Aid.
The MPN is a promissory note that can be used to make one or more loans for one or more academic years (up to 10 years). There are two types of MPNs in the Direct Loan Program: one for student loans and one for parent PLUS loans.
If you are a student borrower under the Direct Loan Program attending a school that is authorized and chooses to make multiple loans under the same MPN for more than one academic year, you will only sign one MPN for student loans. It will be used for all of your Direct Subsidized Loans and Direct Unsubsidized Loans over multiple academic years. For example, if you enroll in college as a freshman and borrow under the Direct Loan Program for all years of study, you may be able to borrow under this one MPN for all years.
If you are a parent borrower under the Direct Loan Program whose child is attending a school that is authorized and chooses to make multiple loans under the same MPN for more than one academic year, you will only sign one MPN for parent PLUS loans. It will be used for all of your Direct PLUS Loans for that particular child over multiple academic years.
PLUS loans are available to parents of dependent undergraduate students enrolled at least half time in an eligible program at an eligible school.
First time borrowers must submit a Master Promissory Note (MPN). Your school also may require a PLUS application. You can complete both the MPN and PLUS application at this site. You must use the Federal Student Aid PIN to complete these applications. If you do not have one, you may request one from the official PIN site. Parents completing a PLUS eMPN must use their own PIN number, and not their child’s PIN number.
You must be the student’s biological or adoptive parent or the student’s stepparent.
You must be a U.S. citizen or eligible non citizen.
You must have an acceptable credit history. A credit check will be performed during the application process.
After you graduate, leave school, or drop below half-time enrollment, you have a period of time before you have to begin repayment. This “grace period” will be six months for a Direct Stafford Loan.
The repayment period for all PLUS loans begins on the date the loan is fully disbursed, and the first payment is due within 60 days of the final disbursement. However, a graduate student PLUS loan borrower (as well as a parent PLUS borrower who is also a student) can defer repayment while the borrower is enrolled at least half time, and, for PLUS loans first disbursed on or after July 1, 2008, for an additional six months after the borrower is no longer enrolled at least half-time. Interest that accrues during these periods will be capitalized if not paid by the borrower.
Parent PLUS loan borrowers whose loans were first disbursed on or after July 1, 2008, may choose to have repayment deferred while the student for whom the parent borrowed is enrolled at least half-time and for an additional six months after that student is no longer enrolled at least half-time. Interest that accrues during these periods will be capitalized if not paid by the borrower.
You will receive information about repayment, and your loan provider will notify you of the date loan repayment begins. We cannot emphasize enough the importance of making your full loan payment on time either monthly (which is usually when you’ll pay) or according to your repayment schedule. If you don’t, you could end up in default, which has serious consequences (scroll down to the Default discussion below). Student loans are real loans—just as real as car loans or mortgages. You have to pay back your student loans. Find out about your obligations in this section so you can stay on top of your loans.
The U.S. Department of Education’s National Student Loan Data System (NSLDSSM) allows you to access information on loan and/or federal grant amounts, your loan status (including outstanding balances), and disbursements made. Go to www.nslds.ed.gov.
You have a choice of repayment plans. How much you pay and how long you take to repay your loans will vary depending on the repayment plan you choose. There are several repayment plans available: Standard, Extended, Graduated, Income Based Repayment (IBR), Income Contingent Repayment (ICR) (available to borrowers with Direct Loans), and Income-Sensitive Repayment (available to borrowers with FFEL Loans).
Go to Repayment Plans and Calculators for more information about the various repayment plans and to calculate your estimated repayment amount under each of the different plans.
The Publication Funding Education Beyond High School: The Guide to Federal Student Aid provides additional information on repayment options, with examples of monthly payments for different loan amounts, and covers other topics you need to consider when managing your loans.
You can see the entire publication here.
To determine the amount of interest you will be required to pay each month, use the following formula called the Simple Daily Interest formula:
Simple Daily Interest Formula
Number of days since last payment
x
Principal Balance Outstanding
x
Interest Rate Factor
=
Interest Amount
Practice Example: Let’s say the remaining balance on your loan is $9,500.00. You sent in a payment of $160.00, 32 days after your previous month’s payment. Your interest rate is 8.25% (interest rate factor is .00022587).
32 (days) x $9,500.00 (PBO) x .00022587 (interest rate factor)
You would pay $68.66 toward interest and $91.34 toward the principal balance. This would leave you with a loan balance of $9,408.66 after the $160.00 payment was applied.
Interest Rate Factor - The interest rate factor is used to calculate the amount of interest that accrues on your loan. It is determined by dividing your loan’s interest rate by 365.25 (the number of days in a year). See the following table to see some examples of interest rate factors.
Interest accrues on a daily basis on your loans. Factors such as: the number of days between your last payment, the interest rate, and the amount of your loan balance, determine the amount of interest that accrues each month.
You can calculate how much will accrue on your loan by using the Simple Daily Interest Formula.
Visit the following web sites:
Direct Loan Servicing Online
If you have questions about your Direct LoansSM, you can go online to find the answers. With your PIN, you can view your detailed account information, complete exit counseling, make an online payment, enroll in any of our electronic services, and much more. For the payment address to send your Direct Loan payments, click here.
Electronic Payment
In some cases, you might be able to reduce your interest rate if you sign up for electronic debiting. Find out more about electronic payment and debiting here.
Trouble Making Payments
If you are having trouble making payments on your loans, contact your lender as soon as possible. Your lender will work with you to determine the best option for you. Options include:
If you stop making payments and don’t get a deferment or forbearance, your loan could go into default, which has serious consequences. Contact your lender regarding options for postponing repayment if you are having trouble making payments.
Default – If you default, it means you failed to make payments on your student loan according to the terms of your promissory note, the binding legal document you signed at the time you took out your loan. In other words, you failed to make your loan payments as scheduled. Your school, the financial institution that made or owns your loan, your loan guarantor, and the federal government all can take action to recover the money you owe. Here are some consequences of default:
For more information and to learn what actions to take if you default on your loans, see the Department of Education’s Default Resolution Group Web site.
Loan Discharge (Cancellation)
In certain circumstances, your loan can be discharged or canceled. Read about cancellation provisions here.
Cancellation and Deferment Options for Teachers
If you are a teacher serving in a low-income or subject-matter shortage area, it may be possible for you to cancel or defer your student loans. Let us help you find out if you qualify.
Loan Forgiveness for Public Service Employees
Under the Loan Forgiveness for Public Service Employees Program, the borrower must be employed full-time in a public service job during the same period in which the qualifying payments are made and at the time that the cancellation is granted. The amount forgiven is the remaining outstanding balance of principal and accrued interest on an eligible Direct Loan for a borrower who is not in default and who makes 120 monthly payments on the loan after October 1, 2007.
Loan Consolidation
A Consolidation Loan allows you to combine all the federal student loans you received to finance your college education into a single loan. Read this section to help you decide whether consolidation is right for you.
The Unites States of America’s Constitution was signed on September 17, 1787. In 2004 a law was establish September 17th a holiday to observe the ratification of this historic document.
We’d like to share this link with all of our students, faculty and staff: http://www.constitutionfacts.com/index.cfm
The link provides a copy of The Constitution, the amendments and interesting facts on our Founding Fathers. Enjoy!
Yours in education,
Jody Rice
Director of Academic Services
