Categorized | Business

October Money Tips: Financial Aid Advice and Tips for students

Star Staff Reports

Tips for transferring between colleges
Many college students end up transferring from one school to another. Some students plan it that way, going to a two-year school to complete their basics, then finishing up at a four-year school. Others find the school they chose really isn’t the best fit for them, or perhaps family circumstances changed.
KHEAA offers these tips for making sure your transfer goes smoothly.
One thing to do is contact the registrar’s office at your new school to find out what credits and grades you earned at your current school will transfer.
You should talk with the financial aid office at your current school to make sure you don’t owe anything or to find out if you get a refund. Also talk with the financial aid office at your new school to make sure you’ve done everything you need to get funding when you transfer.
If you have more questions about transferring, each college should have a contact person who can answer them.
KHEAA is a public, non-profit agency established in 1966 to improve students’ access to college. It provides information about financial aid and financial literacy at no cost to students and parents. KHEAA provides the ThinkAhead Net Price Calculator to universities and colleges. The calculator, available on a school’s website, lets students and parents determine their out-of-pocket costs for attending that school. KHEAA also helps colleges manage their student loan default rates and verify information submitted on the FAFSA.
In addition, KHEAA disburses private Advantage Education Loans on behalf of its sister agency, KHESLC. For more information about Advantage Education Loans, visit www.kheslc.com.

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Plan may help with repaying federal student loans
Borrowers who are having trouble repaying their federal student loans may want to check into the Pay As You Earn plan, according to KHEAA.
The Pay As You Earn plan generally has the lowest monthly payments of all the repayment plans offered by the U.S. Department of Education (ED). It can be used by borrowers who have what ED calls a partial financial hardship. That means that the amount borrowers would pay under the standard 10-year repayment program is higher than what the borrower would pay under the Pay As You Earn plan.
Not everyone will qualify. Only three types of federal student loans are eligible:
·         Federal Direct Stafford Loans.
·         Federal Direct PLUS Loans made to graduate or professional students.
·         Federal Direct Consolidation Loans that do not include a Federal PLUS Loan made to a parent.
In addition, borrowers must have received one of those loans after Sept. 30, 2011. Borrowers who are repaying loans received before Oct. 1, 2007, are not eligible.
Loans received through the Federal Family Education Loan Program cannot be repaid under the Pay As You Earn plan. However, they will be used to decide if borrowers have a partial financial hardship.
Borrowers who make 20 years of payments under the Pay As You Earn plan will have the rest of their eligible loans forgiven. They may be required to pay taxes on the amount that is forgiven.
For more information visit studentaid.ed.gov and look under the “Repay Your Loans” tab.
KHEAA is a public, non-profit agency established in 1966 to improve students’ access to college. It provides information about financial aid and financial literacy at no cost to students and parents. KHEAA provides the ThinkAhead Net Price Calculator to universities and colleges. The calculator, available on a school’s website, lets students and parents determine their out-of-pocket costs for attending that school. KHEAA also helps colleges manage their student loan default rates and verify information submitted on the Free Application for Federal Student Aid (FAFSA).
In addition, KHEAA disburses private Advantage Education Loans on behalf of its sister agency, KHESLC. For more information about Advantage Education Loans, visit www.kheslc.com.

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