The OACHE Blog

It’s FAFSA Season

posted 01.27.2015 at 1:20 a.m. by Gina

The 2009-10 FAFSA forms are now available.  You may download both an English and Spanish version of the paper FAFSA at the link below:

http://www.nasfaa.org/publications/2009/eafafsa010509.html

 

The FAFSA worksheets are available in color or black/white at the following link:  http://www.fafsa.ed.gov/before012.htm

 

Also, check out the new option for students with limited internet access needing to file their FAFSA:

 

New FAFSA Filing Option:  FAFSA On The Phone

Federal Student Aid has launched a new initiative that offers

the option for students and parents to complete the FAFSA over the phone. In liew of filing the FAFSA online or mailing in a paper FAFSA, students and parents can call the Federal Student Aid Information Center (FSAIC) and file by phone.
http://www.nasfaa.org/publications/2008/eafotp121808.html

As noted in the information at this link, Federal Student Aid is rolling out this project in a controlled pilot in three states -- West Virginia, Indiana, and Rhode Island.  However, any student fitting the description for this project is welcome to use this option.  OACHE is happy to assist in making students aware of this option so that the number of paper FAFSA’s filed in those states may be reduced.

And, for advisors, the final PDF of the 2009-10 Counselors and Mentors Handbook has been posted at http://www.fsa4counselors.ed.gov/ (the link to the handbook is on the home page,High quality the best and most fashionable replica watchesfake watches online of the replica watches store under the heading "Counselor Resources").

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Relief for Federal Student Loan Borrowers

posted 01.27.2015 at 1:18 a.m. by Teresa

U.S. Education Secretary Duncan Announces Relief for Federal Student Loan Borrowers

Income-Based Repayment Available Starting July 1

Starting July 1, a new repayment option is available that makes monthly payments more affordable for Americans with heavy federal student loan burdens. The new Income-Based Repayment (IBR) plan protects borrowers by linking payments to income and family size. A related new program offers additional benefits to those working in public service jobs.

"We know many graduates are concerned about their ability to repay student loans in the current economic environment," said U.S.High quality the best and most fashionable cheap rolexcheap fake watches online of the replica watches store. Secretary of Education Arne Duncan. "This new plan addresses the issue head on by giving them the option of a monthly payment tied to their income."

The new IBR program is available to borrowers repaying new and existing federal student loans (Direct or Federal Family Education Loans). Those with high student loan debt relative to their income are likely to be eligible for the IBR program, resulting in reduced monthly payments and, in some cases, no monthly payments.

For example, someone with student loan debt of $25,000 at 6.8 percent interest would have a monthly payment of $288 under the standard 10-year repayment plan. If the borrower were single with no dependents and had an Adjusted Gross Income (AGI) of $30,000, the monthly payment would drop to $172 per month, a reduction of $116 per month, or 40 percent under the IBR Program.

Payments are recalculated each year. The lower payments may result in longer repayment periods and increased interest charges. While individual lenders determine eligibility, borrowers can use a new to estimate monthly payments and eligibility. To apply for IBR, borrowers should contact their lender.

Borrowers who work in public service may be eligible to receive an additional benefit while using IBR: after 10 years, any remaining loan balance may be canceled.High quality the best and most fashionable replica watchesfake watches online of the replica watches store. This Public Service Loan Forgiveness Program is available only in the Direct Loan Program to borrowers making payments while working full-time in schools, government or many nonprofit organizations. (Borrowers with Federal Family Education Loans can consolidate their loans into the Direct Loan Program in order to tap into this benefit.)

More detailed information about IBR and other repayment plans is available from the Department of Education at 1-800-4-FED-AID or www.studentaid.ed.gov

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