OregonMentor - Financial Aid

	Introduction Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 PAIS Calculator Scholarship Search

Step 5: Financial Aid Tips

Tips for Getting Started

Estimate your Estimated Financial Contribution (EFC) ahead of time
If you use FAFSA on the Web at www.fafsa.ed.gov, you'll get an estimate of your EFC instantly. Your official EFC will arrive on your Student Aid Report within a week or two.

Students who will be taking a year off before going to college can get an estimate of their EFC using early analysis at www.fafsa.ed.gov to help them plan ahead. You can also estimate your expected family contribution ahead of time by using the online calculator at www.finaid.org.

For college costs on more than 7,000 colleges and career schools, see the U.S. Department of Education's website at www.nces.ed.gov/ipeds/cool.

Does your college offer federal loans?
Not all colleges participate in all the federal student aid programs, so be sure to check with your college's financial aid office first.

Tips for completing the FAFSA

Don't mail or even date your FAFSA before January 1.

Be sure you and at least one parent, if required, sign the FAFSA.

If completing a paper FAFSA, use black ink, print clearly and fill in each answer completely. Do not leave any questions blank.

Was your application received?
You can enter your e-mail address to receive an e-mail confirming that your FAFSA on the Web was received. Be sure to print and keep the confirmation with your records.

You can also verify that your FAFSA was received at www.fafsa.ed.gov by selecting "Check status of a submitted FAFSA."

Don't wait to apply
Don't wait until you've been accepted to college to apply for financial aid. If you do, you may miss out on grants, scholarships and other free money for college.

Get organized now
Create a financial aid folder or binder for all your paperwork. Start with a copy of your FAFSA and worksheets, your PIN and all the records you used. Later you can add your Student Aid Report, award letters and other important papers.

Tips for Student Loans

Need a list of lenders?
For a list of lenders, your parents should contact your college's financial aid office.

0% guarantee fee loans
You'll pay no insurance fee on Stafford and PLUS loans guaranteed through EDFUND through at least September 30, 2006. You receive the 1 percent savings up front.

Repayment is important!
If you allow your loans to go into default, you'll end up with bad credit — and worse. Your wages can be taken from you, your assets and tax refunds can be seized and much more. On the plus side, there are federal loan forgiveness programs you may want to look into, such as those for students who become teachers and meet specific requirements. Your state may also offer loan forgiveness programs. In addition, you may receive repayment assistance if you serve in the Armed Forces.

Check out repayment incentives
Take advantage of repayment incentives. If you're meeting your payment obligations (for example, 48 monthly payments on time), find out if your lender offers reduced rates or a loan fee rebate. Your lender also may reduce your interest rate if you agree to direct pay and have your monthly payments deducted from your bank account.

Copyright © 2001-2012 XAP Corporation. All rights reserved. XAP and Mentor are registered trademarks of XAP Corporation. Reg. U.S. Pat. & TM Off. Use of this website constitutes acceptance of the XAP Terms of Use and Privacy Policy.