The Free Application for Federal Student Aid (FAFSA) has been reconstructed. Arne Duncan, Secretary of Education, hopes to shorten the form further until it becomes about twenty six questions less. The FAFSA is a 106-question application form that determines student eligibility. It also prevents students who are also parents from declaring their family’s income, in a dishonest way.
This reconstruction of FAFSA comes with an aspect of computerized simplification where the system enables families who have access to computers of their own, to use their tax forms for the IRS as they complete the FAFSA student loans forms online. Their IRS tax forms fill out some parts of the federal student loan application for them in an automated way. It has been proposed for some questions which appear to be repetitive to be removed from the online design of the said form.
Families who do not own their own computers will, sadly, have to contend with the printed version of the FAFSA. The lengthy application form does have its disadvantages. Students who have to read through all the 106 questions find it to be over taxing as reading material that they sometimes just give up on asking financial aid from the government, altogether.
The FAFSA is the form that is filled out for the different loan programs that are offered to students who are preparing for college. These programs are for those of you who would like to rely on financial assistance from the federal government than to rely on the same kind of assistance from private lenders or from banks. FAFSA student loans may be subsidized loans or unsubsidized loans. The type of loan that puts you in the position of paying a higher rate of interest is this unsubsidized kind of loan.
Since IRS tax forms can now be linked to the online form of FAFSA for its completion, if you are a student who no longer lives with your parents, you’d be required to forward your tax form on your own, prior to applying for a federal student loan. You can’t ask your parents to assist you with your tax form filing. Once that your loan has been granted, you’re supposed to know that you’re expected to start making the necessary payments towards the cancellation of this debt; when you’ve worked a number of months after your college graduation.
This loan, if granted, must be paid if FAFSA student loans have helped you.
If you fail to finish your college course, if you’ve chosen a field that turned out to be one that doesn’t suit you, or if you’re unhappy with the outcomes from the college experiences which you’ve gathered, you will still have to pay your student debt. If you defer on your repayments or exceed the limits of your grace period, the rate of interest placed on the amount of your unsubsidized loan builds up. This amount from the interest rate must be paid, too. You will not be asked to pay an accumulation of accrued interest should you defer on the repayment of your subsidized student loan, or go beyond your grace period.