In a statement today, the Obama Administration announced sweeping changes to the FAFSA. Families filling out the FAFSA will no longer have to go through such a painstaking process just to see if they qualify for aid. With the new changes, the online FAFSA will see a drop from 30 screens of questions to 10, according to CNN. The goal, according ...

If she wanted to save money on tuition, Erin Patterson had to make some money quickly. As an out-of-state student at the University of Missouri-Columbia, Patterson needed to earn a certain amount on her W-2 in order to claim residency and thus lower her tuition bill. “I had no intention of becoming a resident of Missouri when I started college, but ...

This is a cautionary tale of the consequences of defaulting on education debt, based on the experiences of seven borrowers of federal and private student loans. The stories are all true, but names and inconsequential details have been changed to protect the borrowers. Education debt is a necessary evil. Most students graduate from college with debt. For example, seven out of ...

Even though the bailout bill has been passed, most Americans are still wary of future financial woes. Students are especially worried, seeing as their funding for college is tied up in private loans and may have been affected by the recent sub prime mortgage crisis. Mark Kantrowitz, a leading financial aid expert and publisher of FinAid.org, has a few tips to ...

To fully understand your student loan options, it helps to understand some basic loan terms. You'll find them scattered throughout loan materials and in conversations with financial aid advisors. Use this glossary to get the terms straight on your loan. Accrued interest: The interest that accumulates on the unpaid balance of a loan. Annual percentage rate (APR): The interest associated with ...

You have to be completely oblivious to not know about the barrage of bailouts by the federal government by now. Unfortunately though, there is no news on a possible student loan bailout. So for now, students need to simply get smart on future loan opportunities. Even though you're already in school, it's not too late to get more help. Federal Student ...

Too much of a good thing can be bad, as Shakespeare demonstrated, and the axiom is true of student borrowing for college. Students may believe it is difficult enough worrying about the big exam next week or whom to take to the spring dance. Yet students must stretch themselves and imagine a much greater consequence, years into the future, when they ...

You've found the perfect grant for your graduate program. Now you need to convince the grant or fellowship committee that you're the one to fund. More Than a Scholarship Application A grant proposal is a unique document. You have more freedom than you do when writing a scholarship application - and you have to do more planning as well. And even ...

This page discusses the reporting of combat pay, housing allowances and substistence allowances on the Free Application for Federal Student Aid (FAFSA). It also mentions other pitfalls encountered by veterans, such as confusing aspects of the W-2 statement. Combat pay, although excluded from gross income, is still considered during the need analysis for federal student aid purposes. It is reported as ...

We asked FastWeb members to pass along their advice on financial aid, based on their personal experiences. Here's what they said: "It is NOT your school's responsibility to keep track of your account, it's yours! If you think that something is not right about your financial aid, check it out. Even if the school's mistake seems to be favoring you, you ...

The U.S. Department of Education provided more than $95 billion in student financial aid in 2007-2008 (the most recent year for which statistics are available). But you won't see a penny of that unless you fill out the Free Application for Federal Student Aid (FAFSA). You can simplify the process with FAFSA on the Web. Are You Still Using Paper? If ...

Submitting your Free Application for Federal Student Aid (FAFSA) can be a complicated process. From digging through information on your family's assets to decoding income tax forms, filling out the FAFSA is a hassle, so why bother? Here are five reasons why it's worth it. 1. Federal Aid Do you want some of the more than $95 billion the federal government ...

"I am a college sophomore and I pay for school myself. For the last two years, I have used my parents' tax information on the FAFSA. Since I pay for school myself without any help from my parents, should I list only my own tax information to be eligible for more aid?" This is a common question about the FAFSA: When ...

As if there weren't enough reasons not to drop out of school, the Department of Education has provided yet another. Students who drop out of college are required to pay back a portion of their federal-aid funds such as the Pell Grant. Even though many educators and college officials feel that students may be reluctant to accept financial aid and attend ...

I applied for a Parent PLUS loan for my son's education starting this fall. I was turned down due to filing chapter 7 four years ago this October. They said I would not be able to get funds until October of 2010. My lawyer, who helped me file chapter 7 said that he believed this was discrimination and not allowed. Is ...

When I turned in my FAFSA my parents were making a lot more money than they are now. Both my parents were working full time, but now my mom is the only one working for minimum wage, with my dad jobless. Is there anything I can do at this time to change my FAFSA? — Sam W. Call or write the ...

I am thinking about going back to school to get a second bachelors degree. Because I already have a B.A. degree, it seems that I am not able to receive any aid other than student loans. Is this true or am I missing something? — Josh S. Student with a prior Bachelor's degree are ineligible for the Pell Grant, Academic Competitiveness ...

The US Department of Agriculture estimates that middle-income two-parent families will spend $221,190 in 2008 dollars to raise a child born in 2008 from birth to high school graduation. The cost per child for low income families (earning less than $56,870) is $159,870 and the cost per child for upper income families (earning more than $98,470) is $366,660. These estimates do ...

Euro. Yen. Dollar. Whatever you call it, if you want to study abroad you're going to need it. There are ways to get financial aid to study abroad. Find out how to make your trip overseas more affordable. The Ins and Outs of Aid Eligibility Before you rule out study abroad because of the cost, find out whether you may be ...

Students, you and your parents are so focused on the standard college questions – what school, what degree, how to pay for it – that you overlook the elephant in the room. An Elephant in the room? Yes, the educational Elephant who can cost you and your families thousands of dollars, unnecessarily. Here’s where the elephant raises his costly tusks. You ...