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What You Need to Know About FAFSA and Other Student Loans

The Free Application for Federal Student Aid (FAFSA)

Many people have found themselves in need of financial aid or assistance repaying their financial aid/student loans due to income changes related to the pandemic. There’s a lot out there, so we’ve tried to put the most important information in one place.

FAFSA

For the current school year, you may file a FAFSA form up until June 30 (the end of that school session). The earlier you file, the more aid you’re likely to receive. Applying for the FAFSA qualifies the student for aid programs such as grants, work-study, scholarships, and loans. An application will need to be submitted each school year for which aid is required.

Student Aid

FAFSA enrollment opens on October 1 of each year for the following school year. To maximize the amount you’ll receive, file as close to this date as possible. Work-study money and many grants are awarded early.

Although colleges and universities require tuition to be paid prior to the completion of the school year, it’s possible to get some of that money reimbursed through FAFSA if you apply by June 30 of that year. 

Check with your school and state for their specific deadlines.

Student Loan Repayment Assistance

If you need help repaying existing student loans, you may be able to get help under the CARES Act. Learn more about the types of loans and what you need to qualify for assistance. Here is another excellent resource for understanding your repayment options right now. Still not sure? Check out the loan simulator tool.

What questions do you have about student financial aid? Let us know in the comments, and we’ll try to get you an answer.

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