FAFSA Form & Financial Aid Form Blog

As of July 1, 2008, interest rates will be changing on federal student loans such as the Stafford loan. Here’s a quick rundown of the details:

For new Stafford loans:

• Subsidized: 6.0%
• Unsubsidized: 6.8%

For Stafford loans older than July 1, 2006:

• In grace period: 3.61%
• In repayment: 4.21%

For PLUS loans older than July 1, 2006:

• All older PLUS loans: 5.01%

If you’re just filing your FAFSA now, be aware that loan limits have increased as well; you’ll receive additional details from your school’s financial aid office in your award letter and financial aid package.

An article in USA Today pointed out that up to 40% of college students may be eligible for some form of financial aid but never receive it. Why?

They don’t apply.

Doh!

The FAFSA is a free form - granted, it can be a time-killer, but it is free to file, so there’s really no reason not to file one.

Maybe we’ll do a FAFSA together on the Financial Aid Podcast.

What do you think?

Loans they should be applying for include Parent PLUS loans and private student loans.

Have you graduated? Take a look at options for student loan consolidation!