FAFSA Got You Down? Five Tips to Ease the Pain

If you will be applying for financial aid soon, take a look at this CBS MoneyWatch article for some tips about avoiding common financial aid mistakes. For those of you needing financial aid at Longwood, here’s some advice for you:

The only application you need to fill out for need-based financial aid and/or federal student loans is the FAFSA (Free Application for Federal Student Aid). Check out the application at www.fafsa.gov.

This application is FREE and you should never have to pay to file a FAFSA. Avoid websites like www.fafsa.comwhich charge you to file.

File your FAFSA by March 1^stin order to ensure receipt of all available funds. Most grant funds are awarded on a first-come first-serve basis until funds are exhausted. Even if you have not filed your taxes, you should estimate financial figures to complete the FAFSA and then update them once you do file taxes. The IRS Data Retrieval Tool makes updating your FAFSA as easy as a click of a button!

Review your Student Aid Report (SAR) to check for mistakes. The Department of Education makes your Student Aid Report (SAR) available for you to view shortly after you file the FAFSA. This SAR is a summary of everything you put on the FAFSA as well as any comments regarding missing or incorrect information. Reviewing the SAR as soon as it is available and making appropriate corrections can greatly reduce delays in processing and awarding of financial aid.

If you need help, ask! The Financial Aid staff at Longwood University are happy to help you navigate this process. If you feel your EFC is unreasonable or that your FAFSA results do not accurately portray your family’s financial circumstances, we may be able to help with that, too. Call us, email the office, or stop by for a visit.

***Also, the Virginia Association of Financial Aid Administrators (VASFAA) will hold a state-wide SUPER SATURDAY event February 9^th where financial aid professionals will personally help you file your FAFSA. See VASFAA’s website for times and locations.**

Applying for a Parent Loan for Undergraduate Students (PLUS)

Only parents may apply for this loan to help offset the remaining balance of aid needed for an academic year, up to the cost of education. Apply at www.studentloans.gov

Major Changes to the Verification Process

There have been major changes to the Federal student aid verification process for the 2012-13 award year. Copies of Federal tax returns are no longer acceptable documents for the proof of income!

IMPORTANT changes in financial aid process beginning 2012-13 (pdf)

Apply excess financial aid to your student account

Students may opt to apply student loan proceeds to any charges on the student's account.

Student Accounts Office Federal Financial Aid Release Statement (pdf)

Forwarding of Emails

You can now have general emails from the Office of Financial Aid forwarded to your parents' or some other email address.

• Steps for Forwarding Emails to Parents (pdf)

File your 2013-14 FAFSA

If you need financial assistance for the 2013-2014 academic year, you need to file a 2013-2014 FAFSA. Longwood's priority filing date is March 1, 2013. You may complete and file the FAFSA electronically at http://www.fafsa.gov.

Student Borrowers

Do you know how much you have borrowed during your time here at Longwood?

To find out, log into your myLongwood, click on Financial Aid, then View/Accept Financial Aid, and then Loan Application History.

The information provided about the Stafford (student) loans and any Private/Alternative loans you have accumulated to date is current and listed by loan type, year and amounts.

You may also want to review some helpful information regarding money management such as budget creation, loan repayment, credit cards, managing debt, identity theft, and more.

New Federal Resources for Student Loan Repayment

There are major changes to the student loan interest rates and repayment terms. The Department of Education has expanded its Student Aid on the web site for students to include the following:

*A chart of FFEL and Direct Loan Interest Rates click here

*An Income Based Repayment page that includes the IBR eligibility requirements, the benefits of IBR, an IBR payment calculator, and some examples of how a borrower's monthly student loan payment amount can be reduced under IBR.

Veterans Education Benefits Programs

There have been, and continue to be, many changes to the Veterans Education Benefits Programs. The best source of information is from the U.S. Department of Veterans Affairs

Virginia's Two-Year College Transfer Grant

Transfer students may qualify for the Virginia Two-year College Transfer Grant. Click here for more details and how to apply.

 

Parent PLUS loan issues

Due to changes in the origination fees on Federal Direct Student and Parent Loans as a result of Sequestration, we cannot process Parent PLUS loans until June 28^th, 2013. This will affect Parent PLUS borrowers in the following ways:

 

1. You will not see the MPN as “satisfied” on the myLongwood Portal

 

1. Parent PLUS loan credits will not show on the student account until after June 28^th and possibly later.
2.  
3. If you made an error on your Parent PLUS MPN or PLUS request, we will not be aware of this error until June 28^th or possibly later.
4.  
5. You may have to re-submit the Parent PLUS MPN/ PLUS request.

 

Please know that we will work to process these loans and notify affected borrowers of any problems as soon as we are able. 

 

Additionally, student loan borrowers may be affected in similar ways. We will notify student loan borrowers of any action they need to take.