|Financial Aid Newsletter 2013-14|
March 15 Priority Deadline
For priority consideration, file the FAFSA at www.fafsa.gov before March 15, 2013. If you do not complete your taxes until later, use estimated numbers. Once your taxes are filed, you can return to www.fafsa.gov to make corrections.
Tax Filing Delays
The IRS has notified us that it won’t be accepting returns that include certain forms until later. This delay is industry-wide, regardless of tax preparation method.
Although your tax filing may be delayed, your FAFSA doesn’t have to be. File before March 15, even if that means using estimated numbers. You won’t be able to use the IRS Data Retrieval process, but you can always return to www.fafsa.gov to make changes and use the process once your taxes are filed.
Save Thousands on Student Loan Interest!
Direct Unsubsidized Loans, Private Student Loans and Direct Parent PLUS Loans accrue interest from the time of disbursement until they are repaid. There is no penalty to pre-pay on a student loan. And by paying while in school, or during the grace period, you can save thousands of dollars!
Example: Sophia borrowed a $10,000 Direct Loan. During the 6-month grace period after graduation she is not required to make payments, but she finds a job and lives simply so that she can start to repay. She contacts her loan servicer and pays $150 per month from June until she receives her first bill in November (6 months later). By doing this, Sophia will save over $825 in interest and cut 14 monthly payments off of her 10-year repayment plan.
You can make a one-time payment at any time! Please contact your loan servicer for details.
Are You Paying Too Much for Your Loans?
If you’ve borrowed a Direct Parent PLUS Loan and have excellent credit, it may be cheaper to consider a Private Student Loan for next year with the parent as a co-signer. See our website for more details: www.geneva.edu/privateloans.
Consider making payments on any Private or Direct PLUS Loans while your student is enrolled, rather than deferring payments. Choosing to make payments on a private loan while in school will:
Spring 2013 Personal Finance Series Coming Up!
The Financial Aid and Career Development Offices are hosting the annual Spring Personal Finance Series on Tuesdays in March. Through interactive seminars, students will learn about stewardship, budgeting, credit, student loan repayment options and saving for the future.
Students who attend will receive a Crown Money Map, personalized information about their student loan borrowing and estimated monthly payments, and expert advice on these important topics!
Register Today: www.geneva.edu/object/personal_finance_workshop_series
How Can I Get More Financial Aid?
Most financial aid is based on either financial need (according to the FAFSA) or academics (GPA, test scores, etc.). Aside from keeping grades up and notifying us of any changes to your financial situation, here are few other things that might help you qualify for the maximum amount:
Summer Financial Aid
Is your student planning to take courses at Geneva this summer? If so, please encourage him or her to complete and return the Summer Financial Aid Planning form at www.geneva.edu/object/summer_loan_application.
Within 3-5 days, the Financial Aid Office will be in touch to review their financial aid options.
For more information, visit us at online at www.geneva.edu/fa.
Financial aid staff can also be reached at firstname.lastname@example.org or 724-847-6530.
Geneva College | 3200 College Ave., Beaver Falls, PA 15010