FAFSA FACTS

 If you are...

24 and under as well as your parents do not have a Social Security number then follow this step:

If your parent does not have a Social Security number (SSN), they can enter all zeros on the 2022-2023 FAFSA form.

Please call the Educational Opportunity Center at 843.574.6430 or 843.722.5509 and we will be happy to provide you and and your parent FAFSA assistance!

         

Did you know..?

 

Did you know..?

Types of Financial Aid:

Click here for additional information regarding 

different types of financial aid.

 

 

Entrance Counseling

The Federal Student Aid on StudentAid.gov has Entrance Counseling resources to empower you throughout your financial aid journey.

If you choose to received your 1^st Direct Subsidized or Direct Unsubsidized Loan as an undergraduate then Entrance Counseling will be required. Also, Entrance Counseling applies if you receive your 1^st Direct PLUS Loan as a graduate student. The Federal Student Aid’s Entrance Counseling is about 20 to 30 minutes long and it ensures that you understand the responsibilities that come from taking out a federal student loan.

The Entrance Counseling Overviews the following:[1]

1.      Estimate the Cost of Your Education (an interactive tool) - to provide a detailed, estimated breakdown of your cost of attendance

2.       How Much You Can Expect to Borrow - explains how interest accrues and features an interactive tool that estimates how much debt you can expect to have at the end of your program

3.       Prepare for Repayment After School - provides you with pertinent student loan repayment information, including your projected net and gross salary, estimated monthly payment amount, and recommended maximum monthly payment amount.

At the end of completing the entrance counseling modules, you can download or print a summary of your entrance counseling session.

Tip: Also, check your current college’s financial aid department and inquiry if they too provide entrance and as well as exit counseling. Be smart with your money!

Remember: Grants are free money and Loans you would need to payback with interest.

_____________________________

 [1], HOMEROOM. Keeping the Promise: Enhanced Entrance and Exit Counseling on StudentAid.gov, February 22, 2021

https://blog.ed.gov/2021/02/keeping-promise-enhanced-entrance-exit-counseling-studentaid-gov/#more-29614

 

 Apply for as Many Scholarships as You Can!

After submitting your FAFSA you might want to consider in applying to as many scholarships as you can! If you find out that your grants will not cover your full tuition then scholarships are a great way to fill in the gap. It’s FREE Money! 

Please contact the Educational Opportunity Center at 843-574-6430 so we can provide you scholarship search information.

 

Find out if your college has internal scholarships and click here for external scholarship information. There are thousands of scholarships out there, but many have early deadlines. Set a goal for yourself. For example, apply to one scholarship per week.

Make scholarship applications your focus while you wait for your financial aid offer. These applications may take some time, but the possible pay out makes it all worth it. If you still don’t have enough money to pay for school after financial aid and scholarships then consider these options below:

·         Your employer or your parents’ employer

·         Your high school counselor’s office

·         Your state higher education agency

·         Organizations related to your filed of interest

(photo from ed.gov)

The 2021-2022 FAFSA application form was made available on October 1, 2020.

   Did you know…The FAFSA application form applies to a single academic year, 

which means you need to submit a FAFSA form each year. 

If you need FAFSA renewal assistance each year then please don’t hesitate to reach out to us! 

We are happy to help you with your FAFSA needs!

Please call us at 843-574-6430 or 843-722-5509.

After your FAFSA form has been processed successfully, it’s a good idea to make sure the college you listed on your FAFSA form have received everything they need. However, it might take a few weeks or more for your college’s financial aid office to receive your FAFSA information. Nonetheless it’s best to find out if your school requires additional documentation by the appropriate deadline. Also, please remember that your school/college disburses your aid, not the “FAFSA people.”

Tips:

• Get in the habit of checking your college email on a daily basis for important notifications and deadlines.  Adding your school portal and email to your internet browser as “favorites” will provide easy access.  
• Get familiar with your college portal. Find out and see if your school portal has a Financial Aid Self Service account that way you can view your financial aid information.
• Keep in mind Grants are free money. A loan, on the other, must be repaid with interest over a period of time.

Did you know..?

As a result of the CARES Act, due to COVID-19, if you have a federal loan by U.S. Department of Education your interest rate of 0% has been extended to December 31, 2020.

Tip: If your able to make payments during this time, if will reduced the total amount owed. [1]

 

 To find out what type of loans you have, follow these steps: [2]

1. Visit StudentAid.gov/login
2. After you log in with your username and password (FSA ID), you will be able to see your loan(s) listed on the StudentAid.gov Dashboard.
3. Click “view details.”
4. Scroll down to the “Loan Breakdown” section. If your loan(s) is owned by ED, you will see “DEPT OF ED” before the loan servicer’s name. These are the loans eligible for the 0% interest rate.

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 [1] & [2] HOMEROOM. The Official Blog of the US Department of Education, September 9, 2020

     https://blog.ed.gov/2020/09/6-things-students-need-know-coronavirus-covid-19/

 

         

 

3 Ways to Spot a Scam

You Don’t Have to Pay for Help with Your Student Loans! 

If you receive a call or text from a student loan company promising you to lower your college debt.  

It sounds too good to be true?
It probably is. Block these scammers! 

Their main goal is to get your personal information, while asking a fee for their services.

The U.S. Department of Education (ED) does offer some legitimate student loan forgiveness programs and ways to lower your student loan payments, they are all free to apply for through your official loan servicer. Don’t pay for help when you can get help for free! [1]

Below are some signs to identity student loan scams: [2]

1. You have to Pay an Upfront Cost or Monthly Fees

A student loan debt relief company asks you for some form of payment in order to help you with your student loans. However, there’s nothing they are charging you for that you can’t do on your own (or with the help of your loan servicer). If you’re having a hard time making your monthly payments, your loan servicer will work with you to switch to a more affordable repayment plan at any time for free!

Your loan servicer is a company that works on behalf of U.S. Dept. of ED. 

They provide the following services: [3]

• Collect your loan payments.
• Answer any questions you have about your loans.
• Help you decide which repayment plan best suits you.
• Help you switch to a new plan at no cost!
• Manage other tasks related to your loans. 

2. You’re Promised Immediate Loan Forgiveness

No one can promise or guarantee you immediate and total loan forgiveness or cancellation. A scam company may claim to get rid of your loans quickly, but most government forgiveness programs require many years of qualifying payments and/or employment in certain fields before your loans can be forgiven.

3. You Have to Provide Your FSA ID Password

ED or your loan servicer will never ask you for your FSA ID password. Your FSA ID is used to sign legally binding documents electronically. It has the same legal status as a written signature. 

Do not give your FSA ID password to anyone.

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 [1], [2],  [3] HOMEROOM. The Official Blog of the US Department of Education, January 29, 2019

         https://blog.ed.gov/2019/01/3-ways-to-spot-a-scam/