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25 votes

Prior to the student loan repayment changes -- when could an individual wind up being charged more in interest than their minimum payments?

I know the general rule of credit is to set minimum payments so that they would cover at the very least the interest and a few pennies of the principal. Some lenders set minimum payments that DO NOT ...
Charles E. Grant's user avatar
11 votes

Prior to the student loan repayment changes -- when could an individual wind up being charged more in interest than their minimum payments?

How could a student loan balance go up instead of down if the debtor was making consistent minimum payments There's absolutely no guarantee that the minimum payment covers all the accrued interest. ...
littleadv's user avatar
  • 178k
10 votes

College student - I'm a 'dependent' and my parents won't apply for the Parent PLUS loan or cosign a private loan

My son is in a similar situation where he is 21 and in college. My wife and I claimed him as a dependant on our taxes last year. He had still been able to get some student loans as a dependant as well ...
homer150mw's user avatar
  • 1,189
9 votes

Can applying for a new loan affect my existing mortgage? (US)

The FAFSA is the Free Application for Federal Student Aid (FAFSA). The form is used to look at your school expenses, income, and savings and determine how much you can afford to contribute to your ...
mhoran_psprep's user avatar
9 votes
Accepted

College student - I'm a 'dependent' and my parents won't apply for the Parent PLUS loan or cosign a private loan

Smart parents not wanting to get stuck with a student loan or co-signing on a loan. because rent is so high Are you able to live with your parents? Is there anyway to reduce the cost of rent ...
Pete B.'s user avatar
  • 77.1k
8 votes
Accepted

Why does FAFSA consider my son a "dependent" when he's been on his own for 2 years?

You are legally a dependent until the academic year following your 25th birthday, regardless of whether the child has even had any communications with the parent during the entire year. The intent is ...
Dave Harris's user avatar
  • 4,277
8 votes

Prior to the student loan repayment changes -- when could an individual wind up being charged more in interest than their minimum payments?

The lender sets the minimum payment, and there are no laws or regulations that I am aware of that require it to be more than the interest accrued. As to why a lender would set such a low minimum, it's ...
D Stanley's user avatar
  • 138k
6 votes

Prior to the student loan repayment changes -- when could an individual wind up being charged more in interest than their minimum payments?

If someone is paying on income based repayment, they do not have to pay even the interest each month. Income based repayment caps your payment at 5% of discretionary income, which means the government ...
sevensevens's user avatar
  • 4,109
5 votes

Will having savings and investments count against my kids' college financial aid?

I would go here and play with the FASFA financial aid calculator to see if you qualify for grants, which is probably your ultimate objective. It would seem to me that qualified retirement ...
Pete B.'s user avatar
  • 77.1k
5 votes

FAFSA: ASTV Asset Verification - preventing savings from hurting financial aide

According to this: Your reportable assets include: Your cash on hand — and whatever you have in your checking and savings account(s) as of the date you file the FAFSA. In addition, The ...
Michael's user avatar
  • 10.2k
4 votes

College student - I'm a 'dependent' and my parents won't apply for the Parent PLUS loan or cosign a private loan

I was in a similar (but not quite as bad situation) a couple years ago, and I had a stroke of luck that helped me, but your friend might be able to force a similar situation. My parents refused to ...
Cody's user avatar
  • 141
3 votes

Prior to the student loan repayment changes -- when could an individual wind up being charged more in interest than their minimum payments?

The income-based repayment plans currently cap the monthly payments at a percentage of an individual's discretionary income (between 10 and 20%). If you have $100k of loans at 5% interest but have an ...
Hart CO's user avatar
  • 70.6k
3 votes

Catch-22 for FAFSA or confusion?

If an employer gave you a W-2, either a paper copy or a electronic copy, they also filed copies with the Federal and state government. This is true even if you didn't make enough money to be required ...
mhoran_psprep's user avatar
3 votes

What does the FAFSA mean by academic year?

I took a look at the Free Application for Federal Student Aid pdf for 2022-2023 #29. What will your college grade level be when you begin the 2022-2023 school year? Never attended college and 1st ...
mhoran_psprep's user avatar
3 votes

Must my college send a 1098-T form for the financial aid checks they have sent me? Because, I haven't received anything at all

Form 1089-T I don't have direct experience of the US tax and education systems, but it appears (e.g. from Form 1098-T on Wikipedia) that (at least part of) the purpose of From 1098-T is to record ...
TripeHound's user avatar
  • 9,168
3 votes

Do Social Security retirement benefits count when calculating financial aid?

Retirement benefits (social security) Only taxable Social Security benefits are used in the parental income calculation. The untaxed portion is ignored. The amount that is taxable depends on if you ...
Nosjack's user avatar
  • 8,827
3 votes
Accepted

How much Wait time is needed for new USA permanent residents to Apply for Student Financial Aid

None. If you have been granted permanent residence you are eligible. See the Federal Student Aid site, including the details under the eligible non-citizen section which details the visa types. This ...
gef05's user avatar
  • 6,981
2 votes

College student - I'm a 'dependent' and my parents won't apply for the Parent PLUS loan or cosign a private loan

If the 6 credits per semester working part time schedule includes no loans, consider this. Yes, it may take you twice as long to finish, BUT, you'll have a lot of working experience, AND zero student ...
Xalorous's user avatar
  • 2,865
2 votes
Accepted

Federal Aid and Tuition Reimbursement at work

(in fact, we've been getting more money than our tuition costs, which somewhat concerns me) Pell Grants are designated to assist those in need to attend college. When I went there were some ...
Pete B.'s user avatar
  • 77.1k
2 votes

How to smartly enter information of the CSS Profile and IDAC form?

Can someone provide any helpful tips on how to manipulate the input without actually doing anything illegal? The key is to start several years before the form needs to be filled out, some would say ...
mhoran_psprep's user avatar
2 votes

Can I list my aunt, who has been my primary caretaker, as my parent on the FAFSA application?

Studentaid.gov has quite a bit of information about filling out your FAFSA - the one answer that seems particularly relevant to your question is here: What if I live with someone other than my ...
D Stanley's user avatar
  • 138k
1 vote

Looking for guidance re: how to class inheritance funds so they do not impact FAFSA

Most of the funds are currently in an IRA account You don't have much choice there. These have to go into your "Inherited IRA" account and be distributed within 10 years. Depending on the ...
littleadv's user avatar
  • 178k
1 vote

Would I qualify for an automatic 0 EFC on my FAFSA?

The FAFSA considers both your income and your parents' income. With your parents' AGI of $22k, you are well on your way to a zero EFC. Try https://finaid.org/fafsa/ 'Dependent' for FAFSA is not ...
Orange Coast- reinstate Monica's user avatar
1 vote

Federal Aid and Tuition Reimbursement at work

Reading through, you can also apply for FAFSA to see how much they offer in grants and scholarships. Accept those as they are free money and avoid the loans. Calculate the total expenses above ...
Adam Klump's user avatar
  • 1,269
1 vote

College student - I'm a 'dependent' and my parents won't apply for the Parent PLUS loan or cosign a private loan

I was in that same situation years ago with my parents. One way she could apply for a loan in her name without her parents is if she is not currently living with them she shouldn't need them to cosign ...
me171's user avatar
  • 21

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