All students applying for financial aid must complete the Free Application for Federal Student Aid (FAFSA). It is the form that the federal government, states, colleges, and other organizations use to award financial aid.
The FAFSA utilizes the IRS Data Retrieval Tool (IRS DRT), allowing eligible taxpayers to transfer information directly from their federal income tax returns to answer corresponding questions on the FAFSA. It also minimizes the likelihood of being selected for verification.
Using the IRS DRT will reduce the likelihood of your FAFSA being selected for verification. However, not using the IRS DRT will undoubtedly result in your FAFSA being selected for verification, which will delay the processing of your information.
When selected for verification, colleges will request additional documentation, including the IRS Form 4506-T.
Fee Waivers are applied to the accounts of students who indicate that they are an orphan, a ward of the court, or their parental household income is less than $45,000 for a family of four.
The CSS Profile is managed through the College Board. Any student who qualified for an SAT fee waiver will automatically have fee waivers applied to their CSS profile online account when using the same credentials.
Every student applying for financial aid must complete the FAFSA. However, nearly 400 participating schools require an additional form. The College Scholarship Services Profile (CSS Profile) determines eligibility for institutional financial aid.
Approval is contingent upon the borrower's credit.
Parent Plus Loan- 5.30% Fixed APR (2020-2021)
Origination Fee- 4.236% APR (2019-2020)
No pre-payment penalties.
In cases of extreme hardship, deferment of payment is possible.
If the loan is denied, your Direct Unsubsidized Loan can increase to the amount awarded to independent students.
Options for repayment are available.
For parents of dependent students:
After determining the amount of federal, state, and institutional financial aid that your family is eligible to receive, any remaining gap that is too large to pay outright or through an arranged payment plan with the college can be entirely covered with a Parent Plus Loan.