6 New College Financial Aid Amendments in 2010 Part 2 January 15, 2010
Paul Partridge continues with 3 more college financial aid amendments that will take effect in 2010
Six new important college financial aid improvements are taking effect this year. In our last blog we discussed the first three, now we will discuss the final three.
- Easy Transfer of Income Tax Data – Pertaining to the income tax information needed on a FAFSA form. Students and parents will be able to go from the FAFSA to the IRS site interchangeably and insert their tax information on their FAFSA form more quickly and accurately.
- Understanding Different Types of College Loans – Federal staffing loans are a much better bet than private loans because although private loans allow students to borrow large amounts of money without filling out a FAFSA, the interest rates can be higher and more penal. It gets confusing because Sallie Mae and banks provide both kinds of loans, federal and private but students need to understand which type of loan they are signing for.
- Larger Financial Aid Budgets – In this time of economic difficulties, especially for colleges, many schools are still finding ways of increasing their financial aid budgets and almost all states provide their own grant aid. Students should check out all options when applying for grants.
Although these six new college financial aid amendments have been stated to take effect this year, the truth is that financial aid can always change and you must stay ahead of the curve to ensure that you are receiving the most money possible. Contact a college financial advisor to receive all updated information on the financial aid process!
