AppId is over the quota
July 23rd, 2012 by Ken
It’s been in the works for months now, but it is finally here.
Arne Duncan, Secretary of Education, tweeted out the news…
Studentaid.gov brings up a new homepage, and greets the viewer with easily navigable topics. Let’s take a closer look:
How do I prepare for college? This area covers topic such as the income increase accompanying degree completion, career choices that can actually create that income, a financial aid flow chart to help familiarize the process, and some checklists coinciding with the student’s progression through high school.
What types of aid can I get? This section offers a review of federal, state, institutional, and non-profit based resources that students can access in order to gain as much financial aid as possible.
They have a handy Overview of the Financial AId Process Video, to get new students acclimated to the process. Probably the most important part of the video is that it reminds students that federal student loans are indeed loans that are supposed to be paid back, even though they are awarded as part of a financial aid package.
Do I qualify for Aid? Most people are aware that financial aid is out there, but many become discouraged with the process when they hear that not everyone qualifies for as much as they would want, or need. This section as a bit more heavy hitting, as it address reasons why someone may not be eligible for financial funding. But beyond reasons for rejection, it is important to know standard eligibility criteria. Issues like citizenship status, disabilities, military service and more are all covered here.
How do I apply for aid? So you are ready to file the FAFSA! It’s not as hard as it may seem to be, but it may be tedious. It’s best to be prepared to handle the process by reading up and watching a video. A little bit of preparation can go a long way to make sure this critical application is completed.
Also provided, a handy deadline information schedule to make sure important dates are met. Always remember, file the FAFSA early and do so every year through graduation. Losing out on financial aid because of a late FAFSA is just a waste.
How do I manage my loans? This is the big topic on everyone’s mind, and they have extensive information available here. Important topics include repayment plans, loan consolidation, deferment and forbearance, forgiveness, and understanding default. If a student is borrowing for college, these are areas they need to understand fully.
Areas for improvement:
This new website has just rolled out, and it is an impressive offering. However, it could use some adjustments.
The promotion of earnings based on degree is important, but very generalized: Not every degree can create the same earnings. It’s important that students recognize real incomes based on degrees pursued. Dig deeper by checking out www.salary.com to get more exact information.
What about debt vs earnings? This is a major issue that I have addressed in prior posts. Borrowers need to explore more employment statistics and average incomes to get an idea of appropriate debt based on degree. The federal student aid website does connect to MyNextMove a site maintained by the National Center for O*NET Development, on behalf of the U.S. Department of Labor, Employment and Training Administration (USDOL/ETA). While this is a good start, it was found that much of the employment information remains incomplete. Borrowers have to do more than research from this one site.
How about beginning loan repayment while in school? While the loan repayment section clearly states what options are available, a major issue that should be brought up is beginning loan repayment while in school. For many undergraduates, this will be the new normal in the future. Beginning loan repayment while in school is a credit building opportunity, and can help lower total debts before the student even graduates. The Direct Loans program allows for total loan deferment for Stafford loans while in school, however, many students may lose track of their loans outstanding because they have such deferment options. More students should be made aware of the option to begin repayment while in school and should know how beneficial it can be. This point was not readily promoted on the site, but should be added to help promote this valuable concept.
Tags: based resources, career choices, checklists, citizenship status, closer look, critical application, degree completion, disabilities, eligibility criteria, fafsa, federal student loans, financial aid package, handy overview, little bit, military service, new students, rejection, secretary of education
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