Pennsylvania Institute of Technology
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Myth and Other Tips
Myth and Other Tips
Useful Tips for Completing your FAFSA
Check your eligibility for federal student aid
. Complete your tax return. If you and your parents complete your tax returns first, completing the FAFSA will be much easier. Plus, you won`t have to correct the tax information later.
. Do a little research before hand, reviewing
frequently-asked questions about the FAFSA
Apply for a Federal Student Aid ID and password
prior to completing the FAFSA. With an FSA ID, you can electronically sign your application, make corrections to your submitted application, and review your processed application data on the web.
. Gather the necessary information before you sit down to complete the FAFSA. You will need the following:
Your Social Security number (can be found on Social Security card).
Your driver`s license (if any).
Your 2015 W-2 Forms and other records of money earned.
Your2015 Federal Income Tax Return.
Your parents`2015 Federal Income Tax Return (if you are a dependent student).
Your2015 untaxed income records (Social Security, Temporary Assistance to Needy Families, welfare, or veterans benefits records).
Your most recent bank statements.
Your most recent business and investment mortgage information, business and farm records, stock, bond, and other investment records.
Your alien registration number or permanent residence card (if you are not a U.S. citizen).
. Complete the FAFSA electronically. It`s best to complete the
, as this reduces errors.
. Enter PIT’s federal school code on the FAFSA:
. Sign the FAFSA electronically. You`ll need a FSA ID and Password to do so (see tip #6 above).
.And the number one tip for completing the FAFSA is asking for help! Our Financial Aid Advisors are here to help you. Please call 610-892-1500 for the Media Campus. Ask for Financial Aid.
Six Common Myths About Financial Aid Debunked
Myth 1: A federal student loan featuring no origination fees is cheapest overall.
Many times, interest rate reductions offered during repayment will reduce the cost of your loan more than a benefit that eliminates up front fees.
Myth 2: I should select a non-certified private loan instead of one certified by my school.
Private loans certified by your school have several advantages over the non-certified variety. By certifying or verifying your eligibility for a student loan, your school is helping you borrow only what you need. Non-certified loans typically have higher borrowing limits and higher interest rates than the certified loans. It’s important not to borrow more than you need now to avoid repaying the additional amount with interest later. Finally, while the interest on certified private loans is generally tax deductible, interest paid on non-certified private loans is not tax deductible.*
Myth 3: My credit history isn’t very good. This will hurt my child’s chances of getting an undergraduate student loan.
There are several options available to help your child get a competitive interest rate on a student loan. Federal Loans, with a fixed interest rate of no more than 3.76%, don’t require any credit checks. Federal PLUS Loans for parents, which feature a fixed interest rate of 6.31%, do only a limited credit check. If you are denied for a Federal PLUS Loan based on your credit, your child will be able to borrow additional funds through an unsubsidized Federal Stafford Loan. Your child can also apply for a private student loan. Private loans are credit based, but do not require a student to use his or her parents, or spouse as a co-signer. By adding a creditworthy co-signer to their application, students may receive more favorable loan rates.
Myth 4: We’re not likely to get any financial aid, so I don’t need to fill out a FAFSA.
Buying into this mistruth is likely to cost you. Since colleges and universities use the information provided on the FAFSA to distribute campus- and state-based aid like scholarships and work-study, you should definitely complete the FAFSA even if you don’t think you’ll qualify for federal aid.
Myth 5: If I am awarded financial aid, I’ll get the money directly.
Most financial aid will not be given directly to you. The majority of aid is sent to your school and credited to your student account at the start of an academic semester.
Myth 6: My family makes over $50,000 per year so we won’t be eligible for financial aid.
There are a number of factors in addition to your household income that help determine if a student is eligible for financial aid, such as the number of dependents. Additionally, there are loans for which families of all incomes qualify.
Other resources you might be interested in...
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