Student Loan Repayment Pause Extended to May 1, 2022
It’s January! Happy New Year from all of us at Westface College Planning! Do you have any resolutions to tackle? Let’s make 2022 a financially fit year!
A great Christmas gift was given to federal student loans borrowers! If you aren’t currently paying back your federal student loans, you just got another extension before you have to start again. Payments had been scheduled to begin again at the end of January, but the White House announced that it would extend its pause to May 1.
The Free Application for Federal Student Aid is one of the most critical documents to get help paying for higher education. Now that you’ve completed the FAFSA, it’s time to sit back and wait for your financial aid offers, right? Not quite. In fact, there’s still plenty to do! Here are a few things you need to do after you submit your application.
For more information on FAFSA and/or student loan options, give us a call or sign up for a complimentary college funding consultation today!
Earning an Undergraduate College News: Biden Extends Student Loan Relief Until May
Never say never when it comes to student loans. In a highly unlikely move, Biden announced today that he will extend student loan relief for three more months for 41 million student loan borrowers. Temporary student loan forbearance was scheduled to expire on January 31, 2022. With his third extension through executive action, which the Biden administration assured student loan borrowers would not happen, the president stated that student loan borrowers won’t restart federal student loan payments until May 1, 2022.
You’ve Applied for Financial Aid. Here’s Your Next Steps.
Often we forget about additional forms or supplemental applications, even if we get reminders or email notifications. Missing a requirement or deadline may cost your family free federal and institutional financial aid.
To be one-hundred percent sure, check every college’s website for ALL financial aid qualifications. We can’t emphasize this enough! Each college has their own set of unique deadlines, requirements, and even internal applications. Here are some follow-ups to add to your senior’s checklist.
How to Survive Paying for College Free On-Demand Webinar
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- Expected Family Contribution (EFC)
- Cost of Attendance (CoA)
- FAFSA and CSS profile
- Public versus private costs
- How you can afford college without jeopardizing retirement
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Westface College Planning is here to help ensure your planning is where it needs to be. Contact us with any questions you might have for the years to come!
Ready for your own success story?
If you’re a typical parent with college-bound students, you’re probably overwhelmed. You want to help your sons and daughters make the right choices and prevent overpaying for their education. You’re not alone! We’re here to help. Schedule your free consultation today – click below to get started!
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How to Survive Paying for College
Join Beatrice Schultz, CFP® for our on-demand webinar, where she provides parents with the exact steps that often greatly lower the cost of college, even if there’s little time to prepare.