To provide as much information as possible about FSA, we’ve compiled answers to a range of questions we hear frequently. For answers to specific questions, please don’t hesitate to contact your Finance Advisor.Direct Subsidized Loans are available to undergraduate students who demonstrate financial need as determined by their completed Free Application for Federal Student Aid (FAFSA). The U.S. Department of Education pays the interest while you attend school at least half time, as long as you complete your program on time.As of July 1, 2013, first-time borrowers are only eligible to borrow Direct Subsidized Loans for up to 150 percent of the published length of the program in which they’re enrolled.Direct Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need. With an unsubsidized loan, you are responsible for paying the interest during all grace, deferment or forbearance periods. If you do not pay the interest during these periods, the interest will be added to the principal balance.
For more information, please see Federal Student Aid.FSA loan eligibility varies by grade level and dependency status.Grade level is determined by the number of credits applied to your primary program. For new students, grade level is determined by applied transfer credits. For continuing students, grade level is determined by the total number of credits applied to your primary program at the start of the academic year.Dependency status is determined by a variety of factors. A “yes” answer to any of the dependency questions on the FAFSA will classify you as independent; a “no” answer to all of the dependency questions on the FAFSA will classify you as dependent.There are aggregate eligibility limits to the amount of FSA loans you may borrow for undergraduate and graduate study as well.As of July 1, 2013, first-time borrowers are only eligible to borrow Direct Subsidized Loans for up to 150 percent of the published length of the program in which they’re enrolled.This limit does not apply to Direct Unsubsidized Loans or Direct PLUS Loans.
Processing times for awarding FSA can vary from student to student, depending on individual situations and documentation requirements. On average, the financial aid award is completed within 90 days. If you have questions or concerns about the timeliness of the award process, please contact your Finance Advisor.FSA awards are based on a combination of student eligibility criteria, program of study and grade level. If your cost of tuition and fees for the academic year is greater than your financial aid award, a shortfall of funds will exist. There are many sources of funding for educational purposes. Please see our Financial options page for further information, or contact your Finance Advisor for additional resources.Welcome to the Tax Credit Reporting Service (TCRS) Student/Taxpayer web site.This site provides useful information on the Taxpayer Relief Act of 1997,which provides education tax incentives for eligible taxpayers. These benefits, called the American Opportunity Tax Credit and Lifetime Learning Credit, allow taxpayers to reduce their federal income tax based upon qualified
tuition and fees paid, assuming the taxpayer meets all TRA’97 requirements.*Attention** The American Opportunity Tax Credit has been extended through December 2017 by the American Taxpayer Relief Act of 2012.Click here to learn about the American Opportunity Tax CreditThis site also contains information on the Tuition and FeesDeduction for Higher Education Expenses. This tax deduction permits taxpayers to takean 'above the line' deduction for qualified higher education expenses paidby the taxpayer during a taxable year. Additional information can be foundby selecting the The Deduction for Higher Education Expenses link under the Education Tax Credit Information menu option.If TCRS provides tax credit reporting services for your school,proceed to Access My Record and follow the instructions to obtain secure accessto your student-specific data.Are you an online shopper who wants to purchase items immediately? Perhaps you have experienced credit problems, and are interested in rebuilding your credit score.
Online instant credit businesses strive to meet these needs, but make sure you understand the potential pitfalls prior to opening an account.What Is an Instant Credit Catalog?Some catalog websites offer 'instant' credit and operate 24 hours a day, seven days a week. Users apply for credit right on the site, and are often approved immediately, allowing them to begin shopping right away. Shoppers are encouraged to purchase home decor and furnishings, jewelry, clothes, computers and other items.These credit programs are similar to traditional store credit cards in that they can only be used for purchases from the website or catalog that has issued the credit. The 'buy now pay later' and 'apply today buy today' messages are displayed prominently on the homepages of these sites, while information regarding interest rates, fees and other charges are found by scrolling to the bottom of the page and clicking on the small-print links.Items purchased through these online catalogs are delivered quickly, and monthly payments spread out over time.
These companies often extend credit to people who have had credit issues and can't get unsecured credit elsewhere, and may advertise that they help rebuild poor credit, as they report activity to three credit bureaus. The higher risk of credit payment default is reflected in the high interest rates charged by the lender.6 Online Instant Credit WebsitesThese six websites are examples of instant credit catalogs in the United States. Fingerhut also offers a print catalog which they will mail for a $2.00 fee, while USADiscounters offers automatic approval for military and civil service personnel.How to Apply for Instant CreditMany of these companies accept low income or bad credit histories and offer credit to high risk individuals. Most simply require that a person is not currently in bankruptcy, has a source of income, a valid email address and is a United States citizen currently residing in the country. To apply for instant credit, visit the selected website and provide your email address.
You will then either be directed to an online form, or receive a customer number and link to an application form in your email inbox. Fill out the application including your full legal name, current address, income, asset and liability information, and submit it electronically. Your application will then have a status of approved, not approved, or pending. If approved or pending you may be able to begin shopping immediately.An instant credit catalog account can only be used for purchases from that particular website or company. They have higher-than-average interest rates and may also charge high shipping costs. In some cases they require a deposit on high-priced items, and then extend credit on the rest of the purchase. These accounts can require the account holder to pay a minimum monthly fee on a monthly payment plan. Instant credit companies usually charge high interest rates if the balance isn't paid in full each month. Actual interest rates can be difficult to find online and vary from catalog to catalog.