FAP739: How to read your FAFSA SAR Results, Iowa Student Loans

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Student Financial Aid News
+ Des Moines Register: Iowa Student Loan Liquidty Corporation announces it cannot properly fund loans for the fall semester
+ Iowa Student Loan, the second-largest source of funding for students in Iowa, held approximately $350 million worth of loans for the 2006-07 academic year, but it’s not clear how much money will be available to students this fall.
+ Experts also say qualifying for loans may be harder this year. Students and parents — who look to private loans to make up the difference between school costs and scholarships, grants and federal loans — might be asked to have co-signers, additional proof of income or higher credit scores.
+ Montana may be next - their recent market auctions failed as well
+ What do you need to do? Secure your financing now if you can.
+ Once you have your FAFSA results, you’ll know what you need to do
+ Scholarships
+ Stafford federal student loans
+ Parent PLUS loans
+ Private student loans

Scholarship Update
+ University of Rochester MBA Program Scholarships
+ Renewable scholarships up to full tuition for the 2 year program
+ $5.2M by my rough estimate
+ December 1 or August 1 deadlines depending on when you enroll
+ Details at our free college scholarship search site

News You Can Use
+ Understanding your FAFSA results
+ ESAR
+ 3 page document
+ Protect this document - it contains everything you need to steal an identity
+ Be a great time to own a shredder or a fireplace
+ Page 1 is the most important - summarizes your FAFSA data
+ Even though it’s REALLY tiny print, review it to make sure there are no errors
+ Especially if you filed on paper
+ If there are errors, submit a FAFSA correction
+ At the top is the number you care about - EFC
+ EFC is Expected Family Contribution. This is the out of pocket cost that federal financial aid will not cover
+ Page 2 is your federal financial aid history - good to review for students already in college
+ Page 3 is mostly fluff unless on Page 1 your EFC has an asterisk next to it
+ If it does, there will be an explanation of FAFSA verification (audit)
+ Verification does NOT mean you did something wrong. Approximately 1 FAFSA in 3 is selected for verification
+ Make up the EFC with scholarships, work, or private student loans

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Reminders
+ Student Loan Network $10,000 Scholarship - Apply in 32 seconds or less!
+ Financial Aid Podcast Show Notes at FinancialAidPodcast.com.
+ Free scholarship search secrets eBook at StudentScholarshipSearch.com/ebook
+ FAFSA form tutorials and free help at FAFSAonline.com
+ Stafford federal student loans at StaffordLoan.com
+ Student loan consolidation at StudentLoanConsolidator.com
+ Private student loans available at any time - visit AlternativeStudentLoan.com
+ The Financial Aid Podcast is a publication of the Student Loan Network.

I want to hear from you! Email me at financialaidpodcast {at} gmail {dot} com, visit http://www.FinancialAidPodcast.com, or call 206-350-1208.

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