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How to resolve issues with your loan servicer

If you have been watching the news, you know Student loan servicers have been under scrutiny from organizations like the Consumer Financial Protection Bureau (CFPB). They have been staunch advocates for borrowers against deceptive and unethical servicing practices by loan servicers which have defrauded millions of borrowers out of student loan forgiveness. The Department of Education (ED) has made significant changes to “right these wrongs” with their most recent changes and updates to several repayment programs. Every borrower must understand their…

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Federal PLUS Loan – Another option to pay for college

College can be unaffordable for students who cannot secure other funding options. The Free Application for Federal Student Aid (FAFSA) determines a student’s eligibility to receive financial aid. However, the aid offered through the FAFSA application will not be enough to cover most students’ school expenses. Therefore, students must secure other funding sources such as scholarships, grants, and payment plans. Once all other funding options and sources are exhausted, parents can apply for additional loan funding. Parents can ch0ose to…

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2023-2024 FAFSA application is approaching. Are you Ready?

The 2022 Fall semester has just begun. Financial Aid Offices around the country have been busy reviewing students' Free Applications for Federal Student Aid (FAFSA) and creating financial aid awards that students (and parents) have happily accepted. Parents have settled any outstanding balance they owe with their school's Bursar's Office. Students are back on campus, decorating their rooms, catching up with friends, and enjoying their college experience. All seems well until they realize the 2023-2024 FAFSA application is steadily approaching.…

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For student loans, borrow responsibly !

The 2022-2023 academic year is steadily approaching. Mailboxes or emails overflow with aid notification letters of students' financial aid packages from each school listed on their Federal Application for Federal Student Aid (FAFSA). These letters indicate how much financial aid a student is eligible to receive. Part of the financial aid package includes student loans. Loan amounts vary based on your classification (ex. Freshman, sophomore, junior, or senior) and your dependency status (ex. Dependent or independent). Student loans are part…

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Can’t Afford College Even With Financial Aid? Read This!

Many families think the financial aid process ends once a student accepts a financial aid package and enrolls in college. However, it turns out that contacting a school’s financial aid office can help a student stay in school when that package turns out to not be enough. According to a recent report, money is the most common reason students drop out of college. In 2017, more than 38% of students cited financial pressure as the main reason for discontinuing their studies.…

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Three Tips For Optimizing Your Appeal For More Merit Aid

Your appeal for additional financial aid is not something that begins after you receive your award letter and suddenly realize you can’t afford to pay for your child’s dream school. Your appeal, rather, is one of many components of your overall game plan to pay for college. It can be one of the most important components for lowering college costs.  Here are three important tips for optimizing your merit aid through the appeals process:  Plan your appeal early. It should…

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Financial Aid Workshop Opportunities With MCPT

Nearly every student will need to apply for financial aid at some point in their life. Whether it is because they have a parent who is not able to cover the cost of tuition, or because they are seeking out scholarships and grants to help pay for school, these types of educational funding are important. However, there are many different types of financial aid and scholarship opportunities that can be confusing. Luckily,  we offer numerous financial aid workshop opportunities throughout…

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7 things to have ready before you file the 2022 – 2023 FAFSA

1. Know the deadlines - There are 3 of them! Federal - The FAFSA becomes available on October 1, 2021 for the college academic year 2022 - 2023 and the federal deadline is June 30, 2022. Link to the FAFSA form. College – Since colleges rely on the FAFSA to award student aid, make sure you know each individual school’s FAFSA deadline. Deadlines may be different for early action, early/regular decision, new students, and continuing students. State - Residents planning to attend an in-state…

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Do you need help with the FAFSA?– What you need to know!

The financial aid eligibility process can be tedious and difficult to navigate. Planning ahead and starting the process early is a great way to ensure that your journey is as smooth as possible. So, let’s get started with how to file FAFSA. How to File FAFSA It is in your best interest to make completing the Free Application for Federal Student Aid (FAFSA) a priority. I recommend completing it as early as October 1 your senior year, and each year…

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Use Caution Before Using Insurance or Annuities to Reduce EFC

There are a lot of financial advisors out there who are anxious to sell you insurance, annuities, 529s, and other financial products in the name of helping you lower your college costs. Using these for a college education is not always the best idea. I always advise people to do their homework before they act on any advisor’s recommendations. Not doing your homework on annuities for college funding can end up costing you much more. « Learn more about financial aid Annuities are…

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