FAP739: How to read your FAFSA SAR Results, Iowa Student Loans Listen now: 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 Did you enjoy today’s show? If so, please consider subscribing for free to get it delivered to you . Subscribing for free means you don’t have to remember to download it every day. + + + Direct MP3 file download: Click here to download the MP3 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. Technorati Tags: financial aid financialaidpodcast ShareThis Less