FAFSA Don't make the mistake of not completing the FAFSA because you're sure you won't receive aid. There are many types of financial aid, including federally insured, low interest loans, but you can't get any of them unless you complete the FAFSA. Everyone who completes the FAFSA receives a PIN number from the Department of Education, which you can use later to electronically sign loan applications and other financial-aid forms with AES. You may apply by paper, FAFSA Express (a software program that allows you to fill out your FAFSA on a computer with a modem) or at FAFSA on the Web. You can get the paper FAFSA from your high school guidance counselor, the school you plan to attend or by calling the U.S. Department of Education toll-free at (800) 4 FED-AID. Stafford What are Stafford Loans? Federal Stafford Loans are long-term, low-interest loans made to a student by private lending institutions, such as banks, savings and loan associations or credit unions, through a federal program administered by American Education Services (AES). What are the benefits of Stafford Loans? AES waives the 1% guaranty fee, saving you 25% in up-front costs. Additional back-end savings of up to 2.25% off of your interest rate by making payments electronically and on-time. Who is Eligible? To be eligible for a Federal Stafford Loan, the student must: have completed the FAFSA be accepted at a participating school be making satisfactory progress (if enrolled) be working toward a degree or certificate be enrolled on at least a half-time basis not be in default on an education loan not owe any education grant refunds be registered with the Selective Service (if required) be a US citizen or eligible non-citizen PLUS What are PLUS Loans? PLUS loans are Federal education loans available to help parents meet the cost of their child's college expenses. These loans are regulated by the federal government. Parents may borrow up to the difference between your educational costs and other financial aid your child is receiving. You and your child will need to meet certain basic eligibility standards to qualify. What are the benefits of PLUS Loans? All-time low interest rate of 4.86% and rate will never exceed 9%. Interest is often tax deductible No income or collateral requirements Who is Eligible? To be eligible for a PLUS loan your child, the undergraduate student, must: Be a U.S. citizen or eligible non-citizen Be accepted for enrollment in a participating institution of higher learning; or, if enrolled, be making satisfactory progress Be classified as at least a half-time student and working toward a degree or certificate Not be in default on an education loan or owe any education grant refunds Be registered with Selective Service, if required The parent must: Be your natural parent, adoptive parent, or in some cases, stepparent Be a U.S. citizen or eligible non-citizen Not be in default on an education loan or owe any education grant refunds Be creditworthy Our online application includes an instant credit check that will let you know immediately whether or not you meet the minimum credit requirements before you fill out the application. If you have further questions, remember online Contact Us is available 24 hours a day, seven days a week. Consolidation Interest rates have dropped to historic lows. With this in mind, you may want to consider loan consolidation. Sometimes it is easier to repay several loans if you consolidate them into a single obligation and have only one payment to make each month. Facts to take into account when considering consolidation: The average consolidation loan takes 30-45 days to disburse. The consolidation interest rate is calculated based on the weighted average of the loans to be consolidated, rounded upward to the next 1/8th of a percent, and remains a fixed rate for the life of the loan. There is no penalty for prepayment on your consolidation loan. Electronic signature is now available for the online application. There are many things to consider when deciding if consolidation is right for you. Please weigh your options carefully. If you are still undecided, try talking to your financial aid officers at your school or talking to your lender/lenders about debt management options.