How Many Years Can I Receive Financial Aid for College?

It takes 4 years for a student to complete a typical undergraduate degree, right? Not necessarily. Today, students are taking longer to graduate for a variety of reasons, from a decline in personal and institutional resources to indecision about choice of major at the time of enrollment. If you’re currently weighing options for a fifth year (or more) of college, we’ve provided a few things to consider as you manage your college payment plan.

150 Percent Rule for Subsidized Direct Student Loans: A new federal regulation may impact students who receive Federal Subsidized Direct Loans. These programs are now available for only 150 percent of the semesters that the college publishes as the typical time it takes students to complete their degree or certificate. This “150 percent rule” means students in a four-year degree program will be eligible for subsidized student loans for the equivalent of six years.  Eligible fifth and sixth year students should be able to benefit from this loan program as long as they meet the college’s definition of Satisfactory Academic Progress (SAP) and are on track to graduate within this time frame.

If you ask about costs while visiting a college campus, you will likely be told something to the effect of, “Don’t worry about it—you can get financial aid!” And while that statement holds true for many students, not everyone is eligible for financial aid. How can you determine whether your family will qualify for financial aid? Check out the latest installment of our video series, We Can Explain.

Have your financial aid packages left you overwhelmed by the cost of college? Maybe you have heard about appealing the financial aid offered, but aren’t sure if you should go for it. And if you do decide to ask for more money, where do you start? We have the answers to all your burning questions!

At the dawn of the New Year, many parents resolved to make 2019 the year they kick their college savings into gear. Some parents hesitate to save, however, assuming their savings will cost them financial aid. Is this a correct assumption to make? Former St. Olaf College financial aid officer, Kathy Ruby, tells us in the latest installment of our video series, Ask the College Finance Expert, when she answers the question, “Will Saving for College Cost Me Financial Aid?”

As early round admission decisions start to roll in, students across the country are receiving both good (accepted) and bad (denied) news. And along with these clear-cut outcomes, many students are receiving some ambiguous news: yes, you’ve been accepted, but no, we are not awarding you enough financial aid to actually allow you to attend. This type of result can actually be the worst of all for families, as it often puts parents in the heartbreaking position of having to say no to their child’s dream school. Is there, however, any other option?

The FAFSA form opened up to high school seniors and their parents on October 1^st, meaning the financial aid application season is well under way. With the cost of college being so far out of reach for most families, many students are counting on financial aid to make their college dreams a reality, but the process of applying—and maximizing aid resources—can be confusing. How, then, can you make sure you’re accessing all of the financial aid you may be entitled to?

In case you haven’t heard, financial aid application season is now upon us. Not quite sure when you should be applying for financial aid? Check out this installment of the brand new College Coach video series, We Can Explain, where we answer the question, “When Should You Apply for Financial Aid?”

With the new school year under way, parents of high school seniors are now seeing college on the not-too-distant horizon and realizing they will soon be faced with large tuition bills. “Will I qualify for financial aid?” they wonder. While the need-based aid calculations are fairly complicated, and based on each family’s individual financial circumstances, there is some federal student aid which is not need-based, that every student meeting basic criteria qualifies for. What are those basic criteria? Former Becker College and Anna Maria College financial aid officer, Laurie Peltier, breaks it down in the latest installment of the College Coach video series, Ask the College Finance Expert.

Divorce is complicated. Applying for financial aid is complicated. And when you combine the two, things get really complicated.

Determining which parent completes the FAFSA, however, is actually pretty straightforward, according to former Emerson College and Elms College financial aid officer, Stacey MacPhetres.

Divorce is never easy, and paying for college is no cake walk either. Combine these two situations and things can get very complicated very quickly. If you are experiencing a separation and/or a divorce, we thought it would be helpful to give you some tips on how you might approach this major financial decision, what the rules are in the financial aid process, and, finally, how your situation affects various aspects of college financing once your child enrolls in college. In Part One of this series, we discussed your first steps and how to complete the financial aid applications. In Part Two, we will talk about college financing (i.e., student and parent loans), as well as other things to think about once your child is enrolled in college.