Obama Makes Money for Going to College Easier to Get
Obama administration to streamline college loan application process to make it easier for people to get a degree to improve their financial situation.
(EMAILWIRE.COM, July 20, 2009 ) Bewildered and frustrated by all the paperwork required to get a student loan? You aren’t alone, and the federal government has taken notice. Beginning with the 2010-2011 academic year, the United States Department of Education will be introducing a process to help simplify the student loan application procedure.
The Obama administration plans to request that Congress enact legislation to delete more than half of the questions presently listed on the Free Application for Federal Student Aid (FAFSA). In addition, the streamlined form will not require students to answer questions that do not apply to them. Currently, the FAFSA requires applications to answer more than 153 questions, and many people require at least several hours to complete the form.
The number of FAFSA applications increased by 13 percent over the last year, and these figures are expected to continue to rise as the recession continues. The demand for financial aid is highest among low- and middle-income students. Many of these students are eligible for Pell grants, as well.
Pell Grants are monies directly awarded to students who demonstrated significant financial need but have not yet completed their first Bachelor Degree program. The FAFSA is used to determine eligibility for the Pell Grant, but because of the complexity and length of the form, many students don’t even bother to apply.
Sheila Danzig, director of the online portal www.degree.com states that the U.S. Department of Education estimates that as many as 1.5 million students would be eligible to receive a Pell Grant each year if they completed the FAFSA. Instead, overwhelmed by the difficulty of completing the forms, students instead opt for private loans with higher interest rates.
The Obama administration is working to decrease this process by simplifying the FAFSA, which hopefully will encourage more students to complete the applications. Unfortunately, the new online forms won’t be available for several months, but the administration hopes to have the online site fully functional by fall 2009. Students planning to enroll in college in the 2010 school year will hopefully be able to complete the streamlined form online in late fall 2009 or early spring 2010.
For more information about the FAFSA and other federal financial aid visit http://www.degree.com/financial-aid/federal-student-aid/ Degree.com will continue to update readers about the changes to the online FAFSA as more information becomes available.
The Obama administration plans to request that Congress enact legislation to delete more than half of the questions presently listed on the Free Application for Federal Student Aid (FAFSA). In addition, the streamlined form will not require students to answer questions that do not apply to them. Currently, the FAFSA requires applications to answer more than 153 questions, and many people require at least several hours to complete the form.
The number of FAFSA applications increased by 13 percent over the last year, and these figures are expected to continue to rise as the recession continues. The demand for financial aid is highest among low- and middle-income students. Many of these students are eligible for Pell grants, as well.
Pell Grants are monies directly awarded to students who demonstrated significant financial need but have not yet completed their first Bachelor Degree program. The FAFSA is used to determine eligibility for the Pell Grant, but because of the complexity and length of the form, many students don’t even bother to apply.
Sheila Danzig, director of the online portal www.degree.com states that the U.S. Department of Education estimates that as many as 1.5 million students would be eligible to receive a Pell Grant each year if they completed the FAFSA. Instead, overwhelmed by the difficulty of completing the forms, students instead opt for private loans with higher interest rates.
The Obama administration is working to decrease this process by simplifying the FAFSA, which hopefully will encourage more students to complete the applications. Unfortunately, the new online forms won’t be available for several months, but the administration hopes to have the online site fully functional by fall 2009. Students planning to enroll in college in the 2010 school year will hopefully be able to complete the streamlined form online in late fall 2009 or early spring 2010.
For more information about the FAFSA and other federal financial aid visit http://www.degree.com/financial-aid/federal-student-aid/ Degree.com will continue to update readers about the changes to the online FAFSA as more information becomes available.
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