Introdution to Applications
There are many avenues you can take to receive financial aid for college, and different forms are necessary to begin. Students as well as parents have the opportunity to apply for aid. What exactly are these forms, and how do I go about processing them?
What is the FAFSA?
In order to apply for aid you’ll need to fill out the Free Application for Federal Student Aid, more commonly known as the FAFSA. This form helps your potential school and the federal government to determine your eligibility for federal financial aid. You can get this form at your school’s guidance office or at www.FAFSA.ed.gov.
What is the SAR?
The Student Aid Report (SAR) should arrive at your mailbox about 4 weeks after you fill out the FAFSA. This form will provide a snapshot of the information you provided on the FAFSA. You should doublecheck it for accuracy.
What is the Stafford MPN?
The Stafford Master Promissory Note (MPN) is a request for a Federal Stafford Loan. It is a legally binding document that outlines your rights and responsibilities, interest rate, fees and repayment terms. The MPN indicates your commitment to repay your student loan.
What is the PLUS MPN?
The PLUS MPN is a request for a Federal PLUS Loan. It is a legally binding document that outlines your rights and responsibilities, interest rate, fees and repayment terms. The MPN indicates your commitment to repay. A parent can borrow a Federal PLUS Loan to help cover his dependent child’s cost of attendance at a higher education institution. To receive a PLUS, the parent must pass a credit check or have a creditworthy endorser. Graduate and professional students are also eligible to take out PLUS Loans.
