To calculate the amount you may claim as a deduction, use
the information provided on the 1098-E form along with your
own student loan interest records. If you have questions about
the time periods of your repayment, deferment or forbearance,
contact your lender, servicer, guarantor or secondary market.
You also may want to consult a tax advisor to verify or help
with your calculations
In applying for financial aid, how do I know if
my child is a dependent or independent student?
Independent students are one or more of the following (otherwise
they are dependent students).
• 24 years of age or older as of December 31 of the
current year.
• a graduate or professional student studying beyond
a bachelor’s degree
• married
• have legal dependents (besides a spouse)
• formerly or currently a ward of the court or an orphan
• a veteran of the U.S. armed services
Note that independent students do not include their parents’
financial information when completing the Free Application
for Federal Student Aid (FAFSA).
Somebody told me I need a PIN number to file my Free
Application for Federal Student Aid (FAFSA). Is that true,
and if so, where do I get one? Do I have to get a PIN number
for my student, too?
In order to submit your FAFSA on the Web, you do need a Personal
Identification Number (PIN). It is issued by the U.S. Department
of Education. You obtain this PIN by going to www.pin.ed.gov
With a PIN you also can retrieve a copy of your FAFSA and
revise it, if you need to. You also can sign a Master Promissory
Note if you’re applying for a Federal PLUS loan.
Students also are required to sign their FAFSA when submitting
it. They will need their own separate PIN to submit
a FAFSA on the Web.
If I pay off my federal parent or student loan ahead
of time, is there any penalty?
No. You can prepay the accrued interest or principal on
your federal parent or student loan at any time, and there
is no penalty. |
Equal
Housing Lender