Paying for School in 2016: What You Need to Know
By Ryan Laspina
Senior Specialist, Red Flags and External Reviews at APUS
The New Year is here, and it’s time to start thinking about the 2016 school year! The holidays may have consumed much of your time, but there are some tips and reminders that you should be aware of as the 2016 school year begins. Below are some of these tips and reminders.
- Update your PII.
Make sure you update any of your personal identifying information (PII) with your school, loan servicer, and the Department of Education, if applicable. The most common change to your PII would be a name change, but any change should be reported to all three entities.
- Don’t forget your ID!
Remember that the Federal Student Aid (FSA) ID replaced the FSA PIN in May of 2015. From now on when you need to sign your Free Application for Federal Student Aid (FAFSA), sign your Master Promissory Note (MPN), or log into the IRS Data Retrieval Tool, you will need your FSA ID.
- File early!
File your federal taxes as soon as possible to guarantee you can receive all of the FSA you are eligible for.
- Get educated on your repayment options.
The Department of Education recently issued a memorandum to expand the income-driven student loan repayment plan known as REPAYE (REvised Pay As You Earn). This expansion will make income-driven repayment plans accessible to an additional 5 million students who were previously ineligible to enroll in such a program. If you are struggling with your monthly loan repayment plan, this may be an option to look in to.
The above tips and reminders are only a few of the things you should keep in the back of your mind as you move forward into 2016.
Happy New Year!
Originally published at onlinelearningtips.com on December 31, 2015.