The 1997-98 Free Application for Federal Student Aid (FAFSA) is available now from the rack outside 201 Sproul Hall. Pick one up and complete it now (priority deadline is March 2, 1997) if you plan to pursue Federal Direct Student Loans, work-study awards, parent grants, or need-based or University fellowships for the next academic year. You do not need to fill out a FAFSA if you have already completed a 1997-98 Renewal FAFSA, mailed directly from the U.S. Department of Education to most 1996-97 FAFSA filers.
The Financial Aid Office (FAO) plans to send 1997-98 offer letters and Direct Loan Promissory Notes late in the spring semester to students who meet the March 2, 1997, priority deadline. We recommend that you meet this deadline, because it gives the FAO a chance to resolve problems early and deposit funds into your Campus Accounts Receivable System (CARS) account at the start of the fall semester. You can always decline, reduce, or cancel your loan award later, so uncertainty about other funding should not stop you from sending in your FAFSA now.
Loans for 1996-97
If you are still considering applying for a Federal Direct Student Loan for this year (1996-97), and you have not yet submitted a 1996-97 FAFSA, do so immediately. You can pick one up from the reception desk at 201 Sproul Hall, Monday through Friday, from 10 a.m. to 3 p.m. The loan process may take many weeks and must be completed before the end of the spring semester, May 24, 1997. Your FAFSA should be mailed well before March 15 to increase your chances for a loan. For more information, please go to 201 Sproul Hall (642-0485), or visit the FAO Web site (http://uga.berkeley.edu/fao/default.htm).
Other News
The budget battles between Congress and the President ended last year on a
high note for education. Proposals to eliminate the interest subsidy on
student loans and to eliminate direct loans, Javits, Perkins, and
work-study programs were all abandoned. The funding for some programs was
actually increased in the pro-education atmosphere that preceded the fall
elections. But the debate will begin again when the 105th Congress tackles
the Higher Education Act (HEA) early this year. The HEA, which authorizes
virtually all federal financial aid programs, was enacted in 1965 and must
be reauthorized every five years. Major changes could result (e.g.,
interest subsidies for student loans will almost certainly be back on the
table). The pro-education swing in Congress last year was due in part to
input from student groups as well as from individuals. You may contact the
Graduate and Professional Unit of the Financial Aid Office (642-8083) for
financial aid legislation updates.
A free debt management seminar for graduate students was held on February 5 at the Haas School of Business and again on February 6 at the Boalt Hall School of Law. Professional credit counselors with considerable experience in helping students manage their finances were the guest speakers.
The experts offered students advice on how to plan school budgets and how to manage credit card debt. They also discussed different options for paying off graduate student loans. Cosponsored by the business and law schools and the Graduate and Professional Unit of the Financial Aid Office, the seminars may be offered each year.
Plenty of other information about graduate student aid is available online.
For example, FinAid, the Financial Aid Information Page (http://www.finaid.org/) is a free guide to financial aid on the Internet. Sponsored by the National Association of Student Financial Aid Administrators, it contains an unofficial copy of the U.S. Department of Education's publication, the 1996-97 Federal Student Financial Aid Handbook; a number of searchable databases for fellowships, grants, and loans; and several publications to help you become more successful in your search for funds.
FinAid even offers online calculators to help you project your costs, estimate your assets, and determine your financial need.
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