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The financial institutions also administered the loan repayment process. In return, the Government of Canada guaranteed each Canada Student Loan that was issued, by reimbursing the financial institution the full amount of loans that went into default. In 1995, several important changes were made to Canada Student Loans.
The Free Application for Federal Student Aid, better known as the FAFSA, has long been due for an update. On December 30, a new version of the form was released – a culmination of changes ...
This year FAFSA has a shorter, improved and mostly error-free process following a delayed and glitchy rollout last year. FAFSA process to seek college student aid is now open for 2025-26. Here's ...
Oct. 3—Changes are on the way this year for the Free Application for Federal Student Aid, more commonly known as FAFSA. The University of Texas Permian Basin is here to help explain the changes ...
The FAFSA Deadline Act in 2024 made the October availability date part of the law. [8] The 2016–2017 academic year was the final time the FAFSA was not made available until January 1. [7] Two-year old US tax information is used to complete the financial sections of the FAFSA beginning with the 2017–2018 academic year.
There are a number of free calculators on the Web to help applicants estimate the EFC before filing the FAFSA. Recipients of need-based financial aid must reapply for each year by completing a new FAFSA. The term and concept of Expected Family Contribution was replaced by the term Student Aid Index (SAI) in 2024. [2]
The new FAFSA will replace the Expected Family Contribution with a different formula called the Student Aid Index that will help determine the amount that each student can receive in financial aid.
Now Freshmen can borrow $5500, Sophomores $6500, and juniors $7500. [21] The study predicted that students failing to repay those loans would be a huge cost to the government, which we now know is true. The estimate was that in the 1990s the defaulted student loans would cost the government at least two to three billion dollars each year. [22]