Taking Out a Student Loan Just Got Easier

Until recently, students seeking financial aid had to fill out a form with a hundred and twenty questions. Now, thanks to Education Secretary Margaret Spellings, they only have to answer twenty-seven.

At Harvard's John F. Kennedy, Jr. Forum (off-site link), the Secretary explained the problems with the old system:

"It's red tape like this that keeps 40 percent of college students from even applying for federal aid. That's nearly 8 million students. And we believe most would have been eligible for assistance.

We should be knocking down barriers, not putting up hurdles...

This new form, coupled with other financial aid reforms, will provide real-time information on how much aid you can expect to receive, as opposed to how much you and your family are expected to contribute under the current system. This will put you in the driver's seat, with more time to investigate your options."

Most online students attending accredited colleges now qualify for some form of financial aid. The new FAFSA form simply makes the process easier.

See Also:

• Federal Student Loans for Online College Students
• Types of Financial Aid
• How to Convince Your Employer to Pay for Your Education