How does Free Application for Federal Student Aid work?
The subheading really knocks this one out of the park. That’s precisely what FAFSA is, but as a veteran, there is a bit more to explore.
Let’s cut to the chase. If you’re 100% disabled, you can get your federal student loans forgiven. Notice I didn’t say 100% T&P. That’s because you can be 100% and non-T&P to qualify for loan forgiveness. That is roughly 20k per year, depending on your financial situation. Seeing as this money is awarded to students who need help financially while attending school, you may not be granted that full allotment if you have a high-paying salaried job while attending your school. At the time I’m writing this article this is still true and seems to be for the foreseeable future. If you are not 100% VA disabled, you can still use this loan to get through school, but you won’t be able to have them forgiven. The FAFSA loan is offered at federal rates (6% right now), making it a competitive loan if you need help.
If you’re a graduate student, you can also apply for the Graduate PLUS loan. The borrowing limit for this loan is based on your school’s Cost Of Attendance (COA) minus any other financial aid you’ve been awarded. This loan can also be forgiven.
Both Loans can be applied for and studied at https://StudentAID.gov