Financial Aid Newsletter

The 2020/2021 FAFSA uses your 2018 tax records.

The IRS Data Retrieval Tool (DRT) is the fastest, and most accurate way to input your tax return information into the FAFSA form. To address security and privacy concerns related to the IRS DRT, the tax return information you transfer from the IRS will not be displayed on FAFSA or the IRS DRT web page. Instead, you'll see "Transferred from the IRS" in the appropriate fields on FAFSA.

FAFSA Stands for: Free Application for Federal Student Aid. This means the FAFSA is a FREE application to complete . You will never be asked to enter your credit card information! Remember, the official FAFSA site address will have .gov in it https://studentaid.gov/h/apply-for-aid/fafsa.

The Cares Act, related to COVID-19 relief, was signed March 27, 2020. The law temporarily changes federal student loans held by ED:

• 0% interest on loans in repayment, effective March 13, 2020 - September 30, 2020.

Borrowers who wish to continue making payments will see their entire payment go towards their principal.

• Automatic, non-capping Administrative Forbearance on loans in repayment, effective March 13, 2020 - September 30, 2020. Borrowers can opt out of the Administrative Forbearance.

- Borrowers pursuing PSLF will see those months count toward forgiveness, provided

they meet other program requirements, while on the Administrative Forbearance.

- Borrowers on an Income-Driven Repayment plan will see those months count toward

forgiveness while on the Administrative Forbearance.

- Borrowers who were delinquent will have their delinquency cleared with the application

of the Administrative Forbearance.

- Borrowers currently in school or in grace, but who enter repayment prior to September

30, 2020 will be placed into this Administrative Forbearance.

• All Income-Driven recertifications will be extended for 6 months from their current renewal date. However, if a borrower wants to recertify or provide current income to have their

payment recalculated, he or she will be able to do so.

Source: Fedloan Servicing Bulletin

• Remember you have a 6-month grace period (if you have not already used it) before you have to start repayment on your loans.
• Make sure to complete Exit Counseling at https://studentaid.gov/app/counselingInstructions.action?counselingType=exit. This will educate you on your repayment options.
• Make sure to check your student loan balances at https://studentaid.gov/h/manage-loans.
  
• Contact your loan servicer to discuss repayment options.
• Good luck in the next chapter of your life!

Email: alice.leonard@ccr.edu
Website: ccr.edu
Location: 455 West Lincolnway, Valparaiso, IN 46385, USA
Phone: 866-294-3974