| To calculate the amount
you may claim as a deduction, use the information provided
on the 1098-E form along with your own student loan interest
records. If you have questions about the time periods of your
repayment, deferment or forbearance, contact your lender,
servicer, guarantor or secondary market. You also may want
to consult a tax advisor to verify or help with your calculations
In applying for financial aid, how do I know if my
son is a dependent or independent student?
Independent students are one or more of the following (otherwise
they are dependent students).
• 24 years of age or older as of December 31 of the
current year.
• a graduate or professional student studying beyond
a bachelor’s degree
• married
• have legal dependents (besides a spouse)
• formerly or currently a ward of the court or an orphan
• a veteran of the U.S. armed services
Note that independent students do not include their parents’
financial information when completing the Free Application
for Federal Student Aid (FAFSA).
Somebody told me I need a PIN number to file my Free
Application for Federal Student Aid (FAFSA).
Is that true, and if so, where do I get one? Do I have to
get a PIN number for my student, too?
In order to submit your FAFSA on the Web, you do need a Personal
Identification Number (PIN). It is issued by the U.S. Department
of Education. You obtain this PIN by going to www.pin.ed.gov
With a PIN you also can retrieve a copy of your FAFSA
and revise it, if you need to. You also can sign a Master
Promissory Note if you’re applying for a Federal Stafford
loan. Parents also are required to sign your FAFSA when submitting
it. They need their own separate PIN to do that if you are
submitting your FAFSA on the Web.
If I pay off my federal student loan ahead of time,
is there any penalty?
No. You can prepay the accrued interest or principal on your
federal student loan at any time, and there is no penalty. |
