Confused and annoyed by all the official procedures required to get a student loan? You aren’t the only one in thus line. Fortunately, the federal government has taken this issue into account. Beginning with the educational year of 2010-2011, the United States Department of Education will be announcing a process to help make the student loan application procedure simpler.
The present government aims to request that Congress pass legislation to remove more than half of the questions currently mentioned on the Free Application for Federal Student Aid (FAFSA). Additionally, the improved form will not call for students to respond to questions that aren’t applicable to them. At present, the FAFSA wants applications to respond to more than 153 queries, and a lot of people demand at least a number of hours for the completion of the form.
There was an increase in the number of FAFSA applications by 13 percent over the last year, and the number is likely to continue to mount as the recession continues to haunt. The requirement for financial aid is greatest among low- and middle-income students. Many of these students qualify for Pell grants, too.
Pell Grants are monies openly awarded to students who exhibited major financial demands but have not yet finished their first Bachelor Degree program. The FAFSA is used to set the criteria levels for the Pell Grant, but due to the difficulty and length of the form, several students don’t even take the trouble to apply.
The U.S. Department of Education estimates that around 1.5 million students would be qualified to gain a Pell Grant very annually if they completed the FAFSA. As an alternative, overwhelmed by the complexity of successfully filling the forms, students instead go for private loans with advanced interest rates.
The Obama administration is working to decrease this process by making the FAFSA simpler, which expectantly will encourage more students to fill in the applications. The management aimed to make the online site fully efficient by fall 2009. Students planning to get enrollment in college in the 2010 school year will expectantly be able to complete the improved form online in late fall 2009 or early spring 2010.