FAFSA Applications Are Up Significantly | 03.06.09

Posted in FAFSA, Financial Aid By Student Loan Network Staff

It’s no surprise that when the economy is flat lining that many retreat back to school. It’s a warm sanctuary in a cold cold world.

The problem, as I have previously discussed, is that federal aid goes quickly. The Department of Education reported a 20 percent increase in the number of FAFSA applications submitted for the 2009-2010 processing year over the 2008-2009 year. More students, young and old, are lining up to exercise their mind.

Understandably loan volume has also increased with more students seeking aid. The Direct Loan program alone has increased by more than 7 billion so far this academic year, compared to the same time period in the 2007-08 academic year. FFELP loans are also up despite the fact that 59 schools have moved from the FFELP program to the Direct Loan program.

So what does all this mean? It is always better to get your FAFSA application done early. The closer to January 1 you can complete your application each year the better the chances of maximizing your financial aid package. Keep that in mind as you move forward, and come back to read up on all our helpful FAFSA hints.

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