Secrets of Financial Aid that can Trip You Up

The National Student Loan Data System (NSLDS) Financial Aid Review service allows you to access information on loan and/or grant amounts, outstanding balances, loan status, and disbursements anytime after you have been put into their system.

The Selective Service might want you. Do not forget that in order to be eligible for federal student aid you must register with the Selective Service if:

• You are a male born on or after Jan. 1, 1960, and
  

• You are at least 18 years old, and
  

• You are not currently on active duty in the U.S. Armed Forces.

Only the citizens of the Federated States of Micronesia, the Republic of the Marshall Islands or the Republic of Palau are exempt from registering.

Did you know that you must reapply each year for federal student aid? Fortunately, it's now easy to annually renew your Free Application for Federal Student Aid (FAFSA) online, without having to deal with the hassle of paperwork.

Think before you act when it comes to changing your full time student status. If you have you decided to take time off for personal reasons, or are you going to drop below half-time student status your loan might be trigger for payments due clocks to start ticking. If you are planning on leaving school early, regardless of whether or when you are planning to return, you may have to start repaying your loans.

Did you know that while you are in school, there are certain requirements that you must meet in order to keep your account in good standing and remain eligible for financial aid.

Expect to have to spend about 15 minutes with a loan adviser/counselor once the loan funds have been disbursed to you. Once you've taken out a loan and entered school, you must go through loan entrance counseling and learn about the terms and conditions of your loans. Do not 'forget' to attend this brief meeting. If you do not attend your file can be red flagged and aid might not be as easy to get or as generous the next time around.