FAFSA FAQ: 15 Answers to Your Most Burning FAFSA Questions

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

FAFSA FAQ
Logo

We’ve got your back! Student Loan Hero is a completely free website 100% focused on helping student loan borrowers get the answers they need. Read more

How do we make money? It’s actually pretty simple. If you choose to check out and become a customer of any of the loan providers featured on our site, we get compensated for sending you their way. This helps pay for our amazing staff of writers (many of which are paying back student loans of their own!).

Bottom line: We’re here for you. So please learn all you can, email us with any questions, and feel free to visit or not visit any of the loan providers on our site. Read less

Before you can unlock the treasure trove of federal financial aid, you need to fill out the FAFSA. But before you start this financial aid application, you need to find answers to your most urgent FAFSA FAQs.

The Free Application for Federal Student Aid, more commonly known as the FAFSA, collects your and your parents’ financial information. The Department of Education, along with the colleges you apply to, use the FAFSA to determine your financial aid package.

Although the FAFSA looks confusing at first, it’s not difficult to navigate once you master the basics. Use the table of contents to navigate the most popular FAFSA questions, or scroll down for the full FAFSA FAQ guide.

General FAFSA FAQ

What is the FAFSA?

What does the FAFSA have to do with financial aid?

Am I eligible for federal financial aid?

When do I apply for the FAFSA?

What should I do if I miss the FAFSA deadline?

What is the Student Aid Report (SAR)?

FAFSA questions about filling out the forms

What information do I need to apply for the FAFSA?

Can I use the IRS Data Retrieval Tool to import tax information?

Do I need to submit the FAFSA every year?

Can I edit the FAFSA after I submit it?

What do I do if my (or my parents’) income changes?

Should I file for the FAFSA even if I don’t think I’ll qualify for financial aid?

What to know about federal financial aid

What are the different types of financial aid?

How much financial aid will I get?

When do I get my financial aid package?

General FAFSA FAQ

What is the FAFSA?

Before delving into any other FAFSA FAQ, you need to know what the FAFSA is. The FAFSA stands for the Free Application for Federal Student Aid. It’s a free online application you fill out to qualify for federal financial aid. Many states and colleges also use the FAFSA to grant state and institutional financial aid.

You submit the FAFSA online on the Federal Student Aid website. You’ll need to create an FSA ID, as will your parents if you’re a dependent student. The application only takes 20 to 30 minutes to fill out and submit.

What does the FAFSA have to do with financial aid?

After you submit the FAFSA, the government will look at your information and use it to calculate your Expected Family Contribution (EFC). Your EFC is how much you and your family are expected to pay for your education.

Once your EFC is determined, it’s up to your college to put together your financial aid package. Your college’s financial aid office determines need-based aid by subtracting your EFC from its total cost of attendance.

This aid could be in the form of federal grants, Direct Subsidized Loans, or work-study opportunities. That being said, colleges may not necessarily meet your full financial need.

Some schools also award non-need based aid, depending on how much other aid you’ve already received based on the FAFSA. Loans that are non-need based aid include Direct Unsubsidized Loans and Federal PLUS Loans.

Am I eligible for federal financial aid?

To be eligible for federal financial aid, you must meet the following requirements:

  • Be a U.S. citizen, permanent resident, or eligible non-citizen
  • Have or be on track for your high school diploma
  • Be accepted or enrolled at a Title IV school
  • Maintain satisfactory academic progress in college or grad school. If your GPA falls too low, you’ll lose eligibility for FAFSA loans and financial aid.

When do I apply for the FAFSA?

The FAFSA application typically opens on Oct. 1 and closes more than a year and a half later on June 30. For the 2018-2019 school year, for example, you can apply for the FAFSA between Oct. 1, 2017 and June 30, 2019.

Some colleges and states, however, set earlier deadlines for financial aid. Check with your college to see if it sets its own FAFSA deadline. Since some financial aid is distributed on a first-come, first-served basis, it’s a good idea to submit the FAFSA as close to Oct. 1 as possible.

Plus, many regular decision colleges want to hear your attendance decision by May 1. By filling out the FAFSA early, you’ll be able to compare financial aid packages from multiple colleges. Then, you’ll be better able to decide on a school.

What should I do if I miss the FAFSA deadline?

If you miss your college’s FAFSA deadline, contact the financial aid office. Some states and colleges award aid to latecomers.

As for the federal FAFSA, you’ll have access to it until the end of the school year. If you don’t apply for that school year, fill out the FAFSA for the following year instead.

What is the Student Aid Report (SAR)?

The Student Aid Report is a document you’ll receive after filling out the FAFSA. It sums up all your answers on the FAFSA application. Look over the SAR to confirm all your information is correct, and notify the FSA if there are any errors. If everything looks good, simply keep the SAR for your personal records.

FAFSA questions about filling out the forms

Up next on the FAFSA FAQ are questions about filling out the application itself. Read on to learn what information you need to apply for financial aid.

What information do I need to apply for the FAFSA?

The FAFSA asks for personal and financial information. You’ll fill out your contact details, as well as your Social Security number or resident ID. You’ll also indicate up to 10 colleges to receive your FAFSA information.

You or your parents will also provide information from the prior year’s tax return. Beyond gross income, the form asks for your bank account balance, investments, and recurring expenses.

Can I use the IRS Data Retrieval Tool to import tax information?

Yes, the IRS Data Retrieval Tool is available for the 2018-2019 FAFSA. Last year, the IRS removed the tool for maintenance. It’s now back and ready to import your data directly from the IRS website into the FAFSA.

For a preview of the application, check out this PDF on the 2018-2019 FAFSA.

Do I need to submit the FAFSA every year?

Yes, you will need to submit the FAFSA every year to remain eligible for federal student aid. After filling it out the first time, you can submit a renewal FAFSA in subsequent years. The website will automatically fill in most of your information from the previous year.

You just need to double check that everything is still correct. You can also start from the beginning if you need to make significant changes.

Can I edit the FAFSA after I submit it?

Yes, you can edit the FAFSA after you submit. In fact, you’re required to do so if there’s a change in your dependency status, in the number of your family members, or in the number of people in your household who are in college.

You can also fix mistakes you made when filling out the form. To make corrections to the FAFSA, log in to your account and click on “Make FAFSA Corrections.” Enter your FSA ID, make any updates, and then hit submit.

You can correct any field with the exception of your Social Security number. If you entered an incorrect Social Security number, contact the financial aid office of your college. They might advise you to submit an entirely new FAFSA.

What do I do if my (or my parents’) income changes?

If your family’s income changes dramatically (a parent lost their job, for example), speak with your school’s financial aid office. The college might be able to accommodate your new circumstances. However, additional aid isn’t guaranteed.

The government determines your EFC based on the information that was accurate at the time. If that information is no longer accurate, you’ll need to discuss the changes with your school.

Should I file for the FAFSA even if I don’t think I’ll qualify for financial aid?

Yes. Don’t neglect to fill out the FAFSA because you think you won’t qualify. There’s no income cutoff for financial aid. Plus, some schools rely on the FAFSA to award scholarships.

Filling it out will also protect you in the event your financial circumstances change. If a parent loses their income, for example, you can speak with your college’s financial aid office about readjusting your financial aid package. But you won’t qualify for federal aid if you never filled out the FAFSA in the first place.

Some common FAFSA myths lead students to believe they’re not eligible for financial aid. Don’t let these misconceptions make you miss out on grants or scholarships.

What to know about federal financial aid

Finally, no FAFSA FAQ would be complete without explaining how federal financial aid works. Here’s how the FAFSA leads to loans and other types of aid.

What are the different types of financial aid?

Financial aid packages are made up of a mix of grants, scholarships, student loans, and work-study options. Grants and scholarships are free money; in most cases, you don’t have to pay back this type of financial aid. You will have to pay back student loans — with interest.

The federal work-study program is only available to students with a certain amount of financial need. It allows you to work part time on campus and earn money each semester. If you’re interested in being considered for work study, make sure to indicate that on the FAFSA.

How much financial aid will I get?

The amount of financial aid you’ll receive largely depends on the college or graduate school. Some colleges even meet full financial need for all accepted students.

Other colleges might not meet your full financial need. In that case, you will need to find other sources of funding, such as private student loans, if you still wish to attend that school.

Remember that financial aid includes federal student loans — up to $31,000 for dependent undergraduates and $138,500 for graduate students. So even if your financial aid award meets your full financial need, you might take on significant debt to pay for school.

To estimate your financial aid package, check out the FAFSA4caster tool. This tool gives you a sense of how much it will cost to attend each school on your list. It can’t predict exactly how much aid you’ll get from each school, but it will give you a rough estimate of the total cost.

When do I get my financial aid package?

College financial aid offices determine your financial aid package. Many regular decision colleges send out admissions decisions in March or April of your senior year in high school. Financial aid packages often come at the same time or shortly after.

Some rolling decision schools send out decisions and financial aid packages later in the spring or summer. But you should be able to view and compare financial aid packages before it’s time to pick a college.

Don’t forget about institutional aid and scholarships

In addition to finding answers to your FAFSA questions, you should also apply for institutional aid and independent scholarships.

Some colleges, for example, require the College Scholarship Service (CSS) Profile. College Board administers the CSS Profile. Almost 400 colleges use it to award non-federal student aid.

Plus, you can apply for scholarships from local and national organizations. By covering all your bases, you’ll get the largest amount of financial aid for college possible. To get started, check out the nine best scholarship search tools around the web.

Need a student loan?

Here are our top student loan lenders of 2019!
LenderVariable APREligibility 
* The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.

1 Important Disclosures for College Ave.

CollegeAve Disclosures

College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

(1)All rates shown include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.

(2)This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

(3)As certified by your school and less any other financial aid you might receive. Minimum $1,000.

Information advertised valid as of 7/1/2019. Variable interest rates may increase after consummation.


2 Important Disclosures for Earnest.

Earnest Disclosures

  1. Rates include 0.25% Auto Pay Discount
     
  2. Explanation of Rates “With Autopay” (APD)
    Rates shown include 0.25% APR discount when client agrees to make monthly principal and interest payments by automatic electronic payment. Use of autopay is not required to receive an Earnest loan.

    Available Terms
    For Cosigned loans – 5, 7, 10, 12, 15 years. 
    Primary Only – 10, 12, 15 years

    In school deferred payment is not available in AL, AZ, CA, FL, MA, MD, MI, ND, NY, PA, and WA).


3 = Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.

4 Important Disclosures for CommonBond.

CommonBond Disclosures

Offered terms are subject to change and state law restrictions. Loans are offered through CommonBond Lending, LLC (NMLS #1175900).

  1.  Rates are as of July 1, 2019 and include auto-pay discount. All loans are eligible for a 0.25% reduction in interest rate by agreeing to automatic payment withdrawals once in repayment. Variable rates may increase after consummation.

5 Important Disclosures for Citizens.

Citizens Disclosures

  1. Undergraduate Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of August 1, 2019, the one-month LIBOR rate is 2.26%. Variable interest rates range from 3.36% – 11.62% (3.36% – 11.47% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 4.72% – 12.19% (4.72% – 12.04% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown requires application with a co-signer, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan.
  2. Citizens Bank Student Loan Eligibility: Borrowers must be enrolled at least half-time in a degree-granting program at an eligible institution. Borrowers must be a U.S. citizen or permanent resident or an international borrower/eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For borrowers who have not attained the age of majority in their state of residence, a co-signer is required. Citizens Bank reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Citizens Bank private student loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens Bank- participating school. 

    Please Note: International Students are not eligible for the multi-year approval feature.

  3. Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for co-signer release. Note: co-signer release is not available on the Student Loan for Parents or Education Refinance Loan for Parents.

6 Important Disclosures for Suntrust.

Suntrust Disclosures

Before applying for a private student loan, SunTrust recommends comparing all financial aid alternatives including grants, scholarships, and both federal and private student loans. To view and compare the available features of SunTrust private student loans, visit https://www.suntrust.com/loans/student-loans/private

Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue this loan program without notice. Availability of all loan programs is subject to approval under the SunTrust credit policy and other criteria and may not be available in certain jurisdictions.

©2019 SunTrust Banks, Inc. SUNTRUST, the SunTrust logo and Custom Choice Loan are trademarks of SunTrust Banks, Inc. All rights reserved.

* Offer valid for new Custom Choice Loans for which applications are submitted for a credit decision between 12:00:00am EST on June 1, 2019 and 11:59:59pm EST on August 31, 2019. A 0.50% interest rate reduction will be included in the loan options presented to an applicant during the online application process, upon passing the initial credit review. The interest rate reduction will be applied as of the first disbursement date and will be effective for the life of the loan.

  1. Interest rates and APRs (Annual Percentage Rates) depend upon (1) the student’s and cosigner’s (if applicable) credit histories, (2) the repayment option and repayment term selected, (3) the requested loan amount and (4) other information provided on the online loan application. If approved, applicants will be notified of the rate applicable to your loan. Rates and terms are effective for applications received after on or after 08/01/2019. The variable interest rate for each calendar month is calculated by adding the current index (One-month LIBOR index) to your margin. LIBOR stands for London Interbank Offered Rate. The One-month LIBOR is published in the “Money Rates” section of the Wall Street Journal (Eastern Edition). The One-month LIBOR index is captured on the 25th day of the immediately preceding calendar month (or if the 25th is not a business day, the next business day thereafter), and is rounded up to the nearest 1/8th of one percent. The current One-month LIBOR index is 2.375% on 08/01/2019. The variable interest rate will increase or decrease if the One-month LIBOR index changes or if a new index is chosen. The applicable index or margin for variable rate loans may change over time and result in a different APR than shown. The fixed rate assigned to a loan will never change except as required by law or if you request and qualify for the auto pay discount.
  2.  APRs assume a $10,000 loan with two-disbursements and the summer savings rate discount of 0.50% (applicable to applications submitted for a credit decision between 12:00:00am EST on June 1, 2019 and 11:59:59pm EST on August 31, 2019). The high APRs assume a 15-year term with deferred principal payments. The low APRs assume a 7-year term, no deferment and payments beginning 30-60 days after the last disbursement via auto pay from a SunTrust Bank account. See footnote 6 for details about auto pay.
  3. Any applicant who applies for a loan the month of, the month prior to, or the month after the student’s graduation date, as stated on the application or certified by the school, will only be offered the Immediate Repayment option. The student must be enrolled at least half-time to be eligible for the partial interest, fully deferred and interest only repayment options unless the loan is being used for a past due balance and the student is out of school. With the Full Deferment option, payments may be deferred while the student is enrolled at least half-time at an approved school and during the six month grace period after graduation or dropping below half-time status, but the total initial deferment period, including the grace period, may not exceed 66 months from the first disbursement date. The Partial Interest Repayment option (paying $25 per month during in-school deferment) is only available on loans of $5,000 or more. For payment examples, see footnote 4. With the Immediate Repayment option, the first payment of principal and interest will be due approximately 30-60 calendar days after the final disbursement date and the minimum monthly payment will be $50.00. There are no prepayment penalties.
  4. The 15-year term and Partial Interest Repayment option (paying $25 per month during in-school deferment) are only available for loan amounts of $5,000 or more. Making interest only or partial interest payments during in-school deferment (including the grace period) will not reduce the principal balance of the loan. Payment examples within this footnote assume a 45-month deferment period, a six-month grace period before entering repayment, the summer savings rate discount of 0.50% applicable to applications submitted for a credit decision between 12:00:00am EST on June 1, 2019 and 11:59:59pm EST on August 31, 2019, no rate reduction for auto pay, and the Partial Interest Repayment option. 7-year term: $10,000 loan disbursed over two transactions with a 7-year repayment term (84 months) and 7.553% APR would result in a monthly principal and interest payment of $186.60. 10-year term: $10,000 loan disbursed over two transactions with a 10-year repayment term (120 months) and an 8.014% APR would result in a monthly principal and interest payment of $150.41. 15-year term: $10,000 loan disbursed over two transactions with a 15-year repayment term (180 months) and a 8.488% APR would result in a monthly principal and interest payment of $124.45.
  5. The 2% principal reduction is based on the total dollar amount of all disbursements made, excluding any amounts that are reduced, cancelled, or returned. To receive this principal reduction, it must be requested from the servicer, the student borrower must have earned a bachelor’s degree or higher and proof of such graduation (e.g. copy of diploma, final transcript or letter on school letterhead) must be provided to the servicer. This reward is available once during the life of the loan, regardless of whether the student receives more than one degree.
  6. Earn an interest rate reduction for making automatic payments of principal and interest from a bank account (“auto pay discount”) by completing the direct debit form provided by the Servicer. Earn a 0.25% interest rate reduction when you auto pay from any bank account and an extra 0.25% interest rate reduction when you auto pay from a SunTrust Bank checking, savings, or money market account. The auto pay discount will be applied after the Servicer validates your bank account information and will continue until (1) three automatic deductions are returned for insufficient funds during the life of the loan (after which the discount cannot be reinstated) or (2) automatic deduction of payments is stopped (including during any deferment or forbearance, even if payments are made). In addition, the extra 0.25% interest rate reduction for auto pay from a SunTrust Bank checking, savings or money market account will be discontinued if automatic payments are no longer made from one of the aforementioned SunTrust Bank accounts. In the event the auto pay discount is discontinued, the loan will accrue interest at the rate stated in your Credit Agreement. 
  7. A cosigner may be released from the loan upon request to the servicer, provided that the student borrower is a U.S. citizen or permanent resident alien, has met credit criteria, and met either one of the following payment conditions: (a) the first 36 consecutive monthly principal and interest payments have been made on-time (received by the servicer within 10 calendar days after their due date) or (b) the loan has not had any late payments and has been prepaid prior to the end of the first 36 months of scheduled principal and interest payments in an amount equal to the first 36 months of scheduled principal and interest payments (based on the monthly payment amount in effect when you make the most recent payment). As an example, if you have made 30 months of consecutive on-time payments, and then, based on the monthly payment amount in effect on the due date of your 31st consecutive monthly payment, you pay a lump sum equal to 6 months of payments, you will have satisfied the payment condition. Cosigner release may not be available if a loan is in forbearance.

7 Important Disclosures for PNC.

PNC Disclosures

  1. Annual Percentage Rates (APRs): APRs from 4.52% to 11.11% are for the fully deferred repayment option, include the 0.50% interest rate discount for automatic payment and encompass the full range of APRs for the three repayment term options (5, 10 and 15 year). APRs within this range may vary based on the repayment term chosen. See break down of APR ranges by repayment terms below.
  2. Fixed Annual Percentage Rates (APRs): APRs range from 4.52% to 9.58% for a 5-year term. APRs range from 5.05% to 10.26% for a 10-year term. APRs range from 5.55% to 10.84% for a 15-year term. Fixed rates are based on the creditworthiness of the borrower and co-signer, if any. Loan Payment Example: The monthly payment per $10,000 borrowed at a fixed rate range of 5.05% APR to 10.26% APR for 10 years means you would make 120 payments which may range from $131.94 to $207.24. For the fixed rate loan, the monthly payment will remain fixed for the term of the loan. Payments may vary for other repayment term options.

    Variable Annual Percentage Rates (APRs): APRs range from 4.90% to 9.92% for a 5-year term. APRs range from 5.38% to 10.57% for a 10-year term. APRs range from 5.85% to 11.11% for a 15-year term. Variable rates are based on the London Interbank Offered Rate (LIBOR) index plus a margin depending on the creditworthiness of the borrower and co-signer, if any. The LIBOR index, adjusted quarterly, is equal to the average of the one-month LIBOR rates as published in the “Money Rates” section of the Wall Street Journal on the first business day of each of the three (3) calendar months immediately preceding each quarterly adjustment date. The LIBOR index is currently 2.47%. If the index increases or decreases, your rate will increase or decrease accordingly. Loan Payment Example: The monthly payment per $10,000 borrowed at a variable rate range of 5.38% APR to 10.57% APR for 10 years means you would make 120 payments which may range from $135.93 to $212.65. For the variable rate loan, the monthly payment may increase or decrease if the interest rate increases or decreases. Payments may vary for other repayment term options.

    APRs and loan payment examples are for the fully deferred repayment option for the Undergraduate & Graduate loan programs and include the 0.50% interest rate discount for automatic payments. The lowest APR is available to well qualified applicants. Your actual APR will be based on your credit qualifications, selection of fixed or variable rate option, loan program, repayment term, repayment option and whether you elect the automatic payment feature. Loan payment examples assume 30 days to first payment after the deferment period (45 months in school and 6 month grace period). Payments vary for other rates, repayment terms and repayment options.

    In addition to Undergraduate and Graduate loans, PNC offers loans for Health & Medical Professions, Health Professions Residency and Bar Study. Rates may vary by loan program and are subject to change at any time. Visit pnconcampus.com for current rates, additional loan payment examples and more details about the Solution loan products.

  3. Automatic Payment Discount: During repayment, an interest rate discount of 0.50% is available for automatic payments. Borrower must be making scheduled payments that include both principal and interest. Interest only payments do not qualify for the 0.50% interest rate discount. Automatic payment can be established through the loan servicer American Education Services (AES). Advertised rates include the 0.50% automatic payment interest rate discount. The rate discount will be applied at the time automatic payment is established. If automatic payment is not established, the available rates will be 0.50% higher than the advertised rates. If automatic payment is established and discontinued at any time during repayment, the borrower will no longer receive an automatic payment discount and the rate will increase by 0.50%. Discount may also be suspended during periods of forbearance or deferment. Payments may be made from a checking or savings account. A federal regulation limits the number of transfers that may be made from a savings or money market account. Please contact your financial institution for more information on transfer limitations on savings accounts.
  4. Repayment Options: Immediate, interest only payments while in school and full deferment of principal and interest options available. Interest will continue to accrue during periods of deferment. You will receive quarterly interest statements during this deferment period. Paying the interest as it accrues each quarter will save you money over the repayment term of the loan because any accrued interest that you do not pay will be added to the principal balance at the end of the deferment.
  5. Co-Signer Release: A request to release a co-signer requires that, as of the date of the request, you have made at least forty-eight (48) consecutive timely payments of principal and interest with no periods of forbearance or deferment within the forty-eight (48) month timeframe. “Timely payment” means each payment is made no later than the 15th day after the scheduled due date of the payment. “Consecutive payment” means the minimum monthly payment must be made for the most recent forty-eight (48) months straight without any interruption. To qualify for a co-signer release, the borrower must submit a request, meet the consecutive, timely payment requirements, provide proof of income and pass a credit check.
  6. Tax Deductibility: Interest may be tax deductible. Consult a tax advisor.

Please note: PNC reserves the right to modify or discontinue the terms of these program at any time without notice. You are encouraged to explore all scholarship, grant and federal borrowing options before applying for a private loan. Private loans are subject to credit approval.

PNC is a registered service mark of The PNC Financial Services Group, Inc.
© 2019 The PNC Financial Services Group, Inc. All rights reserved. PNC Bank, National Association.


7 Important Disclosures for Discover.

Discover Disclosures

  1. Students who get at least a 3.0 GPA (or equivalent) qualify for a one-time cash reward on each new Discover undergraduate and graduate student loan. Reward redemption period is limited. Please visit DiscoverStudentLoans.com/Reward for any applicable reward terms and conditions.
  2. View Auto Reward Debit Reward Terms and Conditions at DiscoverStudentLoans.com/AutoDebitReward.
  3. Aggregate loan limits apply.
  4. Lowest rates shown are for the undergraduate loan and include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments. The interest rate ranges represent the lowest interest rate offered on the Discover Undergraduate Loan and highest interest rates offered on Discover student loans, including Undergraduate, Graduate, Health Professions, Law and MBA Loans. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable Margin percentage. The margin is based on your credit evaluation at the time of application and does not change. For variable interest rate loans, the 3-Month LIBOR is 2.50% as of July 1, 2019. Discover Student Loans will adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Please visit discover.com/student-loans/interest-rates for more information about interest rates.
Discover's lowest rates shown are for the undergraduate loan and include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments.
3.96%
11.98%
1
Undergraduate, Graduate, and Parents

Visit College Ave

3.37% – 10.75%*,3Undergraduate and Graduate

Visit SallieMae

3.35% – 11.44%2Undergraduate and Graduate

Visit Earnest

3.66% – 9.64%4Undergraduate and Graduate

Visit CommonBond

3.36% – 11.62%5Undergraduate and Graduate

VISIT CITIZENS

3.14% – 10.68%6Undergraduate and Graduate

Visit SunTrust

4.90% – 11.11%6Undergraduate and Graduate

Visit PNC

3.37%
11.87%
7
Undergraduate and Graduate

Visit Discover

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

Published in Student Loans

You're on your way...

We'll take you to Lendingtree.com where you'll be able to fill out one form to get multiple personal loan offers, based on your creditworthiness.