Federal Student Loan: calls for an abolishment?
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Yes, an abolishment of federal student loan is what Rethinking Student Aid study group has been calling. But in full part, it’s not the program itself they are trying to request for an elimination, but it’s the complicated process that must be undertaken before being granted by the federal student loan.
Rethinking Student Aid study group is being harmonized with the members of policy experts, higher education professionals and researchers who have been put together in a College Board. This is a non-profit organization specializing in college admissions, financial aid and enrollment.
Free Application for Federal Student Aid (FAFSA) form is one of the proposals to be abolished, in which in every year must be filled out, so with the new repayment loan.
College board Senior, Kathleen Little, demonstrated that, if this calling could gain enough support, the application process would have been easier and simpler. The students would have gone directly to the Internal Revenue Service (IRS) and the federal student loan aid could be automatically process through determining gross income and family size. Then the IRS will do the transmitting of information to the U.S. Department of Education where decision-making of being granted by the Pell grant eligibility is made. This is a perfect plan for IRS possesses all the exact and valid information and mistake could rarely take place.
Applicants would simply send their names, address and sign a release from IRS, instead of filling out multi-section of FAFSA documents.
These have been a very good proposal, especially with those low-income families who feel intimidated upon filling out FAFSA forms. But federal government has a process to be followed. To make this changes implemented, law is needed to be passed first, wherein something that could take for a period of years.
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