With $1.3 trillion in student debt and rising, the Department of Education over the last eight years has created a set of Income Driven Repayment programs to help borrowers reduce monthly payments, and even, depending on circumstances, have the loan forgiven in 10, 20, or 25 years.
"Need Blind Admissions" and the Financial Aid Process
One part of the admissions process that confuses many students and their families is dealing with financial aid. Some students are concerned that their application will be penalized if it appears that they are seeking financial aid. If this is a worry, they should review whether their target schools practice 'need blind' admissions in one form or another. In addition, there are other students who are challenged by the affordability of college and who actually want financial aid. Both sets of students will find this article useful. Some schools practice 'need blind' admissions. They ensure that the admissions office and the financial aid office do not share information.