Making the Move—

1. Have you submitted your FAFSA information to your new school?

Just because you have applied to a new school doesn’t mean that your FAFSA information has been transferred. Check your most recent FAFSA filing and make sure your new school is a recipient. If not, be sure to do so.

2. Is your new school a Direct Lending institution?

Some colleges participate in the Federal Government’s William D. Ford Direct Loan Program.

3. Complete Stafford Loan Entrance Counseling (Again!)

Even though you completed this at your prior school, you must go through the process again. Your school should have provided information regarding entrance counseling. If it is located in Pennsylvania simply visit www.aessuccess.org and click on “Entrance Counseling” under “Helpful Tools”.

4. Compute how much you need to borrow.

Determine how much you will need to borrow under either the PLUS or Alternative loan programs. It is expected that students will take advantage of Stafford and Perkins loan programs (if offered).

5. Decide how you plan to borrow the money.

Chances are the amount you need to borrow is about the cost of a new car. Don’t worry, you’re not alone. On average, families borrow $23,000 a year to supplement their child’s financial aid package (including loans in the child’s name).

6. Complete the Stafford Loan Master Promissory Note (MPN).

You must complete a new MPN for your new school. Remember, only use AES if you are NOT attending a Direct Lending school.

NOTE: Select “Pay Unsubsidized Interest While In School” if you can afford the $15 monthly payment. It could save you thousands in capitalized interest!

7. Apply for either the PLUS or Alternative Loan.

After reviewing the benefits of both programs you now need to apply for the loan. When applying for a PLUS loan, be sure to increase the loan amount by 4% (the required origination and guarantee fees). When applying for some Alternative loans remember that the loan could be fully disbursed on receipt so be sure to check the terms of the loan first.

8. Create an account at www.aessuccess.org (for PA residents not using Direct Loans)

Whether you are applying for a PLUS, Stafford loan, or Alternative, American Education Services (a division of the Pennsylvania Higher Education Assistance Agency or PHEAA) will handle origination, disbursement and servicing of your loans. Creating an account is a quick and easy way to check your loan status, make a payment or ask a question regarding your account.

9. Sign up for Upromise!

Turn your everyday spending into college savings. Visit www.upromise.com, create an account and register your Weis, Giant or CVS discount cards to get cash back toward student loans. Be sure to link your AES account during the application process.

10. Save money on textbooks!

Your student may already know about buying textbooks online, but if not, you’re missing out on some great savings! Both Amazon.com and Ebay sell millions of college textbooks each year. You can buy them brand new or used and save up to 90% off campus bookstore prices. Once book lists are available on campus (or even online at the college book store), write down the ISBN (International Standard Book Number) for the books you need and start surfing (and saving!).

11. Relax! You’re done!