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The reduction only applies to subsidized Stafford loans. Luckily, I locked in at a lower rate back in June 2005, and after 3 years of on-time payments, I have a reduction of 1%. This would be great, however, if I was still in school.
GP is right. Dude, why are you even reporting your parents' income on the FAFSA? WHY?! If you have to fill out a supplemental report (as I had to for my individual department) I can understand.
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