As a result of recent legislative changes, you should be aware of a number of new requirements for the federal student aid programs. Most of these changes are effective with July 1, 2012. Here’s an overview of the changes that could impact your financial aid for the upcoming academic year and in the future.
Pell Grant Duration of Eligibility: Once you have received a Pell Grant for 12 semesters, or the equivalent, you will no longer be eligible for additional Pell Grants.
Direct Student Loan Changes
- Direct Subsidized loans will not be eligible for an interest subsidy during the six-month grace period.
- All subsidized loans made to undergraduate students will have a fixed interest rate of 6.8%.
- Graduate and professional students are no longer eligible to receive subsidized loans.
- The U.S. Department of Education can no longer offer borrowers repayment incentives.
For more information on these changes, please visit http://studentaid.ed.gov/PORTALSWebApp/students/english/recentChangesSA.jsp