Whats new in Financial Aid
Changes to Federal Pell Grant funds you may receive over your lifetime:
The amount of Federal Pell Grant funds you may receive over your lifetime is limited by a new federal law to be the equivalent of six years of Pell Grant funding. Since the maximum amount of Pell Grant funding you can receive each year is equal to 100%, the six-year equivalent is 600%.
Your scheduled award
- is partially determined by using your Expected Family Contribution (EFC) that is calculated from the information you (and your family) provided when you filed your Free Application for Federal Student Aid (FAFSASM);
- is the maximum amount you would be able to receive for the award year if you were enrolled full-time for the full school year; and
- represents 100% of your Pell Grant eligibility for that award year.
Percent used: To determine how much of the maximum six years (600%) of Pell Grant you have used each year, the U.S. Department of Education (ED) compares the actual amount you received for the award year with your scheduled award amount for that award year. Of course, if you receive the full amount of your scheduled award, you will have used 100%. It’s possible that you might not receive your entire scheduled award for an award year. There are a number of reasons for this, the most common of which are that you are not enrolled for the full year or that you are not enrolled full-time, or both.
If you did not receive the full amount of your scheduled award, we calculate the percentage of the scheduled award that you did receive. For example, if your scheduled award for an award year is $5,000, but because you were enrolled for only one semester you received only $2,500, you would have received 50% of the scheduled award for that award year. Or if you received only $3,750 for the award year because you were enrolled three-quarter-time and not full-time, you would have received 75% for that year.
Lifetime Eligibility Used (LEU): ED keeps track of your LEU by adding together the percentages of your Pell Grant scheduled awards that you received for each award year.
Financial Awareness Counseling provides tools and information to help you understand your financial aid and assist you in managing your finances. Topics include:
- Understand Your Loans
- Manage Your Spending
- Plan to Repay
- Avoid Default
- Make Finances a Priority
New Federal Requirements for students selected for verification for 2012-2013
Financial aid applicants will be required to link their IRS data with their FAFSA or submit a tax transcript.
- IRS data is available for linking 2 weeks after filing if you file electronically, or 8 weeks after filing if you submit a paper copy of your tax return to the IRS.
- Linking will pre-fill all of your tax information into the FAFSA.
- If you complete your FAFSA before your tax return is available to link to the IRS, you will be required to go back to your FAFSA and make corrections.
- To request a tax transcript go to: www.irs.gov and click "Order a Return or Account Transcript" under the Tools option.
- Choose your transript: Make sure you request the Tax Return Transcript (not the Tax Account Transcript).
Federal Loan Changes for 2012-2013
The Budget Control Act of 2011 was passed on August 2, 2011. Some of the provisions in the act impact federal student loan programs. These changes will not affect the amount of loan funding available. However, loan funding will become more expensive. Here are the key provisions affecting future federal undergraduate student loans:
- Loss of “origination fee rebate” affecting Direct Loans and Parent PLUS: Currently, there is a 1% origination fee on a Direct Loan and a 4% fee on PLUS loans, but a portion of the fee, .5% for a Direct Loan and 1.5% for a PLUS, is rebated at the time of disbursement. Beginning July 1, 2012, the full fee will be charged.
- Loss of interest rate reduction affecting Direct Loans and Parent PLUS: The up-front interest rebate that has been provided to Direct Loan borrowers at the time of their loan disbursement will no longer be offered on any Federal Direct Loan with a first disbursement date that is on or after July 1, 2012.
- The law continues to authorize the Department of Education to offer interest rate reductions to Direct Loan borrowers who agree to have electronic payments automatically debited from a bank account.
- Office Hours: Monday - Friday, 8am - 5pm EST
- Phone: Call toll free at 1.800.955.4464, ext. 7859
- FAX: 810.762.9807