Important Financial Aid Changes:

There have been many changes to financial aid programs due to changes in Federal and State regulations in the last few years that may affect you. These changes apply to all students unless otherwise indicated. You should review these changes carefully and plan ahead for your educational future. If you have questions or concerns, visit our financial aid office.

 

Decrease in the Maximum Lifetime Eligibility for a Pell Grant

Congress reduced the duration of a student’s eligibility to receive a federal Pell Grant to 12 full-time semesters (or its equivalent).

 

Elimination of the Ability to Benefit (ATB) Provisions

Students enrolling for the first time after July 1, 2012 must have a High School Diploma, GED or state equivalent to be eligible for any federal financial aid. Students will no longer have the option to pass an ATB test or to successfully complete 6 core/degree applicable units to gain eligibility for federal financial aid.

 

Elimination of the Interest Subsidy for Direct Loans during the Grace Period

For new loans first disbursed on or after July 1, 2012 through June 30, 2014, the federal government will no longer subsidize (pay) the student loan interest during the six month grace period. The grace period is the time between when the student graduates or drops below half-time status and the time when the student must start repaying the loan. Students are encouraged to check with their Loan Servicer for any available options to assist with their loan repayment.

 

Eligibility for Direct Loan Interest Subsidy Limited Starting July 1, 2013

As a result of legislation enacted in July 2012, eligibility for the Direct Loan interest subsidy will be limited for new borrowers on or after July 1, 2013.  The law restricts the period of time for which a borrower may receive subsidized loans to 150% of the published length of the student's current educational program.  Once the student reaches that limit, he or she may borrow only unsubsidized loans, and interest begins to accrue on the student's outstanding subsidized loan.


IRS Tax Transcript Required

Students that do not use the IRS Data Retrieval when completing their FAFSA online, and who must verify their tax and income information, must provide an IRS Tax Transcript to our office. We can no longer accept copies of federal tax returns (1040EZ, 1040A, 1040). To request an IRS Tax Transcript, students can call 1-800-908-99461-800-908-9946 or order it online at http://www.irs.gov/Individuals/Get-Transcript.