Alerts
Federal Direct Subsidized loan interest rate to increase
On July 1, 2012, the interest rate on Federal Direct Subsidized Loans is anticipated to increase from 3.4% to 6.8%. Watch what President Barack Obama and Jimmy Fallon have to say about the anticipated federal student loan interest rate increase -- aired on Fallon's show Tuesday, April 24, 2012.
New legislation impacts federal aid programs
The recently passed Consolidated Appropriations Act, 2012, has impacted the following Federal programs:
- Federal Pell Grant Duration of Eligibiity (effective with the 2012-13 award year) – Eligibility to receive a federal Pell grant is now limited to 12 semesters (or its equivalent) for all Undergraduate eligible students and includes all years of the student's receipt of federal Pell grant funding.
- Grace Period Interest Subsidy – Temporary elimination of interest subsidy provided on Direct Subsidized loans during the six month grace period provided to students when they are no longer enrolled in at least a half-time basis. This change will be effective for new Direct Loans for which the first disbursement is made on or after July 1, 2012, and before July 1, 2014.
The recently passed Budget Control Act of 2011 has impacted the following:
- Graduate and professional students are no longer eligible to receive Direct Subsidized loans, beginning July 1, 2012.
- Federal Direct Subsidized and Unsubsidized loan disbursements will have a 1% origination fee, and Federal Direct PLUS loans will have a 4% origination fee applied at disbursement, beginning July 1, 2012.
Federal Aid once undergraduate degree requirements are met
Once degree requirements are met for a first undergraduate degree, students are no longer eligible for PELL Grant or SEOG funding. Students are eligible for Federal Direct Loans if they have not reached their undergraduate aggregate loan limit.
Looking for semester employment?
New listings for jobs continue to be updated on eRecruiting.
