Loan origination fees will increase for loans with a first disbursement made on or after July 1, 2013. The increased rates are as follows:
TEACH Grant: All awards with a first disbursement after March 1, 2013 are subject to a 6.01% across-the-board reduction, due to sequestration. For example, if the award is $2,000 based on the award schedule, the amount will be reduced by 6.0% or $120. The new award amount will be $1,880.
Iraq-Afghanistan Service Grant: All awards with a first disbursement after March 1, 2013 will be reduced by 10% from the award amount for which the student would otherwise have been eligible to receive.
Due to the Moving Ahead for Progress in the 21st Century Act (enacted July 6, 2012), a new borrower on or after July 1,2013 cannot receive subsidized loans for more than 150% of the published length of the borrower's educational program. For example, if a student is enrolled in a 4 year program, they can receive 6 years of subsidized loans, if eligible. The law also states that a borrower who becomes ineligible for subsdized loans because of the 150% limit is ineligible for interest subsidy benefits on all subsidized loans first disbursed to that borrower on or after July 1, 2013.
Due to the Consolidated Appropriations Act, 2012, the following federal programs were impacted:
A student who completes the academic requirements for a program, is not eligible for further additional federal aid funds for the program.
New listings for jobs continue to be updated on eRecruiting. New fall 2013 students will have access beginning August 1, 2013.
Last Updated: 6/3/13