Welcome Back Students!

We hope that you have had a wonderful holiday break and are eager to get off to a strong start this spring semester.  The Office of Student Financial Aid would like to take this opportunity to update you on recent changes to regulations affecting federal student financial aid.  Below is a list of changes made by the Budget Control Act of 2011, the Consolidated Appropriations Act, 2012 and other regulatory enactments.  Please read this information carefully as you prepare for the 2012-13 academic year. 

Pell Grant Changes    

      The maximum number of equivalent full-time semesters a student is eligible to receive a Pell Grant is now12 semesters for all students. 

·     The maximum Expected Family Contribution (EFC) for which a student is eligible to receive a Pell Grant will decrease from 5273 to 4995.  Students with an EFC of 4996 or higher will not be eligible for a Pell Grant for the 2012-13 academic year. 

Changes Affecting Loans

·     The in-school loan interest subsidy for graduate and professional students has been eliminated for all new loans as of July 1, 2012.  This means graduate and professional students will be eligible for unsubsidized loans only after July 1, 2012. 

·     Many Direct Loan repayment incentives are now prohibited, including the up-front interest   rebate, effective with new loans disbursed on or after July 1, 2012.

·     The interest subsidy offered during the six-month grace period on subsidized loans is eliminated for new loans made between July 1, 2012 and July 1, 2014.  Loan repayment still begins six months after the student is no longer enrolled at least half-time, but interest that accrues during those six months will no longer be subsidized by the federal government.  It will be the responsibility of the student to pay the interest during the grace period. 

·     For loans created on or after July 1, 2012, the interest rate will increase to 6.8% on subsidized  loans and will remain at 6.8% on unsubsidized loans.

Auto Zero Calculation

The income threshold for calculating the Auto Zero Expected Family Contribution (EFC) will decrease from $31,000 to $23,000.  This will result in fewer families automatically qualifying for a zero EFC.

Please remember to file your 2012-13 FAFSA as early as possible and before the priority date of March 1. We wish you much success for a happy, healthy new year and a productive spring semester.

 

FINANCIAL AID INFORMATION DAY

Plemmons Student Union

Wednesday, January 25, 2012

10:00 a.m. - 2:00 p.m.

There will be information available on:

• 2012-2013 FAFSA
• 2012 Summer School and Study Abroad
• U.S. Dept. of Education PIN

Counselors will be available in the Plemmons Student Union to answer your general questions about completeing the 2012-2013 FAFSA.

IMPORTANT FAFSA DEADLINE:

MARCH 1, 2012- Priority date to submit the 2012-2013 FAFSA

As the spring 2012 semester approaches, the Office of Student Financial Aid would like to remind students of key federal regulations affecting financial aid policies. 

 

1.       Student enrollment status is established as of the end of the drop/add period which for the spring semester is January 23, 2012.  The hours for which you are enrolled at the end of drop/add will be the hours on which financial aid is based.  Students must be enrolled at least half time to receive Federal student loans and most other Federal aid.

 

Your financial aid will not be adjusted for hours added or dropped (unless you drop all hours, which is withdrawal from the University) after the drop/add period has ended. If you stop attending a class, you are required to officially drop the class. If you stop attending all of your classes, you are required to officially withdraw from the University.

 

Audit (AU) hours are not acceptable for determining your enrollment status to receive financial aid.

 

2.       Only courses that meet your degree requirements are counted in your enrollment status for purposes of calculating financial aid. Courses that do not meet your degree requirements are not allowed for financial aid purposes.  If you have met your degree requirements, you are ineligible to receive financial aid until you are accepted into a new degree program. It is your responsibility to ensure that all courses you are enrolled in are required for your degree program as listed on the appropriate degree check sheet. Courses not required for your degree program may not be counted in the enrollment status for financial aid eligibility. If you are registered for courses that do not meet your degree requirements, your financial aid will be adjusted or canceled accordingly.

 

If you have questions regarding your enrollment and financial aid eligibility, please contact or visit the Office of Student Financial Aid.  We wish you all the best for a successful semester.

FALL SEMESTER ONLY STUDENTS

If you are graduating in December 2011, or have loans for fall semester only, you must complete all requirements and all loan processing by the last day of the semester, December 16, 2011, by 12pm, in order to receive student loan proceeds. Due to federal regulations, we are unable to process a fall loan or fall award after this deadline.