Federal Aid Updates, Effective 7/1/2012
The following are three important changes to the Federal student aid programs, effective July 1, 2012:
- Federal Pell Grant eligibility will be limited to no more than 12 semesters of full-time enrollment or the equivalent. Learn more about Pell Grant eligibility limits.
- The Ability to Benefit alternative to the standard high school diploma will be eliminated, only students with a standard high school diploma, its equivalent(GED) or authorized home schooled will be eligible for federal aid. Students seeking the ATB alternative through ACCUPLACER CPT must have passing test scores no later than June 30, 2012 and either be previously enrolled or currently enrolled in an ATB eligible program no later than Summer Term 2011-3 (2nd 6 week period).
- Interest subsidy during the six month grace period on all new Federal Direct Stafford loans after July 1st 2012 and beyond will be eliminated. The repayment period still begins six months after the student is no longer at least enrolled half time, but the interest accrued during those six months is payable to the federal government.
Federal Subsidized Student Loan Borrowing Limitations
As of July 1, 2013, a first-time Federal Subsidized Student Loan borrower is no longer eligible for the Subsidized Student Loan program if he or she exceeds 150% of the published length necessary to graduate within the student’s current academic program.
In addition, a borrower reaching the 150% limit becomes ineligible for the interest subsidy benefits on all Federal Subsidized Loans disbursed to the borrower on or after July 1, 2013.
Summer Financial Aid Eligibility Information
Please be advised that all summer awards are tentative and may be adjusted or canceled after spring term grades are posted and eligibility requirements are assessed.
Please check your award status prior to May 15, 2013 to confirm your summer financial aid eligibility.