The Federal government regularly makes changes to the aid programs.
Here are some of the most significant changes for academic year 2012-2013, including major changes through July 2, 2012.
Pell Grant
There is a big change to the maximum lifetime limit for receipt of Pell. A student otherwise eligible for Pell Grant for 2012-2013 can only receive Pell for 2012-2013 within a 12 equivalent full-time semester payment lifetime maximum. The Federal government is monitoring and calculating these payment numbers. We don't not know yet how they will be notifying you or us. This means that at some point you may appear to be eligible - and Pell may even be applied to your bill --- but when the count is applied the Pell may go away. DETAILS at
http://www.ifap.ed.gov/eannouncements/attachments/040612CalPGLifetimeEligUsedSAOTWPage.pdf
Loans under the Direct Loan Program
--- Interest rates are increasing for 2012-2013 --- NOTE temporary reversal of this on June 29, 2012
--- The grace period WILL NOT be an eligible period for interest subsidy
--- Students in graduate degree programs WILL NOT be eligible for the subsidized version of the Direct Loan.
--- ADDED restriction for some borrowers related to total number of loan semesters / not effective until 2012-2013 - added June 29, 2012
More information is on the web at
http://studentaid.ed.gov/PORTALSWebApp/students/english/recentChangesSA.jsp AND at
http://www.nasfaa.org/advocacy/News/Congress_Temporarily_Extends_3_4__Rate_on_Subsidized_Student_Loans.aspx
