Effective 2012-2013 aid year, there have been recent changes in law that impact federal student aid programs and may affect your financial aid awards:
- Eligibility of Students without a High School Diploma: Students enrolling in post-secondary education for the first time must have a high school diploma, GED, home schooling diploma (or CHSPE certificate) to qualify for federal student financial aid. The ability to benefit test (ATB) has been eliminated.
- Pell Grant lifetime limit: Students will be limited to 12 fulltime semesters (6 years) of Pell Grant. This provision is retroactive. To learn more about the Pell Grant Lifetime Eligibility Used (LEU), go to: http://studentaid.ed.gov/es/node/130.
For more information on Your LEU go to: http://www.nslds.ed.gov/nslds_SA/.
- Elimination of Grace Period Interest Subsidy: This provision eliminates the interest subsidy provided during the 6 month grace period for Direct Subsidized Loans for which the first disbursement is made on or after July 1, 2012. Students receiving a subsidized loan during this timeframe will be responsible for the interest that accrues on the loan during the grace period. If a student does not pay the interest accrued, the interest will be added to the principal amount of their loan when the grace period ends.