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Financial Aid & Scholarships Office

 

Financial Aid Changes

Financial Aid & Scholarships Office


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Wind-down of the Federal Perkins Loan Program

Under section 461(b)(1) of the Higher Education Act of 1965, as amended (the HEA), the authority for schools to make a Federal Perkins Loan ended on September 30, 2014​. Thus, absent Congressional action, schools may not make Perkins loans to new borrowers after September 30, 2015.


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Personal Authentication Service (PAS) for FSA ID

Federal Student Aid (FSA) in the U.S. Department of Education is replacing the current PIN system with the Personal Authentication Service (PAS)​ which will employ an FSA ID, a standard user name and password solution. In order to create an FSA ID to gain access to certain FSA systems (FAFSA on the Web, NSLDS, StudentLoans.gov, etc.) a user must register on-line for an FSA ID account. The FSA ID will allow the customer to have a single identity, even if there is a name change or change to other personally identifiable information. The information collected to create the FSA ID enables electronic authentication and authorization of users for FSA web-based applications and information and protects users from unauthorized access to user accounts on all protected FSA sites.​​


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Change in the Duration of a Credit Check

Beginning March 29, 2015, the duration of a credit check will be changed from 90 days to 180 days. The change to 180 days will also be applied to all credit checks on the U.S. Department of Education's COD System prior to March 29, 2015. For example, if a credit check was performed on November 30, 2014, that credit check would expire on February 28, 2015 under the current 90-day standard. After March 29, 2015, the credit check expiration date will be updated from February 28, 2015 to May 29, 2015, 180 days from the date the initial credit check was performed.


Sequester Required Origination Fee Increase

The Direct Loan Origination (processing) Fee increased on October 1, 2014 to 1.073% for the Direct Stafford Loans and 4.292% for the Direct PLUS Loans. Your Direct Loan is reduced by this origination (processing) fee before the funds are sent to the University.


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Sequester Required Changes to the Title IV Student Aid Programs

This Department of Education letter explains the sequester required Direct Loan origination fee increase, reduction of the Iraq-Afghanistan Service Grant award, and reduction of the TEACH Grant award.


Direct Loan Interest Rates for 2014-2015

Interest rates are established each year for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans for which the first disbursement is on or after July 1 through the following June 30.

The chart below displays the resultant interest rates for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed on or after July 1, 2014 and before July 1, 2015.

​​​Interest Rates Effective for Loans First Disbursed (paid) on or after July 1, 2014 and prior to July 1, 2015  ​​ ​ ​
Loan Type ​Borrower Type ​Fixed Interest Rate
​Direct Subsidized & Unsubsidized Loans ​Undergraduate Student ​4.66%
​Direct Unsubsidized Loan ​Graduate Student ​6.21%
​Direct PLUS Loan ​Parent of Dependent Undergraduate Student and Graduate/Professional Student ​7.21%
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