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Financial Aid

 

Financial Aid Changes

Financial Aid Office


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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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2013-2014 Updates:

Direct Loan Interest Rate Reduced:

On Friday, August 9, 2013, President Obama signed the Bipartisan Student Loan Certainty Act of 2013. The new law amends the Direct Loan interest rate section of the Higher Education Act of 1965. Click on the link above for the interest rates for loans that first disbursed on or after July 1, 2013 through June 30, 2014.


Direct Subsidized Loan Eligibility Time Limitation for First-Time Borrowers:

There is a maximum period of time (measured in academic years) that a student can receive Direct Subsidized Loans. In general, you may not receive Direct Subsidized Loans for more than 150% of the published length of your program. For example, if you are enrolled in a 4-year bachelor’s degree program, the maximum period for which you can receive Direct Subsidized Loans is 6 years (150% of 4 years = 6 years). Click here for more information and to see some examples that show how your maximum eligibility period can change if you change programs.


IRS Retrieval Tool

IRS Retrieval Tool (FAFSA)


Sequestration:

2013-14 Sequestration Changes to the Title IV Student Aid Programs (updated 10/25/2013)

IMPORTANT UPDATE: TEACH Grant: Further Changes to Sequestration Required Reductions (5/31/2013)

Update: Impact of Sequestration on Iraq-Afghanistan and TEACH Grant Programs (4/26/2013)

​Update: Impact of Sequestration on the Title IV Student Financial Assistance Programs (4/5/2013)

​Update: Impact of Sequestration on the Title IV Student Financial Assistance Programs (3/15/2013)

Impact of Sequestration on the Title IV Student Financial Assistance Programs (3/1/2013)

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