OTHER FINANCIAL AID POLICIES
There are significant changes to federal and state aid programs. These changes greatly impact our eligible financial aid applicants and we highly recommend you read and understand these changes as they may affect you.
New Changes for 2013-2014:
- During the current federal budget sequestration enacted March 1, 2013, the origination fees for loans disbursed after July 1, 2013 and prior to December 1, 2013, are 1.051% for Direct Subsidized and Unsubsidized and 4.204% for Direct PLUS loans. For loans with a first disbursement of December 1, 2013 or later the revised sequester loan fees are 1.072% for Direct Subsidized and Unsubsidized loans and 4.288% for Parent and Graduate PLUS loans.
- Beginning July 1, 2013, the interest rates for Direct Loans are as follows:
Subsidized - 3.86% Unsubsidized - 3.86% GRAD PLUS - 5.41% PLUS - 6.41%
Changes effective 2012-2013:
- As of July 1, 2012, all Federal Direct Subsidized and Unsubsidized loans will have a 1% origination fee applied at disbursement, and the Direct PLUS loan will have a 4% origination fee applied at disbursement. New origination fees are effective for 2013-2014.
- Graduate and professional students are no longer eligible to receive subsidized loans made for payment periods beginning on or after July 1, 2012. However, if you are a graduate or professional student, you may still qualify for up to $20,500 in unsubsidized loans each year.
- Federal Direct Subsidized Loans originated before July 1, 2012, interest is deferred while the borrower is enrolled at least half-time, during grace periods and periods of deferment.
- To learn more, visit: Federal Direct Loans.
There have been significant changes for the 2013-2014 academic year, on how students accept and find employment for the Federal Work Study program. Key changes include:
- FWS awards cannot be accepted from the award letter. The FWS eligible student must first secure employment.
- FWS jobs will now be available through Career Connection beginning August 1.
- There two orientations available to understand these program changes. Orientations are not required but highly recommended.
- For complete information on the Federal Work Study program visit: FWS Students
The maximum Pell Grant an eligible student may receive is for the equivalent of 12 full-time semesters or six years (600% of their Pell Grant eligibility). Visit the NSLDS website to determine the percentage of Pell Grant you have received. To learn more, visit: Federal Pell Grant. This change was effective beginning in Fall 2012.
The following changes are effective as of Fall 2013:
- Students pursuing a 2nd Bachelor's degree, 2nd Credential, or 2nd Master's degree are not eligible to receive the State University Grant.
- A student's lifetime eligibility for SUG will have an earned unit cap based on the number of units required to graduate in their declared major (see chart below).
- A student will no longer be eligible for the State University Grant once the earned unit cap is reached (see chart below).
|Units||SUG Capped at|
|< 150 Units|
|Undergrad Transfer Units||less than 75 Units transferred||150 earned Units (Transfer + CSU units)|
|Undergrad Transfer Units:||more than 75 transferred||75 earned Units (at CSU)|
|SUG Capped at|
|Teaching Credentials||Teacher and credential students cannot accumulate more than 30 earned units *|
*For credential programs in which the program length is more than 30 units, the campus may fund up to the required program length.
|Masters||SUG Capped at|
|Graduate Degree Requires||Units vary by degree||125%* of units required for degree|
* Includes all prior master's degree objectives (including Extended Ed) & graduate transfer Units
Prior Degree: 2nd BA, 2nd MA, 2nd Credential
|Units||SUG Capped at|
|Prior Degree: 2nd BA, 2nd MA, 2nd Credential||Not Eligable||Not Eligible|
Important Note: Earned units for grades D- or above are counted when determining unit cap for SUG.
Units not considered against total units earned include:
- Remedial coursework that does not carry credit toward degree;
- Test Credit (AP, IP, etc.);
- Military Credit.
Updated 05-07-2013 // Rev. 10/23/13