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2013 Changes to Federal Student Aid - Sequestration
Changes to Federal Student Aid as a result of "Sequestration" (widespread cuts)
On August 2, 2011, Congress passed the Budget Control Act (BCA) of 2011, which put into place an automatic process of "across-the-board" Federal budget cuts, known as the sequester, to take effect if Congress failed to enact legislation to reduce the Federal deficit.
- 2013-2014 Federal Pell Grant Awards
Federal Pell Grants will remain unaffected through 2013-14.
- 2013-2014 Federal SEOG and Federal College Work-Study Funding
Final information on the effects of Sequestration on the FSEOG and Federal College Work-Study (FCWS) programs at SU will be announced in late Spring. Currently, there have been no cuts to the University's funding for FSEOG or FCWS due to Sequestration.
- Direct Loan Origination Fees
In August 2, 2011, Congress passed the Budget Control Act of 2011, which put into place automatic federal budget cuts, known as the "sequester." While this law does not otherwise change the amount or terms or conditions of your Direct Loan, it does raise loan fees on Direct Subsidized, Direct Unsubsidized and Direct PLUS Loans first disbursed after March 1, 2013.
Specifically, the fee on Direct Subsidized and Direct Unsubsidized loan will increase from 1.0 percent of your loan amount to 1.051 percent. For example, the fee on a $5,500 loan will increase by $2.80 from $55.00 to $57.80. Likewise, the fee on Direct PLUS loans for both parent and graduate and professional student borrowers will increase from 4.0 percent of your loan amount to 4.204 percent. For example, the fee on a $10,000 PLUS loan will increase by $20.40 from $400.00 to $420.40.
If you accept the loan that has been or will be disbursed for you, you will be agreeing to this higher fee and there is nothing you need to do at this time. However, if you wish to cancel or reduce your loan, you may do so by contacting the SU Financial Aid Office.
- Iraq-Afghanistan Service Grants
Iraq-Afghanistan Service Grants for which the first disbursement is made on or after March 1, 2013, are subject to a 37.8 percent reduction of the student's calculated award.
- TEACH Grants
TEACH Grants for which the first disbursement is made on or after March 1, 2013, are subject to a 12.6 percent reduction of the student's calculated award. The reduction would not apply to TEACH Grant awards for which the first disbursement was made before March 1.