Changes in Financial Aid Eligibility - Summer 2012 & 2012-2013
Here are some important information items you need to be aware of related to financial aid eligibility for the 2012-2013 academic year:
- Change in Pell Grant Duration of Eligibility: Beginning with the 2012-2013 academic year, the duration of a student's eligibility to receive a Pell Grant has been reduced from 18 semesters (or its equivalent) to 12 semesters (or its equivalent). The calculation of the duration of a student's eligibility will include all years of the student's receipt of Pell Grant funding. If a student has received the equivalent of 12 full-time semesters of Pell Grant, he/she will no longer be eligible for Pell Grant funding.For information on how we calculate the "equivalent of six years" click on the following link: www.studentaid.ed.gov/pell-limit
- Beginning July 1, 2012, graduate/professional students will no longer be eligible for Subsidized student loan. If you are a graduate/professional student who has been offered Subsidized loan for Summer 2012 and wish to accept it, then you will need to do so well before June 30th so that the loan can be originated and disbursed prior to the July 1, 2012 cut-off. Graduate/professional students will only be eligible for Unsubsidized student loans after July 1, 2012.
- Effective for loans first disbursed on or after July 1, 2012, the up-front interest rebate previously provided to Direct Loan borrowers at the time of loan disbursement will no longer be offered.
- The interest subsidy on Direct Subsidized Loans during the six-month grace period provided to students when they are no longer enrolled in at least a half-time basis has been eliminated for new Stafford Loans made on or after July 1, 2012. Interest on Subsidized Loan will begin accruing as soon as the student enters their grace period.
If you have any questions or concerns related to your financial aid, please contact the ISU Financial Aid Office at (208) 282-2756 or Idaho Falls at (208) 282-7704.