一道本不卡免费高清Every year, many of the federal financial aid regulations are up for review and approval by the federal government. The government maintains the right to modify all Title IV federal student aid regulations at any time during the year should there be budgetary or regulation issues that need to be addressed immediately. The Financial Aid Office will be able to answer any specific questions regarding how these changes might or might not affect you and your financial aid award for the upcoming school year.
AY2019-2020 Federal DIRECT LOAN INTEREST RATES (July 1, 2019 through June 30, 2020)
- Direct Unsubsidized Loan Fixed Interest Rate is 6.08%
- Direct Graduate PLUS Fixed Interest Rate is 7.08%
Federal DIRECT LOAN ORIGINATION FEES (for loans first disbursed on or after October 1, 2019 and before October 1, 2020)
- Direct Unsubsidized Loan Origination Fee on or after October 1, 2019 is 1.059%
- Direct Graduate PLUS Loan Origination Fee on or after October 1, 2019 is 4.236%
Student Loan Forgiveness Linked to Income
Student loan forgiveness will now strictly be linked to student incomes and will impact a percentage which can be forgiven. Secretary of Education, Betsy Devos, explained in the announcement that “this improved process will allow claims to be adjudicated quickly and harmed students to be treated fairly,” adding that it “also protects taxpayers from being forced to shoulder massive costs that may be unjustified.”
There is a sliding scale, based on the gainful employment data of their peers in the same program, as to how it could impact the percentage of forgiven loans. For example, students whose current earnings are less than 50 percent of their peers from a comparable postsecondary program will receive full relief. Students whose earnings are at 50 percent or more of their peers from a comparable postsecondary program will receive “proportionally tiered relief to compensate for the difference.” The underlying goal is to ensure that the loan discharge takes into consideration any benefit students did reap from their program.
Critics of the Department of Education’s Student Loan Discharge Reforms
The DeVos led ED team had been pushing for reforms ever since entering office and the new sliding scale system is not without its critics. “This is a bad idea for a host of reasons,” Ben Miller, the senior director for postsecondary education at the Center for American Progress, said on Twitter. “It ignores the question of whether you actually got a job in that field, what your long-term career prospects are, the massive cliff effects, and it’s comparing graduates to some potential dropouts.”
Alert: Borrowers on an IDR Plan Who Haven't Submitted Their Annual Renewal Documentation!
Borrowers on IDR plans that do not recertify their income and family size on time forces them into the Permanent Standard plan, which could result in a much higher monthly payment.
2018-2019 Direct Loan Origination Fees (October 1, 2018)
2018-2019 Direct Loan Interest Rates (July 1, 2018)
2017-2018 Direct Loan Interest Rates (July 1, 2017)
2017-2018 Direct Loan Orignation Fees (October 1, 2017)
Prior-Prior Year (PPY) FAFSA begining with AY2017-2018
2016-17 Direct Loan Interest Rates (July 1, 2016)
PLUS Loan Entrance Counseling Requirement effective March 29, 2015
2015-16 Direct Loan Interest Rates (July 1, 2015)
Further Impact of Sequestration on Student Loans (Nov. 2013)
Impact of the Government Shutdown on Federal Student Aid Systems (Oct. 2013)
Impact of Sequestration on Student Loans
. We cannot disburse loan proceeds to a student subject to this new requirement until we have received confirmation of its completion.
While Department of Education offices are closed during the partial government shutdown, the majority of Title IV (Federal Student Aid) processors, contact centers, and Web sites remain operational. Students may continue to complete FAFSA applications, promissory notes, and entrance counseling and may continue to request and receive federal student aid. Additionally, all federal student loan servicing will remain operational and the Department will continue processing consolidation applications via the Direct Consolidation Loans website. Questions related to federal student aid processing during the government shutdown may be directed to the Consortial Financial Aid Office at email@example.com.
一道本不卡免费高清Under the Budget Control Act of 2011, additional sequester funding reductions took effect with the start of the 2014 Federal fiscal year (FY 2014). The information here applies to FY 2014 only:
As of October 1, 2013, the sequester increases the origination fees charged to Direct Loan borrowers beyond last year's increases. The new loan fee percentages will apply only with regard to loans where the first disbursement is made on or after December 1, 2013. The new loan fees are 1.072 percent for Direct Subsidized Loans and Direct Unsubsidized Loans and 4.288 percent for Direct PLUS Loans (both parent and graduate student PLUS Loans). The loan fees on Direct Loans where the first disbursement was or will be made on or after July 1, 2013 and prior to December 1, 2013 continue to be those noted below (see 'Sequestration and New 2013-14 Direct Loan Fees, below) - 1.051 percent for Direct Subsidized and Direct Unsubsidized Loans and 4.204 percent for Direct PLUS Loans, regardless of when any second or subsequent disbursements are made.
The increased loan fee percentages must be applied to any loan disbursement for a loan where the first disbursement will be made on or after December 1, 2013. This includes loans that will be made for the remainder of the 2013-2014 academic year and loans that will be made for summer 2014. At this time, we have no information about the amount of the loan fees for Direct Loans that will be first disbursed on or after October 1, 2014.