Question

Are there any changes in financial aid/financial aid rules for this school year? What are they?

Answer

Yes there are.  One big change is in Pell Grant eligibility.  In years past, an individual could maintain eligibility for this grant for up to 9 years.  With new rules in place, however, students can now only receive the Pell Grant for a maximum of 6 years.  Additionally, students without a diploma or GED can no longer receive aid for college courses.  News for Stafford Loan recipients also includes a temporary change to grace periods and interest.  While loan grace periods have usually been 6 months in duration (meaning you have 6 months AFTER graduating to begin paying), the interest will now begin racking up immediately following graduation.

Categories: Financial Aid | Grants | Student Loans
Tags: financial aid 2012-2013 financial aid changes pell grant student loans

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