SALT Financial Literacy
SALT is a free, online resource that helps students finance their higher education, manage any student loans, and build personal finance skills.
Emporia State University has teamed up with the nonprofit organization American Student Assistance to offer this free program for all students and alumni.
Join SALT to get free tips and tools to take carge of your money during college and beyond.
SALT can help you with:
Ready to sign up?
Visit saltmoney.org/emporia to get started today!
Have questions about managing your student loans?
Call loan support at 877.523.9473 or email firstname.lastname@example.org.
Need help with your SALT membership or using the website?
Call member support at 855.469.2724 or email email@example.com.
Direct Stafford Loans Interest Rates for 2014-2015
On July 1, 2014, the subsidized interest rate and unsubsidized interest rate will change to 4.66% for undergraduates. Graduate students are not eligible for interest subsidies as of July 1, 2012, and the unsubsidized interest rate for graduate students will change to 6.21%. Parent PLUS and Graduate PLUS loans will also see a change in interest rate to 7.21%. Please note these interest rates are variable-fixed, meaning that the interest rate can change every July 1, but any loan taken under that rate will remain fixed for the life of the loan. While this was announced on May 7, 2014, the new interest rates will affect any loan taken on or after July 1, 2014. The origination fees are as follows:
|First Disbursement of loan occurs before October 1, 2014||First Disbrusement of loan occurs on or after October 1, 2014|
|Direct Stafford Loan (Subsidized/Unsubsidized)||1.072%||1.073%|
Direct PLUS Loan (Parent and Grad/Prof)
It's time to complete the FAFSA for the 2014-2015 aid year. The 2014-2015 FAFSA covers eligibility at Emporia State University from Summer of 2014 through Spring of 2015. You can get started at www.fafsa.gov. Please note that Emporia State University's priority date is March 15, 2014.
Direct Stafford Loans Interest Rates for 2013-2014
As of August 9, 2013, the subsidized interest rate and unsubsidized interest rate was changed to 3.86% for undergraduates. Graduate students are not eligible for interest subsidies as of July 1, 2012, and the unsubsidized interest rate for graduate students was changed to 5.41%. Parent PLUS and Graduate PLUS loans also saw a change in interest rate to 6.41%. Please note that the interest rates also changed from fixed to variable-fixed, meaning that the interest rate can change every July 1, but any loan taken under that rate will remain fixed for the life of the loan. While signed into law on August 9, 2013, the interest rates are retroactive and affect any loan taken on or after July 1, 2013. The origination fees are as follows:
|First Disbursement of loan occurs before December 1, 2013||First Disbrusement of loan occurs on or after December 1, 2013|
|Direct Stafford Loan (Subsidized/Unsubsidized)||1.051%||1.072%|
Direct PLUS Loan (Parent and Grad/Prof)
Time Limitation on Direct Subsidized Loan Eligibility
The Moving Ahead for Progress in the 21st Century Act passed by the federal government has altered the time frame for students to receive Direct Subsidized Loans in their undergraduate and post-baccalaureate programs. Beginning with loans originated on or after July 1, 2013, a new first-time borrower’s eligibility period for Direct Subsidized Loans will be limited to no more than 150% of the published length of the borrower’s academic program. The eligibility period for a 4-year degree would be 6 years. Once a student exceeds the 150% eligibility period any Direct Subsidized Loans disbursed on or after July 1, 2013 will lose their subsidy and the student will become responsible for the interest that accrues on those loans.
Federal Pell Grant Lifetime Eligibility
The Consolidated Appropriations Act of 2012 has changed the duration of eligibility to a maximum of 12 semesters, or its equivalent (600%). This change is effective with the 2012-2013 aid year, but is applicable to all Pell grant recipients, i.e. it is retroactive. Please note that if you have been awarded a Pell grant for 2012-2013, the award is an estimate as we wait for further guidance from the Department of Education on how to identify Pell grant recipients who may be or are over the new limit.
Elimination of Interest Rebate and Graduate Subsidies
The Budget Control Act of 2011 passed by the federal government has altered Direct Loans. Beginning with loans originated on July 1, 2012, Federal Direct loans will no longer have the up-front interest rebate. The up-front interest rebate was used to reduce the overall origination fee as long as borrowers paid the first twelve consecutive repayments on time. Since the current origination fee is 1% and the rebate is 0.5%, this meant that a $2,500 loan's net disbursement would be $2,488; however, without the rebate, the net disbursement to the borrower would be $2,475.
Also as a result, graduate and professional students who have loans made with a loan period starting on or after July 1, 2012 are no longer eligible to receive Direct Subsidized Loans. Since the summer loan period at Emporia State University begins prior to July 1, 2012, graduate and professional students can still receive Subsidized Stafford Loans for the summer 2012 term. Beginning with the fall 2012 term, graduate and professional students will no longer be eligible to receive Direct Subsidized Loans.
IRS Data Retrieval & Tax Transcripts
When completing the 2014-2015 FAFSA, you may be given the option to have your financial information imported directly from the Internal Revenue Service. We encourage all students and parents to utilize this option if it is available. Per federal regulations, when you are chosen for FAFSA verification you will be asked to provide a tax return transcript or correct your FAFSA and use the IRS Data Retrieval option to update your tax information. Using this option will save you time. You can order a tax return transcript from the Internal Revenue Service.
If you need assistance with the IRS Data Retrieval please refer to this video: Correcting the FAFSA using IRS Data Retrieval
Complete the ESU Scholarship Application
As you get ready for the upcoming 2014-2015 school year, be sure to complete a scholarship application and review our scholarship website for any additional opportunities. The scholarship application and website is www.emporia.edu/finaid/scholarships.