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.
Special Direct Consolidation Loans
The Department of Education (the Department) is offering a short term consolidation opportunity—Special Direct Consolidation Loans—from January - June 30, 2012.
- Special Direct Consolidation Loans are not the same as traditional Direct Consolidation Loans that borrowers would apply for through this Web site.
- Only certain borrowers are eligible for Special Direct Consolidation Loans.
- One of the Department's federal loan servicers—FedLoan Servicing (PHEAA), Great Lakes Educational Loans Services, Inc., Nelnet, or Sallie Mae—will contact eligible borrowers starting in January 2012 about the new and different online application process for Special Direct Consolidation Loans.
- Borrowers who may be eligible for a Special Direct Consolidation Loan must not apply through this Web site. Doing so will make them ineligible to participate in the special consolidation opportunity. For this reason, it is critical that potentially eligible borrowers do not take any action until they are contacted by one of the Department's servicers listed above.
For Special Direct Consolidation Loan eligibility information, visit www.studentaid.ed.gov/specialconsolidation.
Click here to view the Obama Administration’s announcement about this special consolidation opportunity and other repayment tools for borrowers.
2012-2013 FAFSA
It's time to complete the FAFSA for the 2012-2013 aid year. The 2012-2013 FAFSA covers eligibility at Emporia State University from Summer of 2012 through Spring of 2013. You can get started at www.fafsa.ed.gov. Please note that Emporia State University's priority date is March 15, 2012.
IRS Data Retrieval & Tax Transcripts
When completing the 2012-2013 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.
Complete the ESU Scholarship Application
As you get ready for the upcoming 2012-2013 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.