Federal Pell Grants
– Effective with the 2012-2013 academic year, there are new term limits. Students now will have 12 semesters of Federal Pell Grant funds instead of 18.Federal cuts
-- The Office of Management and Budget has announced that sequestration will cut overall education funding by $2.278 billion. That means the Federal Supplemental Educational Opportunity Grant – known as FSEOG -- and Federal Work Study will each see an estimated 5 percent cut during the first year of sequestration, during the 2013-14 award year. Loan origination fees increase
– Origination fees for the Federal Direct Stafford Loan are expected to rise from 1 to 1.05 percent. Origination fees for the Federal Direct Parent PLUS Loan will increase from 4 to 4.2 percent. Annual or aggregate loan limits would not be affected. These fees took effect on the first disbursement after March 1, 2013. The Federal Pell Grant
– This grant is protected from sequestration for the first year, according to the National Association of Student Financial Aid Administrators. Need-based Federal Direct Stafford Subsidized Loan changes
-- Starting July 1, 2013, new students (students with no outstanding Direct Loan balance) applying for a need-based Federal Direct Stafford Subsidized Loan will be allowed to borrow only enough money to cover one and a half times the length of their program of study. This means that an undergraduate student working on a four-year degree will be able to borrow to cover two additional years of schooling, should extra time be needed to graduate.
Loan limits will not change. So, if a student has remaining Federal Direct Stafford Unsubsidized Loan eligibility, he/she can borrow through that program. Policy Change for PA State Grants and Online Classes
- Beginning in Fall 2013, there will be a new PHEAA-mandated Classroom Instruction Policy, which requires Pitt-Bradford to monitor each term the percentage of coursework a student takes online. A student may receive a state grant award for a term as long as he or she takes at least 50 percent of their credits for that term in the classroom. In previous academic years, Pitt-Bradford had the ability to monitor this requirement on the basis of each academic year or a student’s entire program of study. Courses offered online or through distance education are not considered in the classroom. Student teaching experiences, internships, laboratories, externships, and clinical experiences conducted under the supervision of a faculty member are considered to meet the in the classroom definition. Federal District Parent PLUS Loan
-- Starting in Fall 2013 parents will need to initiate the Federal Direct Parent PLUS Loan
instead of completing a request form through Pitt-Bradford’s Financial Aid Office. Learn more
. Verification Changes
-- Starting in 2013-14, some students will be required to provide proof of high school diploma, identity and/or sign a statement of education purpose in addition to the regular verification of federal tax information. We in the Office of Financial Aid will mail you the appropriate forms based on the type of verification you were selected for.