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NEWS UPDATE! BUDGET CONTROL ACT OF 2011 Dear Students, Today, President Obama signed the Budget Control Act of 2011 to raise the debt ceiling. This bill changes funding for many programs including the William D. Ford Federal Direct Loan program and those funds that will disburse on or after July 1, 2012. We will continue to monitor the situation and provide you with more details by email as they become available. Any changes from the Act WILL NOT affect loans for the 2011-2012 academic year, nor do we anticipate any disruption in funds disbursement. If you would like to voice your concerns, one area to do so is through www.house.gov. As always, if you have any questions, please don’t hesitate to contact us. Cordially, Student Financial Services POSTED AUGUST 2nd, 2011 |
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NEWS UPDATE! For federal loans disbursed on or after July 1, 1998 and before July 1, 2006 through the Direct Loan (DL) Program and/or the Federal Family Education Loan (FFEL) Program that HAVE NOT BEEN CONSOLIDATED interest rates will decrease by approximately .11% effective July 1, 2011, as announced by the U.S. Department of Education. Rates for those DLs/FFELs will be as follows: 1.76% – during school, grace, or deferment status – down from 1.87% For DLs disbursed on or after July 1, 2006, the interest rate is fixed at 6.8%. For Graduate Federal Direct PLUS loans disbursed July 1, 2006 onward, the interest rate is fixed at 7.9%. POSTED JUNE 14th, 2011 |
