March 1, 2013 FEDERAL SEQUESTRATION
February 28, 2013
IMPORTANT INFORMATION WHICH MAY AFFECT YOUR AID ELIGIBILITY...
This message is to inform each student that on March 1, 2013 the Federal Government is proposing cuts which may affect higher education. The cuts may drastically reduce aid to federal programs used to fund federal student aid offered to Colleges and Universities across the United States.
In preparation of this possible cut Financial Aid is using this opportunity to inform the student population of what federal programs will be directly affected by the impact of the sequestration. We will in fact have further guidance from the U.S Department of Education as information becomes available to all parties.
According to the testimony of the Secretary of Education, Arne Duncan, the law specifically exempts the Federal Pell Grant program from probable cuts. However, you may see an increase in Federal Direct Loan origination fees made after the sequester order is executed.
Please Note: Any loans originated after March 1, 2013 could reflect an increase to the origination fees for students wishing to participate in the federal loan program.
The cuts will impact education on various levels, specifically reducing resources available to students who depend heavily on the need based, campus based aid offered from the following programs:
• Federal Work study (FWS) and
• Federal Supplemental Educational Opportunity Grant (FSEOG) Program
Financial Aid is here to offer support and further education to students regarding the Impact of the Sequestration in Higher Education. Some additional resources are available on the Department of Education’s website. Please visit http://www.ed.gov/news/speeches/testimony-secretary-duncan-senate-labor-health-and-human-services-and-education-approp
In the coming days the University will provide workshops on changes in the delivery of federal student aid programs and the bearing this may have on aid eligibility in the future.