[Oasfaa] Good news for your Tuesday!

[myrna cross]

Jonna,
I did notice that last week and it just made my day!!!!    :-)  We need an
IT dept just to support Fin. aid and dept of ed changes!!!!


*Myrna Cross*
*Director, Financial Aid*
*Western Oklahoma State College*
*2801 N. Main*
*Altus, OK  73521*
*580-477-7712*
*580-477-7716 fax*


On Tue, Oct 15, 2013 at 2:03 PM, Jonna Raney <jonna.raney at okbu.edu> wrote:

> In case you missed this on NASFAA news today, I thought I'd share so your
> day can be as "bright and happy" as mine! :) I mean if we didn't get to
> change Teach amounts every month (sometimes twice), I would completely run
> out of things to do!  (The Teach change only affects those that have not
> disbursed their first disb before Oct 1.  Loan fee increases are for
> loans that disb first disb on or after Dec 1.)
>
> *TEACH Grants*
>
> The sequester changes, beginning on October 1, 2013, the percentage by
> which TEACH Grant awards must be reduced as compared to the sequester
> percentage reduction that became effective last spring. Specifically, TEACH
> Grant awards *where the first disbursement is made on or after October 1,
> 2013*, must be reduced by 7.2 percent from the original statutory
> amounts. TEACH Grant awards, *where the first disbursement was made after March
> 1, 2013 and prior to October 1, 2013*, continue to be covered under the
> FY 2013 sequester and must be reduced by 6.0 percent from the original
> statutory award amount regardless of when any subsequent disbursement of
> the award is made. The attachment to this letter includes a table that
> summarizes this information.
>
> *Direct Loans *
>
> As of October 1,  2013, the sequester increases the origination fees
> charged to Direct Loan borrowers beyond last year's increases.  However,
> taking into account all of the underlying circumstances, including
> operational requirements, the new loan fee percentages will apply only with
> regard to loans *where the first disbursement is made on or after December
> 1, 2013.  *The new loan fees are 1.072 percent for Direct Subsidized
> Loans and Direct Unsubsidized Loans and 4.288 percent for Direct PLUS Loans
> (both parent and graduate student PLUS Loans).
>
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