Blog #2: Look Out for These Federal Aid Changes in 2012

                In December of 2011, Congress passed its 2012 appropriations legislation. Congress has made several changes as to how much federal financial aid college students will receive in the 2012-2013 school year. The new financial aid rules and restrictions will affect the amount some students receive, how long they will be able to receive it, and how soon the interest will rack up on loans after college. Some of the eligibility changes that have been made could affect most specifically students ages 24 and up. One change that Congress has made that is effective immediately is how long students will be able to receive a Pell grant. In the past, eligible students could receive a Pell grant for nine years of schooling but the new eligibility is for only six full-time years. The family income and expected family contribution scales have also shifted a little, which is now knocking some students out of eligibility. Also, for students who take out federal subsidized loans, in the next year,  student loans will start to accumulate interest starting at graduation. These changes affect some students and they are currently being notified by their respective colleges on their eligibility and how to find other ways to pay for college.

                Personally, I believe that there should be more media coverage on this particular matter. This is my first time hearing about the changes in the financial aid rules and restrictions. This affects many students and regardless of it applying to every student or not, all students should still be notified about these current changes. I’m glad that colleges have begun to reach out to the students that could possibly be affected, notifying them about their eligibility and giving them tips on how to find other funds to pay for school. However, I believe that the new rule on federal loans is making college more expensive. I think the grace period was great for college students, this gave them time to find employment and get settled, but taking this away will most likely put a significant amount of stress on graduating students. The article also makes a good point about students checking with their financial aid office to see if their financial aid will be affected in the upcoming school year, I think it’s important to be informed about this matter as a college student. 

http://www.usnews.com/education/best-colleges/paying-for-college/articles/2012/01/25/look-out-for-these-federal-aid-changes-in-2012?page=2