Financial Aid Updates
Attention summer students
Students who have completed financial aid files and have summer eligibility are on a protective tuition hold and will not be dropped from summer classes. Students whose files for summer are not complete will not be placed on a protective tuition hold and must make payment in full or payment arrangements within 2 days of class registration. Contact the Cashier’s Office at ext. 3649 for payment options.
Apply for financial aid for the upcoming school year as soon as possible!
We received a communication today from the Illinois Student Assistance Commission recommending we strongly encourage our students to submit the Free Application for Federal Student Aid (FAFSA) as soon as possible. Based on the continued increase in application volume and the state’s worsening financial condition, the deadline for State MAP Grants will be early in March 2013. The FAFSA is located at www.fafsa.gov and students should be sure to enter Triton College’s school code (001773) when asked which colleges they would like their FAFSA information to be sent to.
In order to better serve our students, the Financial Aid Office has opened a Financial Aid Student Center, located in the reception area of the Office. There are two computers in a semi-private space for students to complete and submit the FAFSA. If you are interested in utilizing the Student Center, please bring your most recent (2012) tax returns (1040, 1040A, or 1040EZ and W-2s) and other necessary documents and the Financial Aid Office staff will assist with any questions you may have as you process your application. Students are encouraged to use the “IRS Data Retrieval” tool when completing the FAFSA. The retrieval tool will save you time and increase the accuracy of your FAFSA information.
If you have any questions, please feel free to contact the Financial Aid Office at (708) 456-0300 Ext. 3155 or at email@example.com .
Congress Extends the 3.4% Interest Rate on Subsidized Student Loans for One Year:
Congress passed legislation last Friday to extend the 3.4 percent interest rate on subsidized Stafford student loans for one year. The bill temporarily delays the rate from doubling to 6.8 percent on July 1, 2012. Experts estimate this change will reduce costs for these borrowers by as much as $1,000 over the life of repayment or $6 to $9 per monthly payment. President Obama is expected to sign it into law.
To pay for part of the $6 billion cost of temporarily extending the 3.4 percent rate, lawmakers agreed to permanently limit eligibility for subsidized loans to 150 percent of the length of the student’s academic program. This means students in a four-year program will be eligible for subsidized student loans for the equivalent of six years – three years for students in a two-year program. The student who reaches this limitation could continue to receive unsubsidized Stafford loans if he or she is otherwise eligible. Once a borrower has reached the 150 percent limitation, his or her eligibility for an interest subsidy also ends for all outstanding subsidized loans that were disbursed on or after July 1, 2013. At that point, interest on those previously borrowed loans would begin to accrue and would be payable in the same manner as interest on unsubsidized loans.
Important New Regulations for the 2012-2013 Award Year!!
The Consolidated Appropriations Act, 2012, signed into law by President Obama on December 23, 2011, includes provisions affecting financial aid students for the 2012-2013 award year as outlined below.
However, students who were enrolled in a post-secondary program of study prior to July 1, 2012, and are unable to provide high school transcripts or its equivalent, may satisfy the Ability to Benefit requirement by one of the following:
- Pell Lifetime Limits - Effective with the 2012-2013 school year, eligible students may receive the Federal Pell Grant for a maximum of 12 semesters (or its equivalent). The calculation of the duration of a student’s eligibility will include all years of the student’s receipt of Pell Grant funding. As students are completing FAFSAs for the upcoming school year, the Department of Education is sending out email notices to students advising them if they are nearing or have crossed over the duration threshold. Additionally, as part of the financial aid review process, students will receive a communication from their financial aid advisor at Triton College with this information as it becomes available.
- Ability to Benefit Test - Students who first enroll in a program of study on or after July 1, 2012 who do not have a high school diploma or recognized equivalent (e.g., GED) will not be eligible to receive Title IV student aid.
Students should contact the Financial Aid Office at ext. 3155 or at firstname.lastname@example.org for more information.
- Presenting a college transcript confirming the completion of at least six credit hours of coursework applicable towards a degree or certificate offered by the postsecondary institution or
- Receive a passing score on the College administered, Department of Education approved, Ability to Benefit Test.
Suspension of 2012-13 MAP Award Announcements:
- Grace Period Interest Subsidy – For new Direct Subsidized Loans first disbursed after July 1, 2012 and before July 1, 2014, the interest subsidy will be eliminated during the six month grace period after students are no longer enrolled in at least six credit hours.
The Illinois Student Assistance Commission (ISAC) has announced that the MAP award has been suspended effective April 2, 2012. The announcement affects students whose initial 2012-13 Free Application for Federal Student Aid (FAFSA) was received by the Central Processing System (CPS) on or after April 3, 2012. The Federal Pell grant is still available and students are encouraged to complete the FAFSA as soon as possible.