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Financial Aid Announcements

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NOTICE: The Office of Financial Aid will be closed Feb. 27, 28 and 29, 2012 for Federal Training.

IMPORTANT UPDATE

Grace Period Interest Subsidy - Public Law 112-74 amended HEA section 428(a)(3)(A)(i)(I) to temporarily eliminate the interest subsidy provided on Direct Subsidized Loans during the six month grace period provided to students when they are no longer enrolled on at least a half-time basis.  This change will be effective for new Direct Stafford Loans for which the first disbursement is made on or after July 1, 2012, and before July 1, 2014.

2012-2013 Financial Aid Information

There are several changes which will affect how you complete your FAFSA and how your financial aid will be packaged for the 2012-2013 aid year.

FAFSA changes:

  • When you complete your 2012-2013 FAFSA, you will have the opportunity to have your tax information and your parent’s tax information (if applicable) imported directly into your FAFSA. We strongly encourage you to choose this option.
    • If you do not import tax information, and you are selected for the verification process, you MUST either go back into your FAFSA to import the tax information or supply a Federal Tax Return Transcript (http://www.irs.gov/individuals/article/0,,id=232168,00.html?portlet=105) to the Financial Aid Office, if requested. We will no longer be able to accept a signed copy of your 1040, 1040A or 1040EZ tax forms.
    • Not providing the tax information at the time the FAFSA is completed or importing the information after taxes are filed, will greatly increase the amount of time it will take to complete your award packaging.

 Other Grant and Loan changes:

  • Recipients of the UNC Need-Based Grant  will be limited to 9 semesters of full-time funding for a typical four-year degree. Each semester you are a part-time student will only count as half a semester toward the 9 full-time semester limit.
  • Graduate students will no longer be eligible for federal subsidized loans.
  • As of July 1, 2012 all federal subsidized loans will increase the interest rate to 6.8% 
  •  Limited time Loan Consolidation: January - June 30th, 2012: The U.S. Department of Education is offering a Special Direct Consolidation Loan for a limited time, allowing you to move your eligible federal student loan(s) from your current lender(s) to one federal servicer.  FedLoan Servicing, your current federal servicer, will be or may have recently contacted you to make you aware of your eligibility and provided instructions for applying for the Special Direct Consolidation Loan.

http://studentaid.ed.gov/PORTALSWebApp/students/english/specialconsolidation.jsp

As you are probably aware, with budget cuts from the federal government and state government continuing to take place, other student aid changes may occur. Please check our website www.unca.edu/finaid for information on changes as they become available to us.  

Please note that your entire Financial Aid Award is subject to change based on Federal and State Funding.

The priority deadline for filing your FAFSA is still March 1, 2012.

 

 

Financial Aid Census Date Policy

In accordance with federal regulations, the Office of Financial Aid will recalculate federal, state and institutional student aid awards based on the student’s enrollment status as the published Census Date (Count Day) established by the Office of the Registrar.  The census date is typically the end of the 10th day of class for both fall and spring terms.  (The Census Date for summer enrollment will vary based on the length of the course(s) taken.  Refer to the University Academic Calendar for those dates.  All federal, state and institutional aid will be based upon the Census Date Enrollment status.

The Census Date for Fall 2011: September 2, 2011

The Census Date for Spring 2012: January 23, 2012

After Census Date, students cannot request changes to their Federal Pell Grant, the Teacher Education Assistance for College and Higher Education (TEACH) Grant, Federal Work Study, Federal Perkins Loan awards.  Changes to Federal Direct Subsidized, Unsubsidized, and PLUS loan programs are allowed only if a student wishes to decrease or decline loan(s) or increase a loan if the student had previously declined a portion of or all of any one of these loans, as long as all other eligibility requirements are met.  Eligibility for the federal programs may be affected for students that had FAFSA information or corrections submitted after the Census Date. 

If you drop credits prior to the 10th day of class (the census date)

You may be required to repay some or all of your aid that was disbursed to you if you do not, at that time, meet the enrollment requirements for the type(s) of aid you have been awarded.

If you add credits after the 10th day of class (the census date)

You will not be eligible to receive additional financial aid for the credit hours you add after the census date.