News and Events
Keep up-to-date on all the latest news and events by checking back here. We will include both Kent State University information as well as outside information that may be of interest to you.
This page is designed to give you the most up to date information and news available for Kent State Student Financial Aid.
Student Financial Aid Events
2/10/2014 College Goal Sunday-Franklin Hall 2:00 pm
2/15/2014 FAFSA Priority Processing Date
SFA News Items
Direct Loan Origination Fee Changes
As of October 1, 2013 the sequester increases the origination fees charged to Direct Loan borrowers. 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).
On November 25, 2013, any loan that is not disbursed will be cancelled and subject to the new loan origination fee. Students must meet minimum enrollment and eligibility requirements to receive a Direct Loan disbursement. If you no longer want to accept this loan, please contact the Student Financial Aid Office at (330) 672-2972 or email@example.com to cancel the loan.
Impact of Sequestration on Federal Aid Programs
On August 2, 2011, Congress passed the Budget Control Act of 2011, which put into place automatic federal budget cuts, known as a "sequester," to take effect if Congress failed to enact legislation to reduce the federal deficit by March 1, 2013. Because Congress did not act, these budget cuts are now in effect. Below is link to a summary of the impact of these budget cuts on certain federal student aid programs. Direct Loan fees, TEACH Grant amounts and Iraq and Afghanistan Service Grants were impacted. Refer to the link below for more information.
Interest Rate for new Direct Loans
On Friday, August 9th, Congress passed and the President signed the Bipartisan Student Loan Certainty Act of 2013, which ties federal student loan interest rates to financial markets. Under this Act, interest rates will be determined each June for new loans being made for the upcoming award year, which runs from July 1 to the following June 30. Each loan will have a fixed interest rate for the life of the loan. Click on the link provided below for more information and interest rate details.
New Time Limitation on Direct Subsidized Loan Eligibility for First-Time Borrowers on or after July 1, 2013
In June of last year Congress passed legislation to extend the 3.4 percent interest rate on subsidized Stafford student loans for one year. The bill temporarily delayed the rate from doubling to 6.8 percent on July 1, 2012. 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 new time limit on subsidized loan eligibility affects only fist -time borrowers of Direct Loans after July 1, 2013. First-time borrower are defined as students who have no outstanding balance of principal or interest on a Direct Loan or FFEL loan on July 1, 2013 OR a student who has never borrowed a Direct Loan prior to July 1, 2013.
Important Federal Pell Grant Update
The Consolidated Appropriations Act of 2012 reduced a student's duration of eligibility to receive Federal Pell Grant from 18 semesters (or its equivalent) to 12 semesters (or its equivalent). This provision applies to all Federal Pell Grant eligible students and is effective beginning with the 2012-13 award year. The calculation of the duration of a student's eligibility will include all years of the student's receipt of Federal Pell Grant funding. This new federal regulation will affect all Federal Pell Grant recipients and is not limited to the students who received their first Federal Pell Grant on or after the 2008-2009 award year.
Federal Direct Loans - Graduate students 2012-2013
Effective for loan periods after July 1, 2012, graduate and professional students will not be eligible for subsidized Federal Direct Loans. Graduate and professional students will continue to be eligible for subsidized loans for the summer 2012 loan period.