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Changes Taking Place in Financial Aid at Universities and Colleges
November 22, 2011
Several changes are taking place in the world of financial aid help at universities and colleges across the nation during the 2012-13 school year.
Jerome Wichert, director of student financial services at SWOSU in Weatherford, said changes are taking place for both graduates and undergraduates at all universities.
Currently, graduate students can potentially receive up to $8,500 in Subsidized Stafford Loans and $12,000 in Unsubsidized Stafford Loans. Congress has changed the subsidized loan program and it will no longer be subsidized for the fall of 2012. Students could still potentially receive up to $20,500 but there will not be a subsidized portion of the loan. Students who currently receive Subsidized Loans do not pay interest on the loans while they are in school and for six months after they leave school.
Undergraduate students will still be eligible to receive Subsidized Stafford Loans. Congress made the change to help pay for the increased costs of the Federal Pell Grant program.
Students receiving OHLAP/Oklahoma promise awards were not previously subject to the Federal Satisfactory Progress rules. Starting with the fall term of 2012, students will need to meet the Federal Satisfactory Progress requirements to receive this award. These requirements can be reviewed at the SWOSU Financial Aid Website. The high school graduating class of 2012 will be required to achieve a grade point average of 2.00 by 60 hours and 2.5 by 90 hours to maintain eligibility for this award.
Wichert said the high school graduating class of 2012 will also be subject to a second income check by the Oklahoma Promise office. The second income check will be performed when students complete the Free Application for Federal Student Aid (FAFSA). The second income check will determine if the parents AGI for 2011 exceeds $100,000. If the parents’ adjusted gross income exceeds $100,000, the student will not receive this funding. All spring 2012 high school graduates will be required to complete the FAFSA to receive Oklahoma Promise Funding beginning in the fall of 2012.
Wichert said the 2012-2013 FAFSA will be available to complete in January, 2012. Students who expect to receive funds from the Oklahoma Tuition Aid Grant Program must complete the FAFSA by March 1, 2012.
Students applying for freshman scholarships at SWOSU must be admitted by March 1, 2012. SWOSU does not require a freshman scholarship application. However, the most current transcript and ACT score must be submitted by March 1.
For additional information, contact the SWOSU Office of Student Financial Services at 580-774-3786.