Financial Aid

News and Updates

The U.S. Department of Education will not be sending FAFSA information to schools until mid-March. Don't stress! We got your back and will notify you as soon as we get it.

If you haven't filed yet,

Get your application started at studentaid.gov!

FAFSA Changes for 2024-2025

Big changes are coming to the Free Application for Federal Student Aid (FAFSA) application for the upcoming 2024-2025 aid year!

See What's Changing in 2024-2025

TEACH Grant Updates for 2023-2024

A TEACH Grant where the first disbursement is on or after October 1, 2022, and before October 1, 2024, requires a reduction of 5.7% from the award amount for which the student would otherwise have been eligible.

The following chart shows the FY 24 sequester-required TEACH Grant Program reductions as they apply to the 2023-2024 award year.

TEACH Grant Awards

Award Year

Impacted Awards

Statutory Maximum Scheduled Award Amount

Percentage Reduction from Statutory Award Amount

Dollar Reduction Amount from Maximum Award Amount

Adjusted Maximum Award Amount

2023-2024

First disbursed on or after October 1, 2022, and before October 1, 2024 (FY 22 Sequester)

$4,000

5.70%

$228.00

$3,772.00

Direct Loan Interest Rates for 2023-2024

The chart below shows the interest rates for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed on or after July 1, 2023, and before July 1, 2024.

Loan Type Borrower Type Fixed Interest Rate

Direct Subsidized Loans

Undergraduate Students

5.50%

Direct Unsubsidized Loans

Undergraduate Students

5.50%

Direct Unsubsidized Loans

Graduate/Professional Students

7.05%

Direct PLUS  Loans

Parents of Dependent Undergraduate Students and Graduate/Professional Students

8.05%

Direct Loan Interest Rates for 2022-2023

The chart below shows the interest rates for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed on or after July 1, 2022, and before July 1, 2023.

Loan Type Borrower Type Fixed Interest Rate

Direct Subsidized Loans

Undergraduate Students

4.99%

Direct Unsubsidized Loans

Undergraduate Students

4.99%

Direct Unsubsidized Loans

Graduate/Professional Students

6.54%

Direct PLUS  Loans

Parents of Dependent Undergraduate Students and Graduate/Professional Students

7.54%

Note: In response to the COVID-19 emergency relief period, the interest rate on all Direct Loans has been temporarily set at 0% until at least August 31, 2022. Once the COVID-19 emergency relief period ends, the rates as described in this announcement will be in effect for loans first disbursed on or after July 1, 2022.

Direct Loan Origination Fees for 2022-2023 & 2023-2024

The Department of Education has released information indicating the Direct Loan student origination fee will remain the same for loans first disbursed after October 1, 2022. The loan fee for Direct Subsidized Loans and for Direct Unsubsidized Loans will remain at 1.057%. The fee on a loan for $5,500 will be $58.13 (truncated to nearest cent, not rounded). The loan fee for Direct PLUS Loans (for both parent borrowers and graduate and professional student borrowers) is 4.228%. The fee on a $10,000 Direct PLUS loan would be $422.80 (truncated to nearest cent, not rounded).

The following chart shows the sequester-required loan fees for loans first disbursed through 10/1/2024.

Loan Type

First Disbursed

Loan Fee Percent

Fee Example

Direct Subsidized Loans and Direct Unsubsidized Loans

On or after October 1, 2020, and before October 1, 2024

1.057

$58.13 on a $5,500 loan

     

Direct PLUS Loans (Parent and Grad/Prof Student)

On or after October 1, 2020, and before October 1, 2024

4.228

$422.80 on a $10,000 loan

Loan fee calculations that result in more than two decimal places must be truncated to two digits after the decimal point (cents).

TEACH Grant Updates for 2022-2023

A TEACH Grant where the first disbursement is on or after October 1, 2022, and before October 1, 2023, requires a reduction of 5.7% from the award amount for which the student would otherwise have been eligible.

The following chart shows the FY 23 sequester-required TEACH Grant Program reductions as they apply to the 2022-2023 award year.

TEACH Grant Awards

Award Year

Impacted Awards

Statutory Maximum Scheduled Award Amount

Percentage Reduction from Statutory Award Amount

Dollar Reduction Amount from Maximum Award Amount

Adjusted Maximum Award Amount

2022-2023

First disbursed on or after October 1, 2021, and before October 1, 2022 (FY 22 Sequester)

$4,000

5.70%

$228.00

$3,772.00

First disbursed on or after October 1, 2022, and before October 1, 2023 (FY 23 Sequester)

$4,000

5.70%

$228.00

$3,772.00

Changes to 2022-2023 Verification Requirements

The Department of Education recognizes the need to continue to provide relief to millions of students and colleges facing challenges and barriers resulting from the ongoing national emergency. This means verification is being waived for most Free Application for Federal Student Aid/Institutional Student Information Record (FAFSA®/ISIR) information, except for Identity/Statement of Educational Purpose. This waiver begins May 18, 2022, and applies for the remainder of the 2022-2023 FAFSA processing and verification cycle. The University may still reach out to resolve conflicting information concerning a student’s eligibility.

Direct Loan Origination Fees for 2021-2022

The Department of Education has released information indicating the Direct Loan student origination fee will remain the same for loans first disbursed after October 1, 2021. The loan fee for Direct Subsidized Loans and for Direct Unsubsidized Loans will be 1.057%. The fee on a loan for $5,500 will be $58.13 (truncated to nearest cent, not rounded). The loan fee for Direct PLUS Loans (for both parent borrowers and graduate and professional student borrowers) is 4.228%. The fee on a $10,000 Direct PLUS loan would be $422.80 (truncated to nearest cent, not rounded).

The following chart shows the sequester-required loan fees for FY 2021 and FY 2022.

Direct Loan Fees
for FY 20 and FY 21

Loan Type

First Disbursed

Loan Fee
Percent

Fee Example

Direct Subsidized
Loans and Direct
Unsubsidized
Loans

FY 21
On or after
October 1, 2020, and before
October 1, 2021

1.057

$58.13 on a
$5,500 loan

FY 22
On or after
October 1, 2021, and before
October 1, 2022

1.057

$58.13 on a
$5,500 loan

       

Direct PLUS
Loans (Parent
and Grad/Prof
Student)

FY 21
On or after
October 1, 2020, and before
October 1, 2021

4.228

$422.80 on a
$10,000 loan

FY 22
On or after
October 1, 2021, and before
October 1, 2022

4.228

$422.80 on a
$10,000 loan

Loan fee calculations that result in more than two decimal places must be truncated to two digits after the decimal point (cents).

TEACH Grant Updates for 2021-2022

A TEACH Grant where the first disbursement is on or after October 1, 2021, and before October 1, 2022, requires a reduction of 5.7% from the award amount for which the student would otherwise have been eligible.

The following chart shows the FY 22 sequester-required TEACH Grant Program reductions as they apply to the 2021-2022 award year.

TEACH Grant Awards

Award Year

Impacted
Awards

Statutory
Maximum
Scheduled
Award
Amount

Percentage
Reduction
from
Statutory
Award
Amount

Dollar Reduction
Amount from
Maximum Award
Amount

Adjusted Maximum
Award Amount

2021-2022

First disbursed on or after October 1, 2020, and before October 1, 2021 (FY 21 Sequester)

$4,000

5.70%

$228.00

$3,772.00

First disbursed on or after October 1, 2021, and before October 1, 2022 (FY 22 Sequester)

$4,000

5.70%

$228.00

$3,772.00

Direct Loan Interest Rates for 2021-2022

The chart below shows the interest rates for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed on or after July 1, 2021, and before July 1, 2022.

Loan Type

Borrower Type

Fixed Interest Rate

Direct Subsidized Loans

Undergraduate Students

3.73%

Direct Unsubsidized Loans

Undergraduate Students

3.73%

Direct Unsubsidized Loans

Graduate/Professional Students

5.28%

Direct PLUS 
Loans

Parents of Dependent Undergraduate Students and Graduate/Professional Students

6.28%

Note: In response to the COVID-19 emergency relief period, the interest rate on all Direct Loans has been temporarily set at 0% until at least September 30, 2021. Once the COVID-19 emergency relief period ends, the rates as described in this announcement will be in effect for loans first disbursed on or after July 1, 2021.

TEACH Grant Updates for 2020-2021

A TEACH Grant where the first disbursement is on or after October 1, 2020, and before October 1, 2021, requires a reduction of 5.7% from the award amount for which the student would otherwise have been eligible.

The following chart shows the FY 20 and FY 21 sequester-required TEACH Grant Program reductions as they apply to the 2019-2020 and 2020-2021 award years.

TEACH Grant Awards

Award Year

Impacted
Awards

Statutory
Maximum
Scheduled
Award
Amount

Percentage
Reduction
from
Statutory
Award
Amount

Dollar Reduction
Amount from
Maximum Award
Amount

Adjusted Maximum
Award Amount

2019-2020

First disbursed prior to October 1, 2019 (FY 19 Sequester)

$4,000

6.20%

$248.00

$3,752.00

First disbursed on or after October 1, 2019, and before October 1, 2020 (FY 20 Sequester)

$4,000

5.90%

$236.00

$3,764.00

           

2020-2021

First disbursed on or after October 1, 2019, and before October 1, 2020 (FY 20 Sequester)

$4,000

5.90%

$236.00

$3,764.00

First disbursed on or after October 1, 2020, and before October 1, 2021 (FY 21 Sequester)

$4,000

5.70%

$228.00

$3,772.00

Direct Loan Origination Fees for 2020-2021

The Department of Education has released information indicating the Direct Loan student origination fee will decrease for loans first disbursed after October 1, 2020. The loan fee for Direct Subsidized Loans and for Direct Unsubsidized Loans will be 1.057%. The fee on a loan for $5,500 will be $58.13 (truncated to nearest cent, not rounded). The loan fee for Direct PLUS Loans (for both parent borrowers and graduate and professional student borrowers) is 4.228%. The fee on a $10,000 Direct PLUS loan would be $422.80 (truncated to nearest cent, not rounded).

The following chart shows the sequester-required loan fees for FY 2020 and FY 2021.

Direct Loan Fees
for FY 20 and FY 21

Loan Type

First Disbursed

Loan Fee
Percent

Fee Example

Direct Subsidized
Loans and Direct
Unsubsidized
Loans

FY 20
On or after
October 1, 2019, and before
October 1, 2020

1.059

$58.24 on a
$5,500 loan

FY 21
On or after
October 1, 2020, and before
October 1, 2021

1.057

$58.13 on a
$5,500 loan

       

Direct PLUS
Loans (Parent
and Grad/Prof
Student)

FY 20
On or after
October 1, 2019, and before
October 1, 2020

4.236

$423.60 on a
$10,000 loan

FY 21
On or after
October 1, 2020, and before
October 1, 2021

4.228

$422.80 on a
$10,000 loan

Loan fee calculations that result in more than two decimal places must be truncated to two digits after the decimal point (cents).

Direct Loan Interest Rates for 2020-2021

The chart below shows the interest rates for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed on or after July 1, 2020, and before July 1, 2021.

Loan Type

Borrower Type

Fixed Interest Rate

Direct Subsidized Loans

Undergraduate Students

2.75%

Direct Unsubsidized Loans

Undergraduate Students

2.75%

Direct Unsubsidized Loans

Graduate/Professional Students

4.30%

Direct PLUS 
Loans

Parents of Dependent Undergraduate Students and Graduate/Professional Students

5.30%