Summary of Financial Aid Changes for 2012-13

Type of Financial Aid

Group of Students Impacted

Change Effective for the 2012-13 Year

What the Change Means for Students

Federal Pell Grant

All Pell Grant recipients

A lifetime maximum of 12 full-time semesters, or the equivalent, are available

Students may not qualify to receive a Pell Grant if the lifetime amount has been awarded.

Federal Subsidized (only) Stafford Loans

Graduate and Professional students

Federal Subsidized Loans will no longer be available to graduate/professional students

Accepted loans will accrue interest while the student is in school.

Federal Subsidized AND Unsubsidized Stafford Loans	Borrowers with loans disbursed on or after July 1, 2012	No upfront rebates for loan origination fees will be offered	The loan origination fees will be 1% of the borrowed amount.
	December graduates (undergrad)	Loans will be prorated based on one-semester level of enrollment	Available fall loan amounts will be smaller.
	First time borrowers (grad and undergrad)	Entrance counseling is a requirement	Entrance counseling must be completed online for first-time borrowers.
	Borrowers who leave the University or enter repayment during or after April 2012	Exit counseling is a requirement	Exit counseling must be completed online before the end of the term to avoid a hold being placed on the student account.
	Borrowers with loans disbursed on or after July 1, 2012	No subsidy will be offered during the 6-month grace period	Interest will accrue on the loan immediately after the student graduates or ceases half-time enrollment.

Federal Parent PLUS Loans	Borrowers with loans disbursed on or after July 1, 2012	No upfront rebates for loan origination fees will be offered	The loan origination fees will be 4% of the borrowed amount.

Federal Graduate PLUS Loans	Borrowers with loans disbursed on or after July 1, 2012	No upfront rebates for loan origination fees will be offered	The loan origination fees will be 4% of the borrowed amount.
	Borrowers with loans disbursed on or after July 1, 2012	Entrance counseling is a requirement	Entrance counseling must be completed online for first-time borrowers.
	Borrowers who leave the University or enter repayment during or after April 2012	Exit counseling is a requirement	Exit counseling must be completed online before the end of the term to avoid a hold being placed on the student account.

Indiana State Aid	Professional medical degree seekers	Indiana residents will be considered for state awards	Eligible students may receive state scholarships that were not available before.

Indiana State Aid	Students whose initial enrollment occurs after June 30, 2012	Grade level GPA requirements*	Eligibility now requires a GPA component; state aid could be lost if it is not met.