Welcome to the Office of Student Financial Services website! The staff of Student Financial Services is committed to assisting you and your family in developing a financial strategy for this extraordinary investment in your future - your college education!
Spring 2013 Updates:
- Federal Sequester: As of March 1st, 2013, the federal sequester has gone into effect. The sequester is a series of across-the-board cuts made to multiple programs, including federal financial aid. It is expected that this will primarily affect the 2013-2014 academic year, but there are some changes to be implemented for the 2012-2013 academic year.
We are still awaiting guidance from the Department of Education regarding how the sequester will definitely affect our campus for the upcoming 2013-14 academic year
Per testimony by Secretary Arne Duncan to the Senate Appropriations Committee, "The law also includes a special rule on student loans that specifies a small increase in the origination fee for loans made after the sequester order. This origination fee change would require adjustments in systems and records for those getting loans late in the school year 2012-2013 and early in the school year 2013-2014." The full text may be found here.
UPDATE: We have recently received guidance from the Department of Education regarding the increase in the Direct Loan origination fees for Stafford and PLUS Loans.
- The loan fee for Direct Subsidized Loans and Direct Unsubsidized Loans is increased from 1.0 percent to 1.051 percent. For example, the fee of a $5,500 loan will increase by $2.80 from $55.00 to $57.80.
- The loan fee for Direct PLUS Loans (for both parent borrowers and graduate borrowers) is increased from 4.0 percent to 4.204 percent. For example, the fee on a $10,000 PLUS Loan will increase by $20.40 from $400.00 to $420.4
The Department of Education began sending email (and where necessary, paper) notifications on March 9, 2013 to student and parent borrowers who have a Direct Loan with a first disbursement after March 1, 2013.
Per guidance from the Department of Education, schools will continue to process Direct Loans with the 1.0 percent and 4.0 percent loan fee amounts. The institution (i.e. Purchase College) will not be responsible or liable for the difference between the 1.0 percent and 4.0 percent fees that we must continue to use until the Department of Education issues further guidance, and the increased fee amounts that will be implemented at a later date.
If necessary, the Department of Education will work with borrowers to collect any difference between the fee that was applied to the disbursement of their Direct Loan and the increased fee required by the sequester.
- 2012 Tax Form 1098-T is now available online:. The student may sign up for electronic receipt of this document, or allow for the release of this information to a third-party via the ECSI website. Please visit our Tools & Resources section and select the link for Tax Form 1098-T for additional information.
- 2013-2014 FAFSA: The FAFSA is now available for you to complete for the upcoming academic year. Submit the application online at www.fafsa.ed.gov as soon as possible in order to be considered for all potential financial aid awards for the upcoming academic year.