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the Office of Student Financial Services

News & Updates

Academic Year 2014-2015 Update:

Fall 2014 Updates:

Direct Loan Interest Rates: The federal student loan interest rates have changed for the 2014-15 academic year. The 2014-15 fixed interest rates for the loans are as follows, effective July 1st, 2014:

Stafford Loans (both Subsidized and Unsubsidized) for Undergraduate students: 4.66%

Stafford Loans for Graduate and Professional students: 6.21%

PLUS Loans: 7.21%

Note: The interest rates for federal student loans are determined by federal law. If there are future changes to federal law that affect federal student loan interest rates, we will update this page to reflect those changes. You may also find this information online at:http://studentaid.ed.gov/types/loans/interest-rates.

Stafford Loan Origination Fees: The loan fee for Direct Subsidized Loans and Direct Unsubsidized Loans has increased to 1.072 percent for loans first disbursed on or after July 1st, 2014. The loan fee for Direct PLUS Loans (for both parent borrowers and graduate borrowers) has increased to 4.288 percent for loans first disbursed on or after July 1st 2014.

 

Academic Year 2013-2014 Update:

The Internal Revenue Service (IRS) will not be accepting 2012 tax returns until January 30th. This will delay the availability of your tax data for usage in the IRS Data Retrieval Tool (IRS DRT) offered in the 2013-2014 FAFSA. This date has changed based on the tax law changes made to resolve the fiscal cliff.

The IRS DRT is scheduled to be available on February 3rd, per the FAFSA website. As tax data usually takes at least two weeks to become available if your taxes were filed electronically, we anticipate that the earliest that the IRS DRT will be able to provide tax information is late February. For those who opt to file taxes via the paper method, please note that your data usually takes at least six weeks to become available.

 

Academic Year 2012-2013 Update:

Loan Updates:
 
The Budget Control Act of 2011 (Pub. L. 112-25) made two important changes to the Direct Loan Program:
 
Effective for loans first disbursed on or after July 1, 2012, the law eliminates the authority of the Department to offer any repayment incentives to Direct Loan borrowers to encourage on-time repayment of loans, including any reduction in the interest rate or origination fee. As a result, the up-front interest rebate that has been provided to Direct Loan borrowers at the time of loan disbursement will not be offered on any Direct Loan with a first disbursement date that is on or after July 1, 2012. The law continues to authorize the Department to offer interest rate reductions to Direct Loan borrowers who agree to have payments automatically electronically debited.
 
Effective for loans made for period of enrollment (loan periods) beginning on or after July 1, 2012, graduate and professional students are no longer eligible to receive Direct Subsidized Loans. Direct Subsidized Loans received by any student for loan periods beginning before July 1, 2012, for either graduate or undergraduate study, are not affected by this change.
 
Verification Update:
 
The federal government has passed regulations that have changed the verification process as of the 2012-2013 academic year. The Office of Student Financial Services is no longer able to accept a paper or electronic copy of your federal tax return. We may only accept your data when it has been verified by the IRS. The federal government has approved two methods for you to provide this data to our office:
 
  1. Internal Revenue Service Data Retrieval Tool (IRS DRT) – offered via the FAFSA
  2. Tax Return Transcript – ordered online directly from the IRS and mailed to the address listed on your tax return
 
For more information on how to obtain these documents, please view our page here.

 December 2012 Update: Acceptable Documentation for 2012-13 Award Year Verification
 
The U.S. Department of Education (ED) has issued revised guidance on alternative documentation that schools may accept for the remainder of the 2012-13 award year for a tax filer who requested but was unsuccessful in receiving an IRS Tax Return Transcript.
 
If you have attempted to request your IRS Tax Return Transcript, and have been unable to do so,  please submit the following:
 
1) Signed copy of 2011 Federal Tax Return
2) Completed and signed copy of IRS form 4506-T*
3) Signed/dated statement & proof that filer was unable to request Tax Return Transcript ^
 
*This form must be submitted to Purchase College, NOT the IRS.  This will allow Purchase to request a Tax Return Transcript for you, should it be necessary.  You may download this document from the IRS at: http://www.irs.gov/pub/irs-pdf/f4506t.pdf.  Please complete all areas that pertain to your request, and make sure to complete Box 5 with the following information:
 
Purchase College, Student Financial Services Office, 735 Anderson Hill Road, Purchase, NY 10577
 
^ For tax filers who previously used the IRS on-line transcript process to request an IRS Income Tax Return Transcript, the filer must provide a signed copy of the screen that shows they are unable to request the transcript.  Please also write a short statement to confirm that you attempted to request the transcript and were unable to do so.
 
^ For tax filers who previously used either the IRS paper form 4506-EZ or Form 4506-T to request an IRS Income Tax Return Transcript, the filer must provide a copy of the IRS response received by the applicant stating that the IRS could not locate the requested transcript.  The copy must be signed by the tax filer.