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Under Obama, Some College Financial Aid Could Change in 2013

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Under Obama, Some College Financial Aid Could Change in 2013

Post  Admin on Sat Nov 10, 2012 2:58 am

With the same president and a still-divided Congress, Washington, D.C. may not look much different next year. But college students could see changes in their financial aid awards for the 2013-2014 school year.
[See how college students spent Election Day.]

Here's a look at how a few programs that deal with college costs may fare in 2013-2014.

Loans: Subsidized Stafford loan borrowers should prepare for a possible interest rate jump on new loans taken next year. Though the federal loan option currently comes with an interest rate of 3.4 percent, the interest rate on loans taken after July 1, 2013 will jump to 6.8 percent, barring further Congressional action.

The current low rate was the result of a one-year delay on the increase, which Congress passed after both President Barack Obama and Gov. Mitt Romney publicly supported keeping the rate at 3.4 percent. The decision cost an estimated $6 billion, and Congress and the president, in a non-election year, are not likely to extend the low rate again, says Mark Kantrowitz, publisher of FinAid.org and FastWeb.com.

Grants: In his fiscal year 2013 budget request, President Obama called for a small but notable increase to the maximum Pell grant award, from $5,550 to $5,635 for the 2013-2014 school year. (For the past two years, the maximum grant has remained steady.) Under the Budget Control Act of 2011, the Pell grant program, which helps low-income students pay for college, is funded for fiscal year 2013, but could face a funding shortfall after that.

Source: http://www.usnews.com/education/best-colleges/paying-for-college/articles/2012/11/08/under-obama-some-college-financial-aid-could-change-in-2013

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