The Department of Education has just announced that due to mandatory federal budget cuts put in place by the “sequester” in 2011, fees for new federal student loans will go up.
The loan fee for Direct Loans will now be 1.069% and for Direct PLUS Loans it will be 4.276%.
Iraq and Afghanistan Service Grants that were available to certain students whose parent or guardian was a member of the U.S. armed forces and died as a result of military service performed in Iraq or Afghanistan after the events of 9/11, will find their available loans reduced. Again, as a result of Congressional Sequestration efforts. The new maximum amount will be $5,413.77, a reduction of $401.23.
TEACH (Teacher Education Assistance for College and Higher Education) Grants will be reduced this year as well. The new maximum for students who are completing, or plan to complete, course work needed to begin a career in teaching will be reduced to #3,724. – Source
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