Summer/Fall Financial Aid - IMPORTANT UPDATES

The videos below include all the information previously posted in the April 9th "Financial Aid Summer/Fall Financial Aid" update.  

• Verification
• Potential Loan Changes
• Summer Disbursement Dates
• New and Continuing Students

Financial Aid Refund schedule for Spring 2012:

* ATTENDING SUMMER?  The following must be completed before financial aid can be processed:

1. Continuing Students: You must have a 2011-2012 AND 2012-2013 FAFSA on file.  To file or confirm completion, visit www.fafsa.gov
2. New Students: You must have a 2012-2013 FAFSA on file.  To file or confirm completion, visit www.fafsa.gov.
3. You must be accepted into an eligible program for summer AND enrolled in classes.  Open registration begins April 16, 2012.

* SUMMER DISBURSEMENT:

1. Week ending June 22 =  LOANS only
2. Week ending June 29 =  PELL only (NO LOANS!)  (see #3 under "LOAN CHANGES" for details)
3. Week ending July 13 and beyond = 1 disbursement per week of Loans/Pell

* FAFSA SELECTED FOR VERIFICATION?

1. Copies of tax returns are no longer acceptable.
2. If your Student Aid Report (SAR) or our office sends a letter requesting taxes, you must request a FREE tax return transcript from the IRS at www.irs.gov or 1-800-908-9946 OR log into your saved FAFSA and use the IRS data retrieval tool to import your tax information automatically.  Do this as soon as possible to avoid delay in processing.
3. Aid cannot be processed for summer or fall until all requested documents have been received and reviewed.

* LOAN CHANGES:

1. New legislation has increased the interest rate on Subsidized loans from 3.4% to 6.8% for loans disbursed after July 1, 2012.
2. Subsidized and Unsubsidized loans disbursed after July 1, 2012 will no longer receive a loan fee rebate.  Therefore, 2012-2013 loan amounts will be slightly less than in previous years.
3. As a result of the above changes, if an accepted summer loan is not disbursed by June 22 (missing Entrance Counseling, Master Promissory Note, etc.), it must be canceled, re-awarded under the new rules, and will not disburse until after July 9.  Make sure that you have completed necessary requirements at www.studentloans.gov

* PELL GRANT CHANGES:

1. There are new limits on the number of semesters that a student can receive Pell Grant funding.
2. If you are close to or have met your lifetime eligibility, you will receive an e-mail from a Department of Education agency sometime after mid-April.

Begins May 28, 2012 through 12:00pm Monday June 18, 2012.

Questions?  Contact us at financialaid@ntc.edu

Late Start Students:

Financial aid funds are disbursed no later than 14 days after the first day of class that a student is scheduled to attend.  If a grade of NS, W, or DR grade is posted for a course or if a student receives a 100% or 80% refund, a student's financial aid award may be reduced accordingly.

Important financial aid notices are sent primarily through email. Check your email regularly!  

Have a great semester!