Download 2015-2016 IMPORTANT FINANCIAL AID CHANGES 1. Pell Grant

NSU Financial Aid Office
2015-2016 IMPORTANT FINANCIAL AID CHANGES
1. Pell Grant Eligibility – The Federal Pell Grant maximum award for 2015-2016 is $5,775 with the
minimum scheduled award amount being $588. This is an increase of $45 from the $5,730
maximum Pell Grant award for the 2014-2015 award year.
2. Maximum Eligibility Period to Receive Federal Direct Subsidized Loans - Beginning July 1,
2013, first-time Direct Subsidized borrowers have a limit on the amount of Subsidized Loans they
can borrow. New borrowers can only receive Subsidized Loans for 150% of the published length
of their program. For additional information, (Click here).
3. Qualifying Income for Automatic Zero (0) Effective Family Contribution (EFC) - Based
upon the information provided on the FAFSA, an EFC is calculated. The 2015-16 automatic EFC
income threshold for parents of dependent students and for independent students with spouses
remains at $24,000 or less. Independent students without dependents other than a spouse cannot
receive an automatic EFC.
4. Satisfactory Academic Progress (SAP) Appeal - Students at NSU must maintain SAP while
taking courses toward their degree. Students who desire to appeal their denial of financial aid due
to not meeting SAP requirements must submit a complete SAP packet, which includes an academic
plan. This academic plan will be a contractual agreement to meet the entailed progress
requirements. Students will confer with their academic advisor to complete and sign the academic
plan, along with a copy of their Advisor transcript. Students must also submit a sap appeal
application and supporting documentation of extenuating circumstances.
5. Retaking Coursework - Federal regulations limit eligibility for Title IV federal aid due to repeated
courses. Students may only receive Title IV federal aid for the first retake of a previously passed
course. In addition, any subsequent retakes (after the first retake) of a previously passed course
will not count towards the student’s actual enrollment for Title IV funding purposes.
6. FAFSA Process - All students completing the 2015-2016 FAFSA are strongly encouraged to
utilize the IRS Data Retrieval Tool (DRT). The U.S. Department of Education has streamlined
FAFSA processing by providing students and parents of dependent students only, who indicated
they have filed a federal tax return with a link that will direct applicants to use the IRS DRT.
Students and parents who indicate. Students selected for verification (The process where NSU
confirms the information reported on the FAFSA is accurate) will not be required to provide a tax
return transcript from the IRS if the DRT is used.
7. Same sex marriage on the FAFSA – In compliance with the Supreme Court decision regarding
section three of the Defense of Marriage Act (DOMA), same sex couples must report their marital
status as married if they were legally married in a state or foreign country, without regard to where
the couple resides or where the student will be attending school. This rule applies to all FAFSAs
submitted on or after December 13, 2013.
8. Federal Direct Loans Fees Increase – Direct Subsidized, Direct Unsubsidized, and Direct PLUS
loan fees will decrease for loans made on or after October 1, 2015. The loan fee for Direct
Subsidized Loans and for Direct Unsubsidized Loans will be 1.068%. The loan fee for Direct
PLUS Loans (for both parent borrowers and graduate/professional borrowers) will be 4.272%.
Note that the above changes are not all-inclusive, and are meant to provide a brief summary of current Federal Department
of Education Regulations. Contact the Financial Aid Office regarding specific questions or concerns.