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2013 Summer Financial Aid

 

Registration for 2013 Summer and Fall Semester is well underway; be sure to sign up for classes early.  If you are interested in receiving financial aid for Summer semester, be sure to submit the following:

  • 2013 Summer Aid Application 
  • 2013-2014 FAFSA Application or FAFSA Waiver

**If you do not submit both of these items, you will not be awarded for Summer Semester**

 

Summer billing statements will be sent out the second week of May.  As a reminder, tuition is due the first day of classes.  If you have questions about your balance or would like to set up a payment plan, please contact our office.  

Wrapping up the 2012-13 School Year

As students are wrapping up their classes and getting ready for summer, we encourage students to: 
  • Pay all outstanding balances
  • Update their address on their SelfService Account
  • Complete their 2013-2014 FAFSA applications
  • Register for classes for the 2013-2014 school year
First Time Federal PLUS Loan Borrowers

If you will be applying for a Federal Direct Parent PLUS Loan for the first time, you will not need to start the application process until after May 1st.  

If you submit your Parent PLUS Loan application prior to May 1st, you may need to resubmit your application.  Please contact our office if you have any questions.      
Federal Sequestration & Financial Aid 

On August 2, 2011, Congress passed the Budget Control Act of 2011, which put into place automatic federal budget cuts, known as the "sequester." 

 

While this law does not otherwise change the amount or terms or conditions of the Direct Loan, it does increase loan fees on Direct Subsidized and Direct Un-subsidized Loans first disbursed after March 1, 2013. Specifically, the fee on your loan will increase from 1.0 percent of your loan amount to 1.051 percent. For example, the fee on a $5,500 loan will increase by $2.80 from $55.00 to $57.80.

 

Additionally, due to the sequestration Parent Plus loans will be subject to a higher loan fee as well.  Parent Plus loans disbursed after March 1, 2013 will have an increased fee of 4.2% (from the original 4.0%).  For example, the fee on a $10,000 Direct Plus Loan would increase from $400 to $420, an increase of $20.00.  We encourage parents to research their loan options to decide the best option for them for the 2013 school year.    

Other financial aid programs that will be impacted by the sequester are the Federal SEOG Grant and Federal Work-Studies.  Schools will be anticipating an approximate 5% allocation reduction for both these programs.  So that means fewer students will be awarded work-study or the FSEOG Grant this year.    

 

If you wish to cancel or reduce any of your loans for the 2013-14 school year, you may do so by contacting Student Financial Services. Requests for cancellation should be made as soon as possible. If you have additional questions about your loan options or the sequester effects, please contact our office.   

If you have any questions, please contact our department via email at finaid@stmartin.edu or by phone 

at (360) 438-4397. 

 

Sincerely,

 

The Student Financial Services Staff
Important Reminders: 
  • SFS Office will be closed:
    • May 27, 2013 - Memorial Day
  • First day of Summer classes:  May 20, 2013