In the wake of the government shut down, "fake" student loan sites, appearing mostly as Sallie Mae sites, are appearing most often on social media sites and enticing students to apply to have all of their loans "forgiven". Applying students are being asked to provide private information such as birthdates and social security numbers. These sites are BOGUS and are resulting in identity theft.
DO NOT participate in this activity and if you have already provided this information,
Last Friday, President Obama signed into law the Bipartisan Student Loan Certainty Act of 2013. This new law permanently changes the determination of interest rates on student loans. Each July 1 rates will change but will remain fixed and in effect until that loan is paid in full.
The rates on Unsubsidized Stafford loans, where the first disbursement is made between July 1, 2013 and June 30, 2014, will be 5.41% (it was previously 6.8%). The fixed rate on Graduate PLUS loans where the
Don't forget to check our list of outside scholarships. There are a few new ones and some updates. The main list can be found at:http://www.luthersem.edu/finaid/scholarships_list.aspx?m=1777&dev=1
Over the next 6 months, the Dept. of Education will be transferring student loans currently being serviced by ACS to other Direct Loan Servicers. The first group will include loans that are in an in school or in deferment status where payments are not being made. After that, loans in any other status will be transferred.
The intent to to group loans together for students that may have multiple servicers as well as improve the servicing of the loans. If you have loans that are included
Free Application for Federal Student Aid (FAFSA) form will be available for completion on 1/1/2013. In order to be eligible for student loans for the 2013-2014 academic year, you must reapply or complete this form. Summer 2013 classes are part of the 2013/2014 academic year. Before you can complete the FAFSA form however, you must complete and submit your 2012 IRS taxes. The FAFSA on the Web can be completed at
. Be sure that you select the …
This document is available for completion at www.luthersem.edu/faonline. Be sure that all questions are answered, even if it is zero. Do not leave any question blank. If you will be on internship but still plan to use financial aid for living expenses, you need to complete the form.
All Luther aid for both J Term and Spring Term which includes loan disbursements, grants, and scholarships, will be disbursed to students on February 25, 2013. Between the two terms, you must be taking a combined total of 1.5 courses to be eligible for federal direct loans and 2.0 courses to be eligible for Luther grants. We will send you an email when the funds are available and how to proceed in order to obtain the funds.
Summer 2013 costs and aid will be part of the 2013-2014
All Luther aid which includes loans disbursements, grants, and scholarships, will be disbursed to students on Sept 24th. We will send you an email when the funds are available and how to proceed in order to obtain the funds.
Have a great first week of classes.
Starting this fall a new Academic Progress policy will be in effect. Failure to meet the standard for two consecutive terms will result in suspension of your financial aid. You can find the new policy at:
Satisfactory Academic Policy - Financial Aid