What's New For 2012-2013?

    FAFSA

IRS Data Retrieval (available at the FAFSA website) is now available two weeks after filing your 2011 income taxes electronically. Use this helpful tool to avoid having to manually load your income tax information on your FAFSA. To view a tutorial of the IRS Data Retrieval process, Click Here.

    Verification

If you are selected for the "verification" process, you must submit a copy of you and/or your parents' 2011 IRS Tax Return Transcript. To obtain a copy, call toll free 1-800-908-9946, or go on-line to www.irs.gov. Click on "Order a Return or Account Transcript", and then click on "Tax Return Transcript". (NOTE: Financial Aid Offices can NO LONGER ACCEPT copies of tax returns - IT MUST BE AN OFFICIAL IRS TAX RETURN TRANSCRIPT).

    Satisfactory Academic Progress

Financial aid recipients must meet NEW federal guidelines to continue to qualify for aid. For more on this policy, click here.

    Repeated Coursework

Effective July 1, 2011, there is a rule change regarding federal financial aid and payment of repeated coursework. To see if you are affected, click here.

    Graduate/Professional Students

Beginning July 1, 2012, the Federal Direct subsidized student loan will no longer be available to graduate students. Graduate students' eligibility in the former subsidized loan program will now be added to their eligibility in the unsubsidized loan program. A student's total amount of loan eligibility for the academic year will remain the same (i.e., "old" subsidized loan amount + "old" unsubsidized loan amount = "new" unsubsidized loan amount).

    Elimination of Year Round Pell Grant

Receiving a Federal Pell grant greater than 100% of the annual award is no longer an option with the 2011-2012 Award Year. For example: A student who was full time for both the Fall 2011 and Spring 2012 semesters will have no remaining Pell Grant eligibility for Summer 2012.

    12 Semester Lifetime Limit for Federal Pell Grant

Effective for the 2012-2013 Award Year, the duration of a student's Federal Pell Grant eligibility will be limited to 12 semesters, or until a bachelor's degree is earned, whichever comes first. This new amendment to the Higher Education Act, Section 401 (c)(5) is a federal mandate and not subject to appeal.

    Elimination of Grace Period Interest Subsidy

This new provision eliminates the interest subsidy provided during the 6-month grace period for Direct Subsidized Loans first disbursed after July 1, 2012, and before July 1, 2014. Students receiving a subsidized loan during this limited timeframe will be responsible for the interest that accrues on the loan during the grace period. If a student does not pay the interest accrued on these particular loans, the interest will be added (capitalized)to the principal amount when the grace period ends.

To avoid potentially owing money to the University, you must drop ALL classes prior to the beginning of the semester if you do not plan to attend.

In the past, students who were registered for classes but who had not satisfied their fees were purged by the University during the second week of classes.  These students had all associated charges removed.  However, due to the new federal regulations, students who do not drop their own classes before the first day of the semester (i.e., students who wait for the purge to drop their classes) will now be charged for those classes up to the point those classes are purged.

For more information regarding this new regulation, including a Frequently Asked Questions section, go to website: www.memphis.edu/financialaid/droppingallclasses.php 

Fall semester: February 1

Spring semester: October 1