Last week, we posted information about the sequestration process. If you watched the news tonight, you have already heard that President Obama and the members of Congress could not reach an agreement that would prevent these automatic cuts from being set in motion at midnight tonight.
Late this afternoon, the Department of Education released initial information about the projected impact that these cuts would have on federal student financial aid programs:
The following is a summary from the letter of the impact of sequestration of the Title IV student assistance programs:
· “Federal Pell Grant Program – No impact.
· Federal Work Study (“FWS”) and FSEOG Programs – No impact for 2012-2013, but funding reduced for the 2013-2014 award year.
· Iraq - Afghanistan Service Grant Program – Reduced award amount for any grant that is first disbursed during the time the sequester is in effect.
· TEACH Grant Program - Reduced award amount for any grant that is first disbursed during the time the sequester is in effect. (Loyola does not participate in this program)
We will provide additional updates as more information becomes available.”
We will also continue to post information about this important debate at http://www.loyno.edu/financialaid/future-federal-student-aid-programs ,
Posted March 1, 2013 by Cathy Simoneaux