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Important Updates

Federal Loans Update

From the Federal Student Aid website

On August 24, 2022, the Biden-Harris Administration extended the student loan payment pause through December 31, 2022. 

This pause includes the following relief measures for eligible loans*: 

  • Suspended loan payments 
  • 0% interest rate 
  • Paused collections on defaulted loans 

*All loans owned by the U.S. Department of Education (ED) including Direct Loans, as well as Federal Perkins Loans, and Federal Family Education Loan (FFEL) Program loans held by ED. Please note that some FFEL Program loans are owned by commercial lenders, and some Perkins Loans are held by the institution you attended, and these loans were ineligible. 

Biden-Harris Administration’s Student Debt Relief Plan

The Department of Education recently announced the new Loan Forgiveness Program to provide targeted debt relief to address the financial harms of the pandemic, fulfilling the President’s campaign commitment. 

The Department of Education will provide up to $20,000 in debt cancellation to Pell Grant recipients with loans held by the Department of Education, and up to $10,000 in debt cancellation to non-Pell Grant recipients. The Department of Education will work quickly and efficiently to set up a simple application process for borrowers to claim relief. The application will be available no later than when the pause on federal student loan repayments terminates at the end of the year.

Nearly 8 million borrowers may be eligible to receive relief automatically because their relevant income data is already available to the Department. Thanks to the American Rescue Plan, this additional debt relief will not be treated as taxable income for federal income tax purposes. President Biden capped the loan cancellation at $10,000 for single borrowers making less than $125,000, or households earning less than $250,000. The relief includes current students and borrowers who have federally-held undergraduate, graduate, and Parent PLUS loans where the first disbursement was on or before June 30, 2022

For detailed information, we urge you to visit The Biden-Harris Administration's Student Debt Relief Plan Explained.

If you are a Pell Grant recipient, for more information please also visit Federal Student Aid's National Student Loan Data System (NSLDS).

Additional guidelines and a precise procedure will be provided by the Department of Education on how the loan forgiveness plan will be implemented. Check back often for updates, and if you'd like to be the first to know, sign up for email updates from the U.S. Department of Education.

Locating Your Loan Servicers

Visit Federal Student Aid to log in and locate your federal loan servicer(s). Contact your loan servicer for additional details.

Student Loans

Student loans can be a critical part of an education financing plan. Loans are a great resource when used conservatively and wisely. Carefully consider whether borrowing is really needed and borrow as little as necessary. 

You can accept all or a portion of your loan at any time during the academic year, although it is important to note that May 15, 2023, is the last day to accept an offered federal and/or institutional loan for 2022-23.
 

Before You Borrow

It is important that you fully understand the type of loan(s) that you are borrowing. During the course of your years at school, you may borrow a combination of different types of loans that may require separate, simultaneous loan payments to different lenders upon graduation or leaving the university. 

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Corbett Disclosure

Students considering student loans need to be aware of the differences between federal student loans and private student loans.

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Undergraduate Student Loans

Student loans for undergraduate students. View Important Administrative Dates for additional loan deadlines.

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Major-specific Loans

Some university loans are limited to certain majors and areas of study.

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Keeping Track of Federal and Institutional Loans

Good money management is the key to your success after college. It is good practice for students to keep track of their loans.

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Alternative Loans

Alternative education loans (also known as private loans) are an option for financing your education. Students must maximize federal loans before requesting an alternative loan. StudentAid.gov provides a federal and alternative/private loan comparison.

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Emergency, Short-Term, and Assistant Loans

If you are experiencing a temporary shortage of funds, you may request an Emergency, Short-Term, or Assistant loan Monday through Friday during instruction excluding holidays. Please limit your requests to cover costs related to educational expenses as found in the Cost of Attendance.

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Repaying Loans

Loans must be repaid after you graduate, withdraw from college, or drop below half-time status (fewer than six units per quarter).

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