Financial Aid Changes 2012-2013

Financial Aid Priority Date

The financial aid priority date is important because if you complete steps 1-3 of our Financial aid Checklist, we can guarantee you will get your award letter by the priority date. (Learn more.)

• CVTC’s priority date is May 3, 2012.

• If you complete steps 1-3 of our Financial Aid Checklist by the priority date above we will guarantee you will get your award letter by July 27, 2012.

• The FAFSA can now be completed on-line at www.fafsa.ed.gov.

We no longer accept signed tax returns

• Two weeks after you (and/or your parent's) electronically file or 6-8 weeks after mailing your 2011 federal tax return to the IRS, you should be able to use the IRS Data Retrieval Tool that allows you to retrieve the tax information from the IRS when filling out the FAFSA.
• Importing your tax information will eliminate the need for you and/or your parents to submit a federal tax transcript if you are selected for verification.
• Tax transcripts will not be available for the 2012 year until May or June (please note the Priority processing date above). To request an IRS Tax transcript visit the IRS website.

Verification Process

The Department of Education and/or CVTC might select some students for a process called verification. Verification means that before we can determine what a financial aid a student is eligible to receive we have to get additional information. If verification is required, one of two steps will need to take place:

1. You will need to make a correction to your FAFSA by having the computer automatically bring in your and if required your parents(s)* IRS tax information.
2. You will need to submit your (and if required your parent(s)*) IRS tax transcript to the Financial Aid Office.
   * note: If you were required to submit parent information both parent and student information must either be imported or we must have a transcript.

Pell Grants

• To be eligible for the Pell Grant: The maximum Expected Family Contribution (EFC) will be $4,995.
• Students may receive the Pell Grant for the equivalent of 12 full-time semesters.
• The Department of Education will be determining when students are near or have reached the equivalent of 12 full-time semesters. We are currently evaluating how to best communicate this to the impacted students.

Stafford Loan Changes

Increases Rate Changes

• The interest subsidy provided on Direct Subsidized Loans during the six month grace period provided to students when they are no longer enrolled on at least a half-time basis will be eliminated. This change will be effective for new Direct Stafford Loans for which the first disbursement is made on or after July 1, 2012, and before July 1, 2014. 

Origination Fees Changes