On May 7th, President Bush signed legislation that will likely impact 2008-2009 financial aid Federal Direct Stafford Student loans, PLUS loans, ACG, and SMART grants.
First, we want you to be assured that students attending Boise State University will not be impacted by the student loan "credit crunch", which this legislation is intended to address. However, there are a number of changes contained in the legislation that will result in increased access to the aid programs mentioned above.
Please be aware of the following points regarding the implementation of these changes:
This legislation is intended, in part, to reduce the necessity for private loans
The U.S. Department of Education will develop the federal regulations for implementing these changes
We currently do not know when these final regulations will be released to schools
Financial aid administrators at colleges are required to follow the existing regulations until final regulations and implementation dates are released
At this time, we do not expect any changes to financial aid awards, based on this legislation, prior to the start of fall semester.
Watch Timely Tips for updated information about implementation of the new regulations
These links provide more information about the legislation: