********************************************************************************************Thurgood Marshall College Fund ******************************************************************************************** APPLY FOR FINANCIAL AID FOR 2012-2013 The Free Application for Federal Student Aid is available for completion for the 2012-13 academic year at www.fafsa.gov. The Office of Financial Aid highly recommends the use of the IRS Data Retrieval option during the initial filing or when subsequent corrections are made to your 2012-2013 FAFSA. This option provides the fastest, easiest and most secure solution for meeting certain verification requirements. We also encourage MD residents to complete the FAFSA form by the March 1 deadline to be considered for programs offered by Maryland Higher Education Commission. If you have general questions regarding the financial aid process, please contact the Financial Aid Office at (301) 860-3540. Financial Aid Counselors are available for appointments Monday and Wednesday 1:00-4:00 and Tuesday and Thursday 9:00-12:00.
*********************************************************************************************Changes to the Federal Student Loan Program Effective July 1, 2012:The Budget Control Act of 2011, passed on August 2, 2011, brings about some significant changes to the federal student loan program. Here is a brief summary of provisions that go into effect July 1, 2012: - Federal Subsidized Direct Loans for graduate students are eliminated. This means all federal student loan money for graduates will be unsubsidized. In the 2012-13 award year the annual unsubsidized loan limit for graduate students is $20,500. Currently, qualifying students could receive up to $8,500 of the $20,500 in subsidized loans, which are interest free to the student while in a qualified period of deferment (this includes being enrolled at least half-time).
- For all students, Direct Loan Repayment Incentives were eliminated. These incentives provided a means to make loans affordable on the front end and while in repayment. On the front end, rebates had been provided to reduce the origination fee, meaning the student receives more loan money to use for educational purposes due to fewer upfront fees deducted prior to disbursement. In repayment, students could qualify for reductions to their interest rate making the overall cost of the loan less expensive. The only repayment incentive that may still be possible is an interest rate reduction for a borrower who agrees to automatically debited electronic loan payments.
- Grace Period Interest Subsidy eliminated on subsidized loans during the six month grace period.
Interest Rates Interest rates on Federal Subsidized Direct Loans for undergraduate students will increase from the current fixed rate of 3.4 percent to a new fixed rate of 6.8 percent for all new loans taken on or after July 1, 2012. ********************************************************************************************** ATTENTION STUDENT LOAN BORROWERSIf you are a first time borrower at Bowie State you must complete the Entrance Loan Counseling session in order to understand your rights and responsibilities as a borrower and you must complete the actual application and agreement to repay your student loan, the Electronic Master Promissory Note (e-MPN). www.studentloans.gov It is imperative that both items are complete to ensure your loans will be applied to your account; failure to do could result in you having a balance and not being able to register for the upcoming semesters. ***Once completed the Financial Aid Office will receive loan information electronically and processing will continue. Please check your financial aid information and account information via BullDog Connection/self service. Please check your To-Do List on BullDog Connection. If you have outstanding documents, please submit to the Office of Financial Aid to finalize your award. ********************************************************************************************
Bowie State University is delighted to offer you information about financial assistance. Our office is located in the Henry Administration Building, Suite 1100. Our regular office hours are Monday, Tuesday, Thursday, and Friday from 8 a.m. to 5 p.m. and Wednesday from 8 a.m. to 7 p.m. You can reach us by telephone at 301-860-3540, or send us an email at financialaid@bowiestate.edu. The process of applying for aid can seem complicated and time consuming, and we want to make it a pleasant experience for you. Our site includes an overview of the aid programs offered at the University and how to apply. Financial aid policies may change because of federal regulations or University decisions; therefore, some information on this site may change. We look forward to helping you meet your educational goals and wish you success. Office of Financial Aid
Henry Administration Building, Suite 1100
14000 Jericho Park Rd.
Bowie, MD 20715
1-877-77-BOWIE (toll-free)
Phone: 301-860-3540
Fax: 301-860-3549
Email: financialaid@bowiestate.edu
Title IV School Code: 002062
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