NEW YORK (MainStreet)Word on the impending Stafford Loan rate increase isn't the only news the nation's college students are waiting on, as interest rates are set to double from 3.4% to 6.8% on July 1. Congress is in gridlock while the immigration issue is pushing student loans to the back burner.
Less well-known are the number of students who have not yet received information on their financial aid packages for the upcoming Fall semester.
Computer systems need to be re-programmed for hikes in student loan origination fees mandated by the Department of Education once the federal sequester kicked in. The sequester is the $1.2 trillion in budget cuts resulting from a 2011 increase in the debt ceiling.
While the sequester's start dateMarch 1, 2013was well-known, implementation has not been a Big Bang.
Diane Stamper, executive director of student financial aid at Ohio State University, said the fee increases are small but required many changes to OSU's computer processing system. It is those changesand the time it takes to make themthat have forced students to wait to hear about their financial aid packagesand how much they're getting.
Normally, returning students at Ohio State receive details of their financial aid package by the end of May. Stamper says the university expects to provide the information to students during the first week of July. But there were no guarantees it would happen then.