Federal Sequestration and Student Loans
Effective March 1, 2013, under the terms of the Budget Control Act of 2011 the federal government imposed across-the-board budget cuts that affect higher education programs, including Federal Direct Loans.
Under sequestration, loan fees for 2014 have been increased by 20% to 1.051% for Direct Stafford Loans and 4.204% for Direct PLUS Loans.While students are now able to accept their 2013-2014 awards in ACES, the Department of Education however will not accept any loans for the 2013-2014 academic year until after June 28, 2013 due to the new loan origination fee modifications to their systems. This means we cannot send any Subsidized or Unsubsidized loans for certification or any PLUS loans for credit review until that date.
New Repayment Option: PAY AS YOU EARN
Beginning December 21, 2012, borrowers may be eligible to enroll in the new Pay As you Earn plan. The Federal Student Aid website has more detail about the payment plan itself, eligibility, and whether or not this is the best repayment plan for the borrower.
New Tool Available for Managing Loan Debt
Duke student loan borrowers now have the ability to view all of their Duke student loans in one place. Students can see a comprehensive list of their Duke student loans, interest rates, and loan fees for each loan by logging into ACES and viewing the new page labeled "My Loan Info".