The budget finalized by Congress on Saturday curtails some federal student financial aid programs.
The two most important changes: A reduction in the number of years students can receive Pell Grant money and the temporary elimination of a six-month grace period on interest payments on federal student loans.
Pell Grant maximum eligibility period cut from eight to six years
The bill keeps the maximum grant award at $5,550, but seeks to save $11 billion over the next decade in Pell dollars, in part, by reducing the maximum number of years the grant can be received from nine to six.
It is estimated that this change would affect about 100,000 individuals, typically part-time or transfer students.
Federal loan grace period
Stafford loan borrowers will still get a six-month reprieve upon graduation from having to pay back their loans, but the principal on the loans will accumulate interest during that period for loans issued between July 1, 2012, and July 1, 2014.
Also will be harder to qualify for automatic zero Expected Financial Contribution (EFC)
It appears that a lower income will be needed to qualify for the automatic zero EFC loophole