Every year, many of the federal financial aid regulations are up for review and approval by the federal government. The government maintains the right to modify all Title IV federal student aid regulations at any time during the year should there be budgetary or regulation issues that need to be addressed immediately. The Financial Aid Office will be able to answer any specific questions regarding how these changes might or might not affect you and your financial aid award for the upcoming school year.
Constitution Day - September 17
Constitution Day is an American federal observance that celebrates the adoption of the United States Constitution. It is normally observed on September 17, the day in 1787 that delegates to the Constitutional Convention signed the document in Philadelphia, PA. The founding fathers were excited about the potential to lay the groundwork for improved lives for citizens and to provide a framework for ongoing progress.
To learn more about the U.S. Constitution:
- Visit the Library of Congress Website to watch a video on the making of the US Constitution.
- Listen to podcasts from the National Constitution Center to hear the insightful arguments about all aspects of the US Constitution.
- Download your personal Pocket Constitution App for your iPhone from the National Constitution Center.
FAFSA Available after October 1 each year
Students will be able to complete and submit the 2024-2025 FAFSA online by October 1 each year (i.e. October 1, 204 for the 2025-26 FAFSA). The FAFSA will allow applicants to use federal tax data transferred directly and securely from the Internal Revenue Service since the FAFSA uses prior prior year tax information (2013 tax information for the 2025-26 FAFSA). Once the application is complete, applicants will receive a confirmation email from Federal Student Aid. The GTU Financial Aid form will be available to download from the financial aid page of the GTU website.
New Income Driven Payment Plan
The Department is proposing a rule to create a new income-driven repayment plan that will substantially reduce future monthly payments for lower- and middle-income borrowers. The proposed rule would protect more income from loan payments. It would cut in half—from 10% to 5% of discretionary income—the amount that borrowers have to pay each month on their undergraduate loans, while borrowers with both undergraduate and graduate loans will pay a weighted average rate. It would also raise the amount of income that is considered nondiscretionary income and therefore protected from repayment. The rule would also forgive loan balances after 10 years of payments, instead of the current 20 years under many income-driven repayment plans, for borrowers with original loan balances of $12,000 or less. Additionally, the proposed rule would fully cover the borrower’s unpaid monthly interest, so that—unlike with current income-driven repayment plans—a borrower’s loan balance will not grow so long as they are making their required monthly payments. The plan would also simplify borrowers’ choices among loan repayment plans.
Proposed Changes to the Public Service Loan Forgiveness Program
The Department is also proposing long-term changes to the Public Service Loan Forgiveness (PSLF) program that will make it easier for borrowers working in public service to gain loan forgiveness. Specifically, the Department proposed allowing more payments to qualify for PSLF including partial, lump sum, and late payments, and allowing certain kinds of deferments and forbearances – such as those for Peace Corps and AmeriCorps service, National Guard duty, and military service – to count toward PSLF.
To apply for forgiveness or payments to count toward forgiveness under the temporary changes, visit the PSLF Help Tool.