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Sequestration Continues Into Year Three

4 May 2014 9 views No Comment

Third year sequester reductions for mandatory funded Federal Student Aid programs have been announced by the Department of Education (ED) in Dear Colleague Letter (DCL) GEN-14-10 posted to IFAP on May 2. The Letter spells out fiscal year (FY) 2015 reductions for the TEACH Grant and Iran-Afghanistan Service Grant (IASG) programs and increases to Direct Loan origination fees. Fiscal year 2015 will begin on October 1, 2014 and changes announced in the DCL will take affect on awards for which the first disbursement is made on or after that date.

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