President Obama announces changes to new student loan planPosted: Updated:
President Barack Obama announced on Monday changes to the way students file for federal aid for college.
Beginning in 2017, high school seniors can start applying for loans in October, three months earlier than the current date.
College administrators at Sacred Heart University say that the president's announcement will streamline the Free Application For Federal Student Aid, or FAFSA, process.
They say that the extra three months mean high school seniors will have a better idea of how much financial aid they are receiving before they have to commit to a college in May.
Students will also be able to use financial information from two years prior versus only one.
At Sacred Heart, 98 percent of students receive some type of financial aid to cover the $51,000 tuition and boarding costs.
At nearby Fairfield University, 90 percent of students use financial aid and 50 percent rely on federal aid for the $60,000 cost of living on campus.