So far in my collegiate career, I have racked up a tab of more than $12,000 made payable to the Department of Education — a tab that is continuously increasing and will probably be owed for the majority of my life. The current amount of debt I have collected in four years is not as high as most students because I qualify for Pell Grants and supplements from the state. Luckily enough for me, I have poor parents, which qualifies me for federal assistance.

For this school year, there will be a delay in students receiving their financial aid, due to a law passed by Congress in December 2011. This new law being implemented by Congress will affect how much financial aid students can receive, how long they can receive it and how soon interest will begin to rack up on their loans. The new law also affected the Pell Grant.