If you'll be a college student receiving federal financial aid in 2012-2013, several changes passed might affect you.

Pell grants: Effective immediately and retroactively, students are only eligible for 12 full-time semesters for the grant. Awards may vary from semester to semester based on credits.

Subsidized federal loans: The six-month, interest-free grace period upon graduation is eliminated. Loans will accumulate interest starting at graduation. This change affects loans acquired between July 1 and June 30, 2014. Also, graduate students are no longer eligible for subsidized loans.

For more information about federal financial aid, visit www.federalstudentaid.ed.gov/students.html.