Changes in Pell Grant for 2012-2013 School Year

Hey guys, 
 I attend the University of Memphis and I received an email informing me of the changes in the Pell Grant. It is basically saying that students are now being limited to only receiving  the grant for 12 full time semesters or until their Bachelors degree is earned( which ever comes first). This also includes the  percentage of Federal Pell Grant the student has received from all post-secondary institutions, for a maximum of 600%.
 If you have exceeded the 12-semester maximum, you will lose eligibility for additional Pell Grants beginning the 2012-13 school year.  Equivalency is calculated by adding together the percentage of your Pell Grant eligibility that you received each year to determine whether your total amount exceeds 600%. 

*** Remember this was sent to a University of Memphis student, however since this is a federal grant, I believe it effects all students.*****