|Financial Aid 101: Billing, Disbursement of Aid
and Payment Plans
It may seem a little early to start thinking about getting bills from DU, but understanding financial aid disbursement and learning about payment plans now will help you determine a strategy to cover any amount you may owe in the fall. By planning ahead, you won't have to worry about finances when you arrive on campus, and can instead enjoy the much more exciting parts of starting college--like moving in to your residence hall and registering for classes!
When to Expect Your University Bill
After you register for classes during Discoveries Orientation, a new bill will be generated by the Bursar with your actual charges. Then, in all future quarters, an electronic bill (known as an ecoBill) will be sent to your email about 4 weeks before the beginning of the term. If you want, you can have another copy of your bill sent to an additional email address (your parent, for example). Learn more about ecoBills on the Bursar's website.
What exactly does "disbursement" mean?
(Work-study, if you were awarded it, does not pay to your student account, however. Instead, you will receive a paycheck every two weeks for the hours you worked. Student Employment will send you more information about work-study later this summer.)
You probably remember that when you received your financial aid award letter, your aid was split up into 3 equal amounts (one each for fall quarter, winter quarter and spring quarter). There's a reason for that! We are required to disburse aid "evenly over your terms of enrollment." We assume that you will be enrolled for fall, winter and spring quarters, which means you'll get a bill for each of those quarters. So, instead of all of your aid disbursing in the fall, we split it up to help cover each bill you receive throughout the year. (By the way, we treat the summer quarter separately from the rest of the year. So, if you decide you want to take classes over the summer, you'll just need to submit a short financial aid application in the spring to let us know.)
When is disbursement?
For all other quarters you're enrolled at DU, your bill will be due 10 days before the first day of classes for that quarter. On that same day, your financial aid will disburse to your student account, as long as you have completed all of your requirements. (We'll talk about the additional steps you need to take to receive your aid next week.) So, with the exception of your first fall quarter, your bill's due date and your financial aid disbursement date will always be the same.
Let's talk about refunds.
A note about Parent PLUS loans:
DU has payment plans available!
If you are interested in signing up for a tuition payment plan, the estimated bill you will receive in July will help you determine which plan and monthly payment amount is right for you. Remember that utilizing a payment plan can reduce the amount of loan money you have to borrow!
We know that billing and disbursement can be confusing. So, if you need help determining how much you might owe to DU or the amount you can expect to receive in a refund, please call our office!
Up next week: Accepting Your Aid and Next Steps!
Want to review past Financial Aid 101 emails? Check out the archives!
|Financial Aid | University Hall 255 | 2197 S. University Blvd. | Denver, CO 80208
303.871.4020 | FAX: 303.871.2341 | email@example.com | www.du.edu/financialaid