Message from the Director
If you are among the many graduate students who rely on some form of aid to pay for school, some of your time is going to be spent interacting with our office. We understand you came to DU to get a first-rate education; we don't expect you to be an expert in financial aid. That's why we have a team of professionals dedicated to helping you navigate the process and make the most of your financial aid awards.
We make every effort to keep you informed of changes to and requirements for your financial aid with frequent and timely communication (like this newsletter, for instance). And, the Financial Aid website makes navigating and retrieving financial aid information easier than ever.
This year we are looking to add more value to your DU education through financial literacy programming. We think information on the current loan repayment and forgiveness options will be valuable for many DU students. Watch for more information about our financial literacy events in future newsletters.
Be on the lookout for the messages we send your way--they likely contain important information about your financial aid status. And the next time you have a question about your financial aid, give us a call at 303.871.4020 or email us at email@example.com. We welcome your feedback and want to ensure the personalized attention you receive in the classroom continues in our office.
Director of Financial Aid
Disbursement of Aid and Refunds
Payment for each term is due 10 days prior to the first day of classes for that term. On that date-- August 31st for fall quarter--your financial aid for fall will disburse to your student account and will pay toward your charges, provided all financial aid requirements are satisfied (which you can verify through webCentral), and you are registered for at least 4 credits.
If your financial aid is more than the total of your charges, you may be eligible for a refund to help pay for other non-billable expenses such as books, personal expenses, etc. Generally, refunds are generated by the Bursar's office 2-3 business days after disbursement. For fall quarter, refunds will begin to be generated on September 4th. In order to expedite the receipt of your refund, we recommend setting up direct deposit.
Loan Origination Fee Changes
Starting in the 2012-13 academic year, Congress has eliminated the origination fee rebate for all Federal Direct student loans. There is a 1% origination fee on all unsubsidized Direct loan disbursements ($10 per every $1,000) and a 4% origination fee on every Grad PLUS loan disbursement ($40 per every $1,000).
In previous years, you received an immediate .5% rebate of the 1% origination fee for unsubsidized loan disbursements, meaning that only $5 was deducted per $1,000. Similarly, you received an immediate 1.5% rebate of the 4% origination fee on all Grad PLUS loan disbursements, meaning only $25 was deducted per $1,000. Starting in the 2012-13 year, however, those rebates are eliminated and the full fee will be deducted from your federal student loan disbursements. So, both types of loans are more expensive for students to borrow than they have been in the past. Be sure to keep this in mind when creating your personal budget!
Q: My Grad PLUS loan was denied. What are my options?
A: Because the PLUS loan credit check is less stringent than a credit check performed by a private lender, private education loans are probably not an option for you. You can still receive PLUS funds if you use an endorser, who will need to endorse the loan at StudentLoans.gov. If you believe that your credit was denied in error, you can appeal the credit decision with the Department of Education.
Financial Aid in the News
6 Steps to Determine How Much to Borrow for College
"Student loans are a popular way for students to cover some of the costs of college. But is borrowing for an education a good idea?
'Taking out a loan to pay for your education is an investment in yourself and your future,' says Suzanna de Baca, vice president of wealth strategies at Ameriprise Financial. 'At the highest level, it's a very positive use of debt. But like any debt, you do want to make sure you are not taking out an excessive amount, and that you will have the ability to repay it.'
There’s no one right number for all students to borrow, de Baca notes, but following these steps can help you arrive at a manageable amount."
Read full article from U.S. News >>