Disbursement of Aid and Refunds
The Bursar's Office is responsible for the collection and billing of tuition-related charges at DU. Your bill for each quarter is due 10 days prior to the first day of classes for that term. On that date--August 30th for fall quarter--the fall portion of your financial aid will disburse directly to your student account and will pay toward your charges. In order for this to happen, however, all of your financial aid requirements must be satisfied (which you can verify through webCentral), and you must be registered for at least 4 credits.
If the amount of financial aid that disburses 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 3rd. In order to expedite the receipt of your refund, we recommend setting up direct deposit.
Learn more about billing and disbursement >>
New Federal Student Loan Interest Rates
On August 9th, President Obama signed a bill that ties federal student loan interest rates to financial markets. Under this act, interest rates are based on the 10-year Treasury bill, plus 3.6% for Unsubsidized loans and 4.6% for Graduate PLUS loans. These loans are "variable-fixed," meaning you would receive a new rate each year you borrow an additional loan (determined in June for the upcoming year), but that rate would be fixed throughout the life of the loan. For the 2013-14 academic year, the interest rates are 5.41% for Unsubsidized loans (formerly 6.8%) and 6.41% for Grad PLUS loans (formerly 7.9%).
Since rates would rise as the economy picks up and it becomes more expensive for the government to borrow money, next year's loan could be more expensive than the loans you borrow this year. However, this bill includes an interest rate cap of 9.5% for Unsubsidized loans and 10.5% for Grad PLUS loans. And interest rates are certainly lower for you this year than they were in years past!
Q: How can I get more financial aid?
A: If you are taking more classes than is included in your current cost of attendance, are enrolled in a dual-degree law program, or need to buy a new computer, you can submit a Budget Adjustment Form.
By submitting this form, we will adjust your cost of attendance, which will increase the total amount you can borrow in federal student loans. For most students, this means an additional Graduate PLUS loan will be offered to you.
Keep in mind we can only complete budget adjustments for the reasons outlined on the form. And please only request an adjustment if you absolutely need it. Don't borrow more loans than you need!
Financial Aid in the News
How the Student Loan Interest Rate Deal Affects Grad Students
July 31, 2013
"Congress is expected to enact legislation this week that will dictate student loan interest rates for years to come.
Subsidized Stafford loans, which are only available to undergraduate students, were the center of the rate debate. [...] But undergrads will not be the only students affected by the proposed rate changes. Graduate students will see interest rates on their federal student loans shift, too."
Read full article from U.S. News & World Report >>