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FINANCIAL AID
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University of Denver

Financial Aid Quarterly Newsletter

 
 

Summer 2013 Edition

Your Summer To-Do List

Have you completed all of the necessary steps to secure your financial aid for the 2013-14 school year? If not, now is the time! Taking the steps outlined below over the summer will ensure you get all of your financial aid funds in fall.

✓ Accept your financial aid via webCentral.
You must accept, reduce or decline all types of financial aid offered to you through webCentral. To complete this step:

  1. Log into webCentral and go to the Student tab.
  2. Click on the "View and Accept Award Offer" link.
  3. Select the 2013-2014 Aid Year.
  4. Go to the Terms and Conditions tab, read through all of the information, and click the "accept" button on the bottom of the page.
  5. Then, go to the Accept Award Offer tab and choose to accept or decline each award in the drop-down boxes. (You can accept a smaller portion of a loan by typing the amount you wish to borrow in the "Accept Partial Amount" box.)

Note: Some types of scholarship aid is automatically accepted on your behalf.

Want to see how this process works? Watch our "Accepting Your Award" video!

✓ Complete your federal student loan requirements.
Were you offered federal student loans in your financial aid package? If you plan to borrow one or more of these loans, there are additional steps you must take to secure funding.

For a Direct Unsubsidized Loan (these steps are required for first-time borrowers only):

  1. Sign into www.StudentLoans.gov using your FAFSA PIN.
  2. Complete Entrance Counseling (this link is on your homepage once you login).
  3. Complete the Master Promissory Note (this link is also on your homepage).

For a Federal Perkins Loan:

  1. Complete Perkins Entrance Counseling online at www.MappingYourFuture.org (only required for first-time borrowers).
  2. Download and complete the Master Promissory Note and return it to the DU Bursar's Office in University Hall 233.

✓ Apply for additional loan funding (if needed).
If you need additional loans to help cover your unmet cost, we recommend that you apply for them no later than mid-August to ensure you get your funding when fall bills are due. Not sure what type of loan to borrow? See our "FAQ Corner" below!

✓ Sign up for a payment plan (if desired).
Applications for 2013-14 payment plans are now available. Learn more about your payment options through the Bursar's Office.

✓ Sign up for direct deposit for refunds.
If the amount of financial aid that disburses to your student account in the fall is greater than the amount you owe to DU, you will receive a refund. Sign up for direct deposit to have those excess funds sent directly to your bank account!

To sign up for direct deposit:

  1. Log into webCentral and go to the Student tab.
  2. Click on the "Update Bank Account" link in the "My Statement" box.

✓ Keep an eye on your financial aid account throughout the summer.
Be sure to frequently check the status of your financial aid by reviewing the Student tab of webCentral. If you see an item listed in the "Financial Aid Requirements" box with a red flag next to it, we're missing something from you! Download our webCentral Quick Reference Guide to learn more.


FAQ Corner

Q: Supplemental loans: Federal Parent PLUS or Private?
A: If you need additional funding, there are two primary options for supplemental loans at DU: the Federal Direct Graduate PLUS loan and the private education loan.

We generally recommend that students borrow federal loans instead of private loans whenever possible because of their fixed interest rates, multiple repayment options, and forgiveness programs. However, there are some instances when a private loan is a suitable choice (if you're taking interterm courses, for example).

Before you apply for additional loan funding, do your homework! Research all loan options thoroughly to ensure you are making the best choice. Learn more about the differences between Graduate PLUS and private loans, and please feel free to contact us if you additional questions.


Financial Aid in the News

Ask the Expert: Understanding Student Loans

June 18, 2013

"...'I'm new to this student loan thing and I'm not even sure where to start. I got my financial aid package from my school and it looks like I need to borrow most of it, unfortunately. Do I just call up each lender, apply, and see who gives me the best deal? Is there anything I need to look out for besides loan fees, origination fees, cosigner requirements (and possibly lower interest rate for having one)?'

To answer these questions, we reached out to Mark Kantrowitz, student loan expert and senior vice president and publisher of the Edvisors Network."

Read the full article from Businessweek.com >>