Message from the Director
If you are among the many law 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 and courses on transitioning to independence 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 firstname.lastname@example.org. 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 10th for fall semester--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 semester, refunds will begin to be generated on August 14th. 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!
Enrollment Verification for Fall
Your cost of attendance (or student budget) and financial aid award is based on the typical enrollment in your program, which is 12-15 credits for day students and 8-11 credits for evening students per semester. At the end of the 100% add/drop period (September 4th for fall semester) we will check your enrollment and adjust your cost of attendance to reflect your actual enrollment. If you enroll in fewer credits than estimated in your current cost of attendance, your student budget will be reduced. This may result in a reduction to your loan funds, and you will be responsible for returning any funds for which you are not eligible back to DU. If you believe you may enroll in fewer credits than planned, please contact our office.
Financial Aid in the News
New Federal Student Loan Counseling Offered Online
"A new federal tool released Wednesday aims to help student borrowers understand their loan burdens and keep them informed during school and once repayments hit.
The Financial Awareness Counseling Tool created by the Department of Education offers a set of tutorials to increase financial literacy, including a walk-through on the basics of student loans, tips for smart borrowing, and a rundown of repayment options. When signed in with a federal student loan pin, college and graduate student borrowers can access their outstanding loan balances and a breakdown of their individual burdens if they have taken multiple federal loans."
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