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 semester is due 10 days prior to the first day of classes for that term. On that date--August 9th for fall semester--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 semester, refunds will begin to be generated on August 13th. In order to expedite the receipt of your refund, we recommend setting up direct deposit.
Learn more about billing and disbursement >>
At the end of the 100% add/drop period each semester, we must verify your enrollment. For the fall semester, the last day you can either add a class without being assessed a late fee or drop a class to receive 100% of the tuition refunded, is September 3rd. So how can enrollment verification affect your financial aid?
Your cost of attendance (also known as your student budget) and financial aid award is based on the typical enrollment in your program--12-15 credits for day students and 8-11 credits for evening students--per semester. We must ensure that your current cost of attendance is reflecting your actual enrollment, which we verify after the 100% add/drop period has ended. If you have enrolled in fewer credits than estimated in your current student budget, your cost of attendance will be reduced, which may result in a reduction of your loan funds. Generally, this also means your refund will be too large, and you will have to pay back excess funds!
You can revise your cost of attendance before we verify your enrollment by completing a Budget Adjustment Form.
Learn more about enrollment verification >>
New Federal Student Loan Interest Rates Possible
Last Wednesday, the U.S. House passed a bill that would link federal student loan interest rates to the financial markets. While this bill has not yet been signed into law, it is expected that Obama will sign it over the next few days.
Under this act, interest rates would be based on the 10-year Treasury bill, plus 3.6% for Unsubsidized loans and 4.6% for Graduate PLUS loans. These loans would be "variable-fixed," meaning you would receive a new rate each year you borrow an additional loan, but that rate would be fixed throughout the life of the loan. For the 2013-14 academic year, the interest rates are expected to be 5.4% for Unsubsidized loans and 6.4% for Grad PLUS loans.
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.
While we do not yet know all of the specific details about this interest rate deal, we will provide additional information on our website as we learn more.
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 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 >>