Fall Financial Aid Update
In this update:
Your DU tuition bill is due on Friday, August 7th. On that date, your financial aid for fall semester will disburse to your student account and will pay toward your charges—as long as all financial aid requirements are satisfied.
In order to receive your financial aid, you must:
Expecting a refund? If your financial aid is more than the total of your charges, a refund will be generated by the Bursar's Office on Tuesday, August 11th. If you have direct deposit, you can expect to see your refund in your bank account on August 12th.
Did you know you can calculate your estimated refund through PioneerWeb? Go to the Law Student tab and click on the "Fall Semester 2015" link in the My Account box. Then, subtract your total "Term Credits and Payments" from "Term Charges." If the result is a positive number, you'll receive that amount in a refund.
At the end of the 100% add/drop period each semester, we must verify your enrollment. 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 for fall semester is Monday, August 31st. On that date, we will verify your enrollment and make any necessary changes to your Cost of Attendance.
Your Cost of Attendance and financial aid is based on the typical enrollment of students in your program:
If you are enrolled in fewer credits for the fall semester than indicated above for your program, your financial aid refund may be too large and we may need to return a portion of your loan funds back to the U.S. Department of Education (which will create a balance due to DU). If you are enrolled in more credits, you will receive a smaller refund to use for living expenses (if you planned to borrow for those).
If your actual enrollment is different than what's listed above, please submit an Enrollment Adjustment Form so we can make the appropriate changes to your Cost of Attendance and, if needed, your financial aid.
As you may remember, the government passed a bill that now links federal student loan interest rates to the 10-year Treasury bill. This means these loans are considered "variable-fixed," meaning you receive a new rate each year you borrow an additional loan, but that rate is fixed throughout the life of the loan.
But, there's good news! The interest rates for the 2015-16 academic year are slightly lower than last year. For loans first disbursed between July 1, 2015 and July 1, 2016, the interest rate is 5.84% for Unsubsidized Direct loans and 6.84% for Graduate PLUS loans, down from 6.21% and 7.21% (respectively).
Be sure you're only borrowing what you absolutely need for the 2015-16 academic year! Before classes begin, we encourage you to utilize the Estimated Billing Worksheet to help you determine what you will owe DU each semester. Then, use the Federal Student Aid Repayment Estimator to estimate your future monthly federal student loan payments under each repayment plan. By monitoring your borrowing while you're still in law school, you can be sure there won't be any surprises at graduation.
If you realize you don't need all of the loan funds you've accepted and would like to reduce the amount you'll borrow this year, please contact us!