In this update:
- Summer Aid Application Reminder
- Summer Semester Disbursement of Aid and Refunds
- Summer Enrollment Adjustments
- 2014-2015 Award Letters
- Student Loan Interest Rate Changes
- Upcoming Important Dates
Summer Aid Application Reminder
If you are planning to take classes during the summer semester and need financial aid (including loans), you need to submit a summer aid application through webCentral. The priority deadline to submit this application is Friday May 9th. You will receive an email with information about your summer aid options after an advisor has reviewed your application—typically within 1-2 weeks.
Learn more about the application process and your eligibility for both institutional and federal aid on our website.
Summer Semester Disbursement of Aid and Refunds
Your DU tuition bill is due on May 17th. On that date, your financial aid for summer 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:
- be registered for at least 4 credits,
- have accepted your financial aid through webCentral, and
- have no outstanding requirements on the Law Student tab of webCentral, (which is indicated by a red flag).
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, May 20th. If you have direct deposit, you can expect to see your refund in your bank account on May 21st.
Learn more about billing and disbursement >>
Summer Enrollment Adjustments
The last day to add or drop classes at 100% for summer semester is Tuesday, June 3rd. On that date, we will verify your enrollment and make any necessary changes to your Cost of Attendance. If you are enrolled in fewer credits than what you indicated on your Summer Aid Application, 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 with 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 you indicated on your summer aid application, please contact our office as soon as possible so we can make the necessary adjustments to your Cost of Attendance and financial aid—before it affects your refund!
2014-2015 Award Letters
Wondering when you'll receive your financial aid award letter for the 2014-15 school year? If you've applied for aid and completed all outstanding requirements, you should receive your award letter via email next week. These emails will be sent to your preferred address; verify that you have the correct email address on file by going to the Law Student tab of webCentral and clicking on "Set Your Preferred Email Address."
Student Loan Interest Rate Changes
As you may remember, last year 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.
Currently, the interest rate is 5.41% for Unsubsidized Direct loans and 6.41% for Graduate PLUS loans. According to the Consumer Financial Protection Bureau, the Congressional Budget Office is projecting rates for the 2014-2015 academic year to increase to 6.64% for Unsubsidized loans and 7.64% for Graduate PLUS loans. Finalized rates will likely be announced in the next few weeks.
Read more from Bloomberg.com >>
Upcoming Important Dates
- Friday, May 9th: Priority deadline to apply for summer aid
- Friday, May 16h: Last day of spring semester
- Saturday, May 17th: Financial aid disbursement for summer semester
- Tuesday, May 20th: Financial aid refunds for summer semester generated by the Bursar's Office
- Tuesday, May 27th: First day of classes for summer semester
- Tuesday, June 3rd: Last day to add or drop classes at 100% for summer semester
- Friday, June 13th: Last day to apply for summer aid