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FINANCIAL AID
www.du.edu/financialaid

University of Denver

Winter Financial Aid Update

 

In this update:

  • Spring semester disbursement of aid and refunds
  • Applying for aid for the 2014-15 academic year
  • New loan origination fees
  • University closed for winter break

Spring Semester Disbursement of Aid & Refunds

Your DU tuition bill is due on January 3rd. On that date, your financial aid for spring 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:

  1. be registered for at least 4 credits,
  2. have accepted your financial aid through webCentral, and
  3. 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, January 7th. If you haven't done so already, we recommend setting up direct deposit to receive your refund sooner. If you have direct deposit, you can expect to see your refund on your bank account on January 8th.

We frequently have students ask, "Can I get my refund sooner?" The short answer: no. We are prohibited by federal regulations to disburse financial aid funds any sooner than 10 days before the start of the semester. Since spring semester begins on January 13th, we can't disburse funds any sooner than January 3rd.

Learn more about billing and disbursement >>


Applying for Aid for the 2014-15 Academic Year

It's already time to start thinking about applying for financial aid for next year! Remember: if you wish to receive any federal aid (including loans) you must reapply for financial aid every year you attend DU.

How to Apply:
Complete the 2014-15 FAFSA (available January 1st).

When to Apply:
The priority deadline for current students is March 15th.

What You'll Need:
All of your 2013 tax information, including your completed tax return. If you are unable to file your return before completing the FAFSA, you may use estimates. However, if you use estimates, please go back to www.FAFSA.gov to correct your application using IRS Data Retrieval once your tax return has been accepted by the IRS.

We will begin sending 2014-15 financial aid award letters to those with completed applications in mid-to-late May.

Learn more about applying for financial aid or download the application checklist.


New Loan Origination Fees

Last spring, you may remember that the Department of Education announced across-the-board budget cuts known as the "sequester." This sequester has required a slight increase to origination fees on Federal Direct loans.

For Direct Unsubsidized loans, the origination fee has increased from 1.051% to 1.072%; for Graduate PLUS loans, the fee has increased from 4.204% to 4.288%. One important thing to note is this change only affects loans where the first disbursement is on or after December 1st.

So what does this mean for you? This loan origination fee increase will only affect students who request new loans starting with the 2014 spring semester. If you were enrolled in fall semester and have already received a loan disbursement for the 2013-14 academic year, your origination fee will not increase for the spring disbursement of that loan.

Federal Direct Loan Fee Amounts
Loan Type: Impacted Loans: Loan Fee Percent: Fee on a Loan Amount of:
Direct Unsubsidized Loan:
First Disbursed Before December 1, 2013 1.051% $215.46 on a $20,500 loan
First Disbursed After December 1, 2013 1.072% $219.76 on a $20,500 loan
Grad PLUS Loan: First Disbursed Before December 1, 2013 4.204% $420.40 on a $10,000 loan
First Disbursed After December 1, 2013 4.288% $428.80 on a $10,000 loan

University Closed for Winter Break

As a reminder, the University of Denver is closed from Wednesday, December 25th through Wednesday, January 1st. Since our office is included in the closure, we highly encourage you to make sure all of your financial aid requirements for spring semester are satisfied before the break. Doing this will help you avoid late fees, and will ensure you get your refund in a timely manner.

If you have any questions about the information in this update, please contact us! Happy holidays!

Sincerely,

Financial Aid Staff