In this update:
- Summer Aid Application Reminder
- Summer Quarter Disbursement of Aid and Refunds
- 2015-16 Financial Aid Award Letters
- Student Loan Interest Rate Changes
- Federal Student Aid (FSA) ID Implementation
- New Tuition Payment Portal
- Loan Repayment Resources
- Upcoming Important Dates
Summer Aid Application Reminder
If your student is planning to take classes during the summer quarter and needs financial aid (including loans), a summer aid application must be submitted through PioneerWeb. The final deadline to submit this application is Friday, June 12th. Your student will receive an email with information about summer aid options after an advisor has reviewed the application—typically within one week.
Learn more about the application process and eligibility for both institutional and federal aid on our website.
Summer Quarter Disbursement of Aid & Refunds
The summer quarter tuition bill is due on June 5th. On that date, your student's financial aid for summer quarter will disburse to his or her student account and will pay toward current charges—as long as all financial aid requirements are satisfied.
In order to receive your financial aid, your student must:
- be registered for classes,
- have accepted all financial aid through PioneerWeb, and
- have no outstanding requirements.
Expecting a refund? If the amount of financial aid that disburses is more than the total of your student's charges, a refund will be generated by the Bursar's Office on Tuesday, June 9th. Students who have direct deposit, can expect to see their refund in their bank account on June 10th.
Learn more about billing and disbursement >>
2015-16 Financial Aid Award Letters
Current students who have applied for aid and completed all requirements can expect to receive their 2015-16 award letter by June 1st. These notifications will be sent via email to the student's preferred address (no paper letters are mailed to continuing students). Be sure to have your student verify that there are no outstanding requirements by reviewing the Student tab of PioneerWeb. If we are missing additional documentation, it will delay your student's financial aid award.
Note: Students will not be notified until mid-June if they received a departmental scholarship. So, if your student submitted the application and was chosen by his or her department to receive a scholarship, it will be added to the financial aid award at that time.
Student Loan Interest Rate Changes
In August 2013, Congress passed and the President signed the Bipartisan Student Loan Certainty Act of 2013. This Act ties federal student loan interest rates to the financial markets. Under the Act, interest rates are determined each spring for new loans being made for the upcoming award year, which runs from July 1 to the following June 30. Each loan has a fixed interest rate for the life of the loan.
Interest rates for loans first disbursed between July 1, 2015 and July 1, 2016 will be slightly lower than those first disbursed during the 2014-15 aid year. For Direct Subsidized/Unsubsidized loans, the interest rate will be 4.29% (down from 4.66%); for Parent PLUS loans, the interest rate will be 6.84% (down from 7.21%).
Read more from StudentAid.gov >>
Federal Student Aid (FSA) ID Implementation
In the past, you have used your Federal Student Aid PIN to submit the FAFSA and complete loan requirements. As of May 10th, that PIN has been replaced with the FSA ID. This means the next time you log into a U.S. Department of Education website, you will be asked to create an FSA ID.
You can link your old PIN to your FSA ID and immediately access any of the websites that require an FSA ID, including FAFSA.gov, StudentLoans.gov, and www.NSLDS.ed.gov.
Learn more about the FSA ID >>
New Tuition Payment Portal
The University of Denver is implementing a new payment portal for DU tuition payments. While the old system let students share their account information with one additional person, the new payment portal allows for multiple users to access their account (i.e. parents). It also offers other features, such as setting up recurring payments and scheduling payments in advance.
Your student will need to access his or her account beginning July 1st and identify authorized users by August 1st in order for additional people to receive information on the next billing cycle in the fall. Your student will receive an email from the DU Bursar's Office on July 1st with further instructions.
Loan Repayment Resources
Is your student graduating? If so, and he or she borrowed student loans, now is the time to start thinking about repaying those loans.
The good news is most federal student loans have a 6 month grace period after graduation before payments must be made. During that time, we encourage all students to take these 5 steps to successful student loan repayment.
You can find much more information about repaying loans from the Federal Student Aid website, including repayment plan options, loan servicer contacts, and forgiveness programs.
Upcoming Important Dates
- Friday, June 5th: Financial aid disbursement for summer quarter
- Tuesday, June 9th: Financial aid refunds for summer quarter generated by the Bursar's Office
- Friday, June 12th: Final deadline to apply for summer aid
- Monday, June 15th: First day of classes for summer quarter
- Sunday, June 21st: Last day to add/drop classes at 100% for summer quarter
- Friday, July 3rd: Independence Day observed - University closed
- Thursday, August 13th: Last day of classes for summer quarter