Message from the Director
If you are among the many students who rely on some form of aid to pay for school, some of your time is going to be spent interacting with our office. We understand you came to DU to get a first-rate education; we don't expect you to be an expert in financial aid. That's why we have a team of professionals dedicated to helping you navigate the process and make the most of your financial aid awards.
We make every effort to keep you informed of changes to and requirements for your financial aid with frequent and timely communication (like this newsletter, for instance). And, the Financial Aid website makes navigating and retrieving financial aid information easier than ever.
This year we are looking to add more value to your DU education through financial literacy programming. We think information on the current loan repayment and forgiveness options and courses on transitioning to independence will be valuable for many DU students. Watch for more information about our financial literacy events in future newsletters.
Be on the lookout for the messages we send your way--they likely contain important information about your financial aid status. And the next time you have a question about your financial aid, give us a call at 303.871.4020 or email us at firstname.lastname@example.org. We welcome your feedback and want to ensure the personalized attention you receive in the classroom continues in our office.
Director of Financial Aid
Disbursement of Aid and Refunds
Payment for each term is due 10 days prior to the first day of classes for that term. On that date-- August 31st for fall quarter--your financial aid for fall will disburse to your student account and will pay toward your charges, provided all financial aid requirements are satisfied (which you can verify through webCentral), and you are registered for classes.
If your financial aid 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 quarter, refunds will begin to be generated on September 4th. In order to expedite the receipt of your refund, we recommend setting up direct deposit.
An important note for new students: Because incoming undergraduates do not register for classes until Discoveries Orientation, billing and disbursement of aid occurs later than current students. If you are a new student, your fall quarter bill will be generated by the Bursar’s office after you have registered for classes during orientation, and the due date for that bill will be September 21st. Once you are officially enrolled in classes, your financial aid will disburse to your DU student account and will then pay toward the bill. Any refund you are expecting will be generated within 2-3 business days later.
Loan Origination Fee Changes
Starting in the 2012-13 academic year, Congress has eliminated the origination fee rebate for all Federal Direct student loans. There is a 1% origination fee on all subsidized/unsubsidized Direct loan disbursements ($10 per every $1,000) and a 4% origination fee on every Parent PLUS loan disbursement ($40 per every $1,000).
In previous years, you received an immediate .5% rebate of the 1% origination fee for subsidized/unsubsidized loan disbursements, meaning that only $5 was deducted per $1,000. Similarly, your parent received an immediate 1.5% rebate of the 4% origination fee on all Parent PLUS loan disbursements, meaning only $25 was deducted per $1,000. Starting in the 2012-13 year, however, those rebates are eliminated and the full fee will be deducted from all federal student loan disbursements. So, both types of loans are more expensive for students to borrow than they have been in the past. Be sure to keep this in mind when creating your personal budget!
Q: How much will I owe after my financial aid has been applied toward my bill? How much can I borrow in a PLUS or private loan?
A: To determine the amount you will owe—or the amount that will be refunded to you—after your financial aid has been applied to your bill, simply subtract the fall quarter portion of your aid from your fall quarter bill. If the result is a positive number, you will still owe that amount to DU. If the result is negative, you will receive that amount as a refund from the Bursar’s Office.
To determine how much you can borrow in a private loan—or your parent can borrow in a PLUS loan—subtract your total financial aid from the Cost of Attendance listed on your award letter. The result is the total additional private or PLUS loan eligibility you have for the entire 2012-13 academic year.
Download our Budget Worksheet—a step-by-step guide for determining your net cost—to help you easily calculate your remaining balance and additional loan eligibility.
Financial Aid in the News
6 Steps to Determine How Much to Borrow for College
"Student loans are a popular way for students to cover some of the costs of college. But is borrowing for an education a good idea?
'Taking out a loan to pay for your education is an investment in yourself and your future,' says Suzanna de Baca, vice president of wealth strategies at Ameriprise Financial. 'At the highest level, it's a very positive use of debt. But like any debt, you do want to make sure you are not taking out an excessive amount, and that you will have the ability to repay it.'
There’s no one right number for all students to borrow, de Baca notes, but following these steps can help you arrive at a manageable amount."
Read full article from U.S. News >>