Disbursement of Aid and Refunds
The Bursar's Office is responsible for the collection and billing of tuition-related charges at DU. Your bill for each quarter is due 10 days prior to the first day of classes for that term. On that date--August 30th for fall quarter--the fall portion of your financial aid will disburse directly to your student account and will pay toward your charges. In order for this to happen, however, all of your financial aid requirements must be satisfied (which you can verify through webCentral), and you must be registered for at least 6 credits.
If the amount of financial aid that disburses 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 3rd. 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 20th. 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.
Learn more about billing and disbursement >>
New Federal Student Loan Interest Rates
On August 9th, President Obama signed a bill that ties federal student loan interest rates to financial markets. Under this act, interest rates are based on the 10-year Treasury bill, plus 2.05% for Subsidized/Unsubsidized loans and 4.6% for Parent PLUS loans. These loans are "variable-fixed," meaning you would receive a new rate each year you borrow an additional loan (determined in June for the upcoming year), but that rate would be fixed throughout the life of the loan. For the 2013-14 academic year, the interest rates are 3.86% for Subsidized/Unsubsidized loans (formerly 6.8%) and 5.41% for Parent PLUS loans (formerly 7.9%).
Since rates would rise as the economy picks up and it becomes more expensive for the government to borrow money, next year's loan could be more expensive than the loans you borrow this year. However, this bill includes an interest rate cap of 8.25% for Subsidized/Unsubsidized loans and 10.5% for Parent PLUS loans.
Q: How can I get more financial aid?
A: If you are taking more classes than is included in your current cost of attendance, enrolled in the DU health insurance plan, or need to buy a new computer, you can submit a Budget Adjustment Form. By submitting this form, we will adjust your cost of attendance, which can increase the total amount you can borrow in federal student loans.
Alternatively, we highly encourage you to look and apply for outside scholarships to supplement your financial aid package. It's free money! Utilize our online scholarship search to research current opportunities.
Financial Aid in the News
Obama Plan to Tie Student Aid to College Ratings Draws Mixed Reviews
August 22, 2013
"President Obama continues his three-campus "college cost" bus tour on Friday, promoting his plans to make college more affordable through a mix of carrots and sticks.
The heart of the proposals is a controversial plan to rate colleges based on measures of access, affordability, and student outcomes, and to allocate aid based on those ratings. Under the plan, students attending higher-rated institutions could obtain larger Pell Grants and more-affordable loans."
Read full article from The Chronicle of Higher Education >>