sUMMER 2012 Financial Aid Newsletter
Now is the time to take the next steps to secure your financial aid for the upcoming 2012-13 academic year! To ensure all of your financial aid awards will pay to your DU student account in the fall, please be sure to accept your aid and complete all loan requirements.
Accept Your Financial Aid via webCentral
You must accept, reduce or decline the financial aid offered to you through webCentral. Be sure to complete this step by July 1st or your awards may be cancelled.
Learn more about accepting your financial aid awards by viewing our how-to video.
Complete Federal Student Loan Requirements
If you are borrowing federal student loans for the first time as a DU student, there are additional steps you must take to secure this funding.
For Direct Loans (subsidized/unsubsidized):
For a Perkins Loan:
Check the Status of Your Financial Aid
You can check the status of your financial aid requirements at any time through webCentral. After logging in, go to the Student tab and review the "Financial Aid Requirements" area. If there are any red flags listed in the "Status" column, further action is required. (Note: Please allow up to three business days for a recently completed requirement to be reflected in your webCentral account.) Learn more about checking the status of your aid or download our webCentral Quick Reference Guide.
You may need to apply for supplemental loans to help finance your educational costs. At DU, there are two primary options: the federal Direct Parent PLUS loan and the private education loan. When taking on additional debt, be sure to do your homework to make an informed decision and only borrow what you need.
All federal loans have fixed interest rates and origination fees that are regulated each year by Congress. They also carry other benefits, such as Income-Based Repayment and Public Service Loan Forgiveness. Private loans often have a variable interest rate, based off of indexes such as LIBOR or Prime that fluctuates with the market. Both loans are credit-based, which means you may need a co-signer to borrow the funds.
Before deciding on which loan is best for you, compare the terms of a private loan offer against the terms of a Federal PLUS loan. Learn more about the Parent PLUS Loan and private student loans through our website. (Please note: An updated preferred private loan lender for 2012-13 list will be posted on our website by Friday, July 13th.)
To help reduce the amount of money you borrow, DU students have the option to sign up for a Tuition Payment Plan through the Bursar’s Office. With a payment plan, you are able to spread the cost of tuition over a 3, 6 or 9 month period.
The enrollment fee is $50 per plan, and the deadline to enroll for the fall quarter is July 14th, 2012. Learn more about DU Tuition Payment Plans.
Note for new students: The Bursar's Office recommends that you wait until you receive the Estimated Budget Letter before signing up, which will assist you in planning costs for the academic year.
If total amount of financial aid that pays to your DU student account is greater than the total of your charges, you are eligible to receive a refund for the credited amount. Generally, the Bursar’s Office will generate this refund 2-3 days after disbursement, and you can use it to help pay for non-billable expenses such as books and personal expenses. To expedite the receipt of these funds, we recommend setting up direct deposit through webCentral.
Please note: Even if you already receive DU paychecks by direct deposit (including Work-Study), you must set up a separate Student Refund/Accounts Payable account to receive financial aid refunds.
In this issue:
Looking for a part-time summer job? Student Employment can connect you to off-campus jobs in the Denver area. Many of these positions are just minutes from the DU campus, and students in such jobs earn an average of $12 per hour and work 16 hours per week. Check out our online job board for current openings!
National Student Loan Data System
Financial Awareness Basics
Loan Comparison Worksheet
Federal Loan Repayment Plans and Calculators
June 18: First day of summer quarter classes and last day to apply for summer financial aid
July 2: First day students can utilize their 2012-13 work-study (if awarded)
July 4: Independence Day - University closed
August 16: Last day of summer quarter
August 31: Fall quarter financial aid disbursement
September 3: Labor Day - University closed
September 5: Financial aid refunds generated by Bursar's Office
September 10: Fall quarter classes begin
Office of Financial Aid Contact Information
University Hall 255