In this update:
- Summer Aid Application Reminder
- Summer Quarter Disbursement of Aid and Refunds
- 2014-15 Award Letters
- Student Loan Interest Changes
- New Enrollment Adjustment Policy for 2014-15
- Upcoming Important Dates
Summer Aid Application Reminder
If you are planning to take classes during the summer quarter and need financial aid (including loans), you need to submit a summer aid application through webCentral. The final deadline to submit this application is Friday, June 13th. You will receive an email with information about your summer aid options after an advisor has reviewed your application—typically within 1-2 weeks.
Learn more about the application process and your eligibility for both institutional and federal aid on our website.
Summer Quarter Disbursement of Aid & Refunds
Your DU tuition bill is due on June 6th. On that date, your financial aid for summer quarter 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:
- be registered for classes (learn about enrollment requirements),
- have accepted your financial aid through PioneerWeb, and
- have no outstanding requirements on the 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, June 10th. If you have direct deposit, you can expect to see your refund in your bank account on June 11th.
Did you know you can calculate your estimated refund through PioneerWeb? Go to the Student tab and click on the "Summer Quarter 2014" link in the My Account box. Then, subtract your total "Term Credits and Payments" from "Term Charges." If the result is a positive number, you'll receive that amount in a refund.
Learn more about billing and disbursement >>
2014-15 Award Letters
Yesterday, we began sending financial aid award notifications for 2014-15. These notifications were sent via email to your preferred address (no paper letters are mailed to continuing students). If you have applied for aid but haven't received your award letter for next year yet, be sure you have no outstanding requirements by checking the "Financial Aid Requirements" box on the Student tab of webCentral. If you believe you should have already been notified of your award, please contact us.
Note: Students will not be notified until mid-June if they received a departmental scholarship. So, if you submitted the application and were chosen by your department to receive a scholarship, it will be added to your financial aid award at that time.
Student Loan Interest Changes
As you may remember, last year the government passed a bill that now links federal student loan interest rates to the 10-year Treasury bill. This means these loans are considered "variable-fixed," meaning you receive a new rate each year you borrow an additional loan, but that rate is fixed throughout the life of the loan.
Currently, the interest rate is 3.86% for Subsidized and Unsubsidized Direct loans, and 6.41% for Parent PLUS loans. According to the Consumer Financial Protection Bureau, the Congressional Budget Office is projecting rates for the 2014-15 academic year to increase to 5.09% for Subsidized and Unsubsidized loans, and 7.64% for Parent PLUS loans.
Read more at Bloomberg.com >>
New Enrollment Adjustment Policy for 2014-15
Beginning in the fall quarter, we will verify your enrollment at the end of the 100% add/drop period each term. If your actual enrollment is different than the Cost of Attendance (COA) listed on your award letter, your COA will be adjusted, and your financial aid may need to be adjusted as well. Before you accept any aid for next year, please be sure you review and understand this new Enrollment Adjustment Policy.
If you know you will be enrolled in a different number of credits than what your current Cost of Attendance is based on, we highly recommend that you complete a budget adjustment form as soon as possible. Doing so will ensure that any adjustments that need to be made to your financial aid will be completed prior to disbursement in the fall.
If at any time you have questions about the enrollment adjustment process, please contact us!
Upcoming Important Dates
- Friday, June 6th: Financial aid disbursement for summer quarter
- Tuesday, June 10th: Financial aid refunds for summer quarter generated by the Bursar's Office
- Friday, June 13th: Final deadline to apply for summer aid
- Monday, June 16th: First day of classes for summer quarter
- Sunday, June 22nd: Last day to add/drop classes at 100% for summer quarter