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 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 PioneerWeb. The final deadline to submit this application is Friday, June 12th. You will receive an email with information about your summer aid options after an advisor has reviewed your application—typically within one week.
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 5th. 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,
- have accepted your financial aid through PioneerWeb, and
- have no outstanding requirements on the Student tab of PioneerWeb, (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 9th. If you have direct deposit, you can expect to see your refund in your bank account on June 10th.
Did you know you can calculate your estimated refund through PioneerWeb? Go to the Student tab and click on the "Summer Quarter 2015" 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 >>
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 your preferred address (no paper letters are mailed to continuing students). Be sure you have no outstanding requirements by checking the "Financial Aid Requirements" box on the Student tab of PioneerWeb. If we are missing additional documentation from you, it will delay your financial aid award.
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 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 you share your account information with one additional person, the new payment portal allows for multiple users to set up individual credentials to access your account (i.e. parents). It also offers other features, such as setting up recurring payments and scheduling payments in advance.
You will need to access your 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. You will receive an email from the DU Bursar's Office on July 1st with further instructions.
Loan Repayment Resources
Are you graduating? If so, congratulations! If you borrowed student loans to help pay for your DU education, 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 you graduate before you have to start making payments. During that time, we encourage you to take these 5 steps to successful student loan repayment.
You can find much more information about repaying your loans from the Federal Student Aid website, including repayment plan options, loan servicer contacts, and forgiveness programs. If at any time you have questions about loan repayment, however, please contact us. We're happy to help!
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