Summer Financial Aid Update
In this update:
If your student is planning to take classes during the summer quarter and needs financial aid (including loans), a summer aid application must be submitted through PioneerWeb. The final deadline to submit this application is Friday, June 16th. After an advisor has reviewed the application, your student will receive an email with information about summer aid options.
The summer quarter tuition bill is due on June 9th. On that date, your student's financial aid for summer quarter will disburse to his or her student account and will pay toward current charges—as long as all financial aid requirements are satisfied.
In order to receive financial aid, students must:
Expecting a refund? If the amount of financial aid that disburses is more than the total of your student's charges, a refund will be generated by the Bursar's Office on Tuesday, June 13th. Students who have direct deposit can expect to see that refund in their bank account on June 14th.
Current students who have applied for aid and completed all outstanding requirements should receive their award letter via email within the next week or so (if they haven't already). These notifications are sent via email to the student's preferred email address; no paper letters are mailed to current students.
Note: Students will be notified in mid-June if they received a departmental scholarship (July for Daniels College of Business scholarships). If your student submitted the application and was chosen by his or her department to receive a scholarship but it doesn't appear on the award letter, it should be added shortly.
The Bipartisan Student Loan Certainty Act of 2013 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. Each loan has a fixed interest rate for the life of the loan.
Interest rates for loans first disbursed between July 1, 2017 and July 1, 2018 will be slightly higher than those first disbursed during the 2016-17 aid year. For Direct Subsidized/Unsubsidized loans, the interest rate will be 4.45% (up from 3.76%); for Parent PLUS loans, the interest rate will be 7.00% (up from 6.31%).
If your student is graduating at the end of spring quarter and wants to better understand the student loan repayment process, have him or her attend an upcoming workshop! To learn more, visit our website.