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August 2013 Newsletter

by Adamchik,William J last modified Aug 02, 2013 03:26 PM

This publication is primarily for undergraduate and graduate students. It will help keep you informed of upcoming deadlines, financial aid requirements, processing, procedures and financial aid news throughout the year. This is the 26th issue of the Financial Aid Newsletter.

Inside this issue:

Fall 2013 Aid Disbursement, Higher One, and Residual Funds
I’ve Applied for Aid, But Nothing’s Happened?!?
Fall 2013 Financial Aid Advance
Financial Aid & Bursar Account Balances In A Prior Aid Year
Fall 2013 Part-Time Aid Adjustment and Waitlisted Coursework
Additional Financial Resources
2013-2014 Federal Direct Stafford Loan Benefits/Fees
Parent PLUS Borrowers
Kentucky Educational Excellence Scholarship (KEES)
Reporting Outside Aid
Scholarship Checks
Satisfactory Academic Progress Policy
Questions About Your Financial Aid
Upcoming Important Dates – Fall 2013

 


Fall 2013 Aid Disbursement, Higher One, and Residual Funds

Aid Disbursement
Once the Student Financial Aid Office completes a review of your eligibility, we will electronically disburse all available financial aid funds to the Bursar's Office. The Bursar's Office will then post that aid to your account. Our office will begin disbursing fall aid to the Bursar's Office for undergraduate and graduate students on August 21st. Please note there are thousands of account transactions, so it will take time to post all the transactions to students' accounts.

Students who are enrolled in all special or second half courses that start dates after August 21 will have later disbursement dates. Some financial aid programs (such as the Kentucky KEES and TEACH Grant) have later disbursement dates.

Residual Funds
The University of Louisville uses the company Higher One to deliver all residual funds to students. With Higher One, you can request either direct deposit of your residual funds to a free Higher One checking account with a debit card or direct deposit to your personal bank account.

The first electronic file of residual funds from the August 21st disbursement is scheduled to be sent to Higher One by August 22nd. The earliest date residual funds would be received by undergraduate and graduate students who have set their refund preference to a Higher One checking account is August 23rd. The earliest date residual funds would be received by students who have set their refund preference to be an ACH transfer to a personal bank account is August 25th. Students will receive an email from HigherOne confirming the availability of their residual funds.

Disbursement of financial aid funds, application of those funds to students’ accounts, and transmission of residual funds to Higher One may occur several times for students as funds become available prior to and during the semester. Students can monitor their account on ULink (listed under Tuition, Fees, Payment Options on the Student Services tab) to review disbursed funds and indication that residual funds have been transmitted to Higher One.

New Students
Shortly following your fall 2013 registration process, you should receive your UofL OneCard in the mail. You can view the status of this mailing online at: https://uoflonecard.higheroneaccount.com/cardoffice/card/search/InitSearch.do. If you misplaced this mailing or you previously received the mailing and discarded it, you may call the Bursar’s Office at 502-852-6505. The Higher One card sent in this mailing is required for you to select how you want to receive refunds from UofL.


I’ve Applied for Aid, But Nothing’s Happened?!?

In some cases, after you have submitted the FAFSA, the U.S. Department of Education requires us to collect additional information from you. You may be selected for a process called “verification” or we may need to resolve conflicting information reported on your FAFSA. Please login to ULink frequently to review your To Do List.

If you've already filed your 2013-2014 Free Application for Federal Student Aid (FAFSA), but estimated your 2012 tax information and/or did not use the IRS Data Retrieval Tool, please log in to FAFSA.gov and select "Make FAFSA Corrections" so that we may have the most accurate information on file for you (and your parents, if applicable).  The IRS Data Retrieval Tool automatically imports official IRS tax information on your 2013-2014 FAFSA.

Verification must be completed before we will process your financial aid request. If you do not provide the documents requested on time (like your W2s or an IRS Tax Return Transcript), you will not receive federal student aid, and you might not receive aid from other nonfederal sources.


Fall 2013 Financial Aid Advance

Financial Aid Advances are offered via ULink in coordination with the Bursar’s Office. To qualify, you must:
•    have anticipated aid (aid that has not disbursed) that exceeds your bill
•    have not been processed residual funds of $500 dollars or more
•    not have aid that needs to be reviewed for adjustments due to part-time hours
The maximum advance amount is $450, and there is a $5 processing fee. Undergraduates and graduates may begin applying and printing the advance request form via ULink on August 23rd.

The Bursar's Office has the final approval on each advance.


Financial Aid & Bursar Account Balances In A Prior Aid Year

Due to federal regulations, past aid balances due to the university cannot be paid with current aid year federal financial aid funds. For example, fall 2013 federal financial aid cannot be used to pay an outstanding summer 2013 or spring 2013 bill.

If you have an unpaid account balance, you may pay your account balance by credit card or e-check via ULink > Student Services tab > Tuition-Fees-Payment Options > Make a Payment. You can also pay your account balance by mailing a check to the Bursar's Office. Please make sure your student ID number is on the front of the check. Please mail to: Bursar's Office, University of Louisville, Louisville KY 40292.


Fall 2013 Part-Time Aid Adjustment and Waitlisted Coursework

If you have finalized your fall 2013 enrollment and you are attending less than full-time, you may submit a fall 2013 Part-Time Aid Adjustment Form. By submitting this form, you are requesting we proceed with making any necessary adjustments to your financial aid according to your current enrollment. If you only have loans and are attending at least half-time, do not submit this form. The fall 2013 Part-Time Aid Adjustment Form is available online at: http://louisville.edu/financialaid/our-services/part-time-aid-adjustment.

If you attend less than full-time and do not submit this form, the adjustment and disbursement of your aid (based on your enrollment) will not be processed until early September. The Federal Pell Grant cannot be adjusted for classes added after August 30th. If your aid has disbursed and you drop classes during the 100% tuition refund period, your aid will be reviewed for adjustment, and you may owe funds back to the university. Waitlisted classes and classes taken for Audit do not count in your total enrolled hours for financial aid purposes.  Please do not complete the Part-Time Aid Adjustment Form if you are waitlisted for a class(es) or plan to make adjustments to your schedule.

Our current office timeline to complete paperwork is up to 15 business days.


Additional Financial Resources

If you need additional information on financial aid resources and have not already consulted our office, please e-mail us (finaid@louisville.edu) or call 502-852-5511. Some additional sources are listed below:
Bursar’s Office Payment Plans
Federal Parent PLUS
Alternative Loan
Outside Scholarships


2013-2014 Federal Direct Stafford Loan Benefits/Fees

Subsidized Stafford Loans that disburse on or after July 1, 2013 for undergraduate students will be set at a fixed interest rate of 3.9%.  Graduate and professional degree students are only offered Unsubsidized Stafford Loans, which have a fixed interest rate of 5.4%, which begins to accrue on the date of disbursement.

For both Stafford loans, a 1.051% origination fee is charged at disbursement, so the amount that is disbursed to you will be less than the amount you actually borrow.

First-Time Stafford Loan Borrower at UofL

For student loans to disburse in a timely manner, it is critical students complete all required steps. For loans, this includes loan acceptance in ULink and completing the Master Promissory Note(s) and Entrance Interview(s) with the Department of Education.

The Entrance Interview and Master Promissory Note can be completed online at https://studentloans.gov.

Time Limitation on Direct Subsidized Loan Eligibility for First-Time Borrowers on or after July 1, 2013

If you are a first-time borrower on or after July 1, 2013, please familiarize yourself with the new federal regulations regarding a limit on the maximum period of time (measured in academic years) that you can receive Direct Subsidized Loans.  In general, you may not receive Direct Subsidized Loans for more than 150% of the published length of your program of study.  For more information, please review the U.S. Department of Education’s Federal Student Aid announcement concerning this time limitation.


Parent PLUS Borrowers

Direct PLUS Loans (Parent Loans for Undergraduate Students) are part of the federal Direct Loan Program, which offers loans to students and parents to help pay for a student’s college education.

Unlike other federal student loans, Parent PLUS Loans are not awarded to students when they apply for aid. Instead, parents of undergraduates apply for these loans separately if they need additional funds to cover the student’s educational costs.

If your parent is interested in borrowing a Parent PLUS at UofL, he/she must follow the application procedure on our PLUS Loan webpage: https://louisville.edu/financialaid/loans/direct-parent-plus.html


Kentucky Educational Excellence Scholarship (KEES)

At this time, estimated KEES awards have been placed on all student accounts that are potentially eligible to receive this award.

Fall KEES funds will be received from KHEAA in late-September and will be applied to students’ accounts as quickly as possible. If you are registered less than full-time, your KEES award will be adjusted accordingly. 

Home-schooled students and GED recipients need to contact our office to have their eligibility reviewed.

If you do not see an award on your account and you believe you are eligible, please contact our office at 502-852-5511 so we may research your inquiry.


Reporting Outside Aid

If you are expecting to receive financial aid not currently listed on your ULink account, please report estimates of this aid online (http://louisville.edu/financialaid/our-services/report-other-aid-resources).


Scholarship Checks

If you have received a scholarship check, please send it to our office with your name, student ID, name of the award source, and copies of any letters from the organization. If a check is made payable to you or both you and the university, be sure to sign the back of the check before submitting it to our office. Additional information for organizations on how to coordinate with our office regarding scholarship checks is available online.


Satisfactory Academic Progress Policy

Take a moment to familiarize yourself with the University of Louisville's Satisfactory Academic Progress policy. The following guidelines should be followed by undergraduate and graduate students:

Maximum Time Frame
All students are expected to finish their program within a maximum time frame as determined by the university.  All attempted credit hours are considered toward the maximum time allowance, regardless of whether or not the student received financial aid.

Pace
Undergraduate and graduate students must be on target to complete their academic program within a set time frame. Students must complete and pass two-thirds of their cumulative attempted hours.

GPA
Undergraduate Students: Students must maintain at least a cumulative 2.0 official GPA.
Graduate Students: Students must maintain at least a cumulative 3.0 official GPA.

Academic Standing
Students must not be dismissed or suspended from their academic program, as determined by their academic units’ policies.

Important Dates for SAP
Priority dates are listed on the SAP appeal form.  If a complete appeal is submitted before the posted priority date, the student is ensured that a decision will be made before the census date for the semester. A decision is not guaranteed before census date if the appeal is incomplete or deferred.  There is no guarantee that aid will be posted.  Please be aware that the priority date for the fall 2013 semester was July 26, 2013.
Appeals can still be submitted for the fall semester, but the student should make arrangements to settle the semester bill using other resources.  Deadline dates are the last day an appeal can be submitted to the Financial Aid Office for aid consideration in that semester.  The deadline for the fall 2013 semester is November 1, 2013.
Please visit our website for a more detailed explanation of the SAP Policy: http://louisville.edu/financialaid/satisfactory-academic-progress.


Questions About Your Financial Aid

If you have questions about your financial aid or need additional financial assistance, please e-mail us or contact our Call Center at 502-852-5511. Our Call Center is operated by the Financial Aid Counseling Team. Walk-in counseling is also available and no appointment is required.

Regular Call Center and Office Hours
Monday - Friday 9:00 to 5:00

Special Fall Registration Hours August 19 – August 30

Office: Monday - Friday 8:30 to 5:30
Call Center: Monday - Friday 8:30 to 5:00
During these two weeks we receive an extremely high number of calls. Please be patient as you may be on hold for several minutes.


Upcoming Important Dates – Fall 2013


August 12th
First scheduled disbursement for Law
August 21st
First scheduled disbursement for Undergraduate and Graduate
August 26th
Classes begin
August 30th
Last day for Undergraduate and Graduate students to add/drop with 100% tuition credit for fall 2013
September 2nd
Labor Day (Office Closed)
September 16th
Last day to withdraw with 50% tuition credit
September 18th
Last day to apply for a degree
September 23th
Last Day to withdraw with 25% tuition credit
Late September
Kentucky Educational Excellence Scholarship (KEES) disbursement
October 7-8th
Mid-Term Break (Office Open)
October 28th
Last day to withdraw
November 1st
Deadline to file a SAP appeal for the fall 2013 semester
November 27th-December 1st
Thanksgiving Break
December 9th
Last day of classes

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