December 2012 Newsletter
by Adamchik,William J — last modified Jan 04, 2013 02:44 PM
This is the 24th edition of the Financial Aid e-Newsletter. This publication is primarily for undergraduate and graduate students. It will help keep you informed of upcoming deadlines and financial aid news throughout the year. You can access past newsletters online at: http://louisville.edu/financialaid/our-services/e-newsletters
Our goal is to receive and disburse all available financial aid so that residual (excess) funds will be available prior to the start of classes. Read this e-newsletter to be informed on spring 2013 financial aid requirements, processing, procedures, and more!
In this edition:
1. Get Ready to File Your FAFSA
January 1 is just around the corner, which means it is almost time to file your Free Application for Federal Student Aid (FAFSA) for the 2013-2014 school year. Students—especially KY residents who are undergraduates and Pell-eligible —should file their FAFSA AS SOON AS POSSIBLE after January 1 to be considered for limited state funding. When completing the FAFSA, you will use your 2011 federal tax return as well as your parents’ federal tax return. It is acceptable to submit the application using your best estimate of 2012 income information. This could mean using 2011 taxes or December paycheck stubs to approximate the income information questions on the 2013-2014 FAFSA. Once your taxes have been filed, you can correct any income or tax information that is different from what was initially estimated on the submitted FAFSA.
Our first spring 2013 disbursement of available undergraduate and graduate financial aid funds to the Bursar's Office is scheduled for January 2. Remember, students who are enrolled in special courses that have late start dates may have later disbursement dates. Students can monitor account activity on ULink (listed under Tuition, Fees, Payment Options on the Student Services tab) to see disbursed funds and to verify residual funds have been transmitted to Higher One.
Generally, funds are available the day after disbursement for students who selected a Higher One checking account. The earliest date residual funds would be received by students who have set their refund preference to a Higher One checking account is January 4. 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 January 5. Students will receive an e-mail notification from Higher One once their residual funds have been received and processed according to their selected delivery preference.
Be sure to check out our Facebook page for the latest news on what’s happening at the UofL Student Financial Aid Office! Also, follow us on Twitter (@UofLSFAO) to receive the most up-to-date information on financial aid here at the University of Louisville.
The Financial Aid Advance will be offered this spring via ULink in coordination with the Bursar’s Office. To qualify, your anticipated aid (aid that has not disbursed) must exceed your bill. Students who have been sent residual funds of $500 dollars or more may not receive an advance. 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 from ULink on January 3. Please note that the Bursar's Office has the final approval on each advance and the print-out is valid until 5:00 PM the next business day.
Financial Aid from most federal and state aid programs is based on a student's enrollment as of census date each semester. Census date is the last day to drop at 100% tuition credit. Waitlisted courses are not included in a student's enrolled hours.
After the published census date, aid adjustments are made for the term and no other adjustments will be made for enrollment changes, unless a student withdraws from all courses. To ensure proper posting of your financial aid awards, please be sure you are registered for the correct number of hours as of census date. The census date for the spring 2013 semester is January 11.
If you have finalized your spring 2013 enrollment and you are attending less than full-time, then you may submit a Spring 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 attend less than full-time and do not submit this form, then the adjustment and disbursement of your aid (based on your enrollment) will be delayed. The Federal Pell Grant cannot be adjusted for classes added after the spring 2013 census date of January 11. If you drop classes during the 100% tuition refund period, your aid will be reviewed for necessary adjustments. If you withdraw from all your classes, your aid may be canceled and you may owe all or a portion of your residual funds back to the university.
Check our website for applications and information regarding current scholarship opportunities. Monitor our website on a regular basis for updated outside and university scholarship information. Many scholarship opportunities will become available beginning January 1 and our website will have details and applications for these at that time. These scholarship opportunities will have a deadline of April 15, 2013.
The Continuing Undergraduate Academic Scholarship application will be available beginning January 1, 2013. This scholarship will be for the fall 2013 and spring 2014 academic period and is restricted to students seeking their first bachelor’s degree, who meet the academic eligibility criteria, and do not have a scholarship through the Office of Admissions. The deadline to apply for the 2013-2014 Continuing Undergraduate Scholarship is March 15, 2013. For more on this scholarship, visit our scholarship webpage.
If you have family or friends in Kentucky that need assistance in filing the FAFSA, we encourage you to invite them to attend College Goal Sunday on January 13 at 2:00 pm.
College Goal Sundayis an event held around the state offering free, professional help in completing the Free Application for Federal Student Aid. More information and a list of sites around Kentucky is available online at www.kasfaa.com/cgs.
Income-Based Repayment (IBR) caps monthly federal loan payments at an affordable level based on your income and family size, and forgives any debt and interest that remains after 25 years. If you owe more on your federal student loans than you earn in a year, you can probably benefit from IBR. The lower your income, the lower your monthly payment will be (in some cases, as low as $0). IBR is available for almost all federal loans - past, present, or future - made by any lender, for undergraduate or graduate school.
If you work in a government, nonprofit, or other public service job, you could have your remaining student loan debt forgiven after just 10 years of IBR, or certain other payments. Your loans have to be in the federal Direct Loan Program to qualify, but the 10 years don't have to be consecutive. You just need to make a total of 120 payments while working full-time for a public or nonprofit employer, starting on or after October 1, 2007.
For more information, including a simple calculator to estimate monthly payments, please visit www.IBRinfo.org.
Attention Graduating Seniors!
University of Louisville students can land a leadership position right out of college. Teach for America is building the movement to eliminate educational inequity by calling upon our nation's most promising future leaders, outstanding recent college graduates of all backgrounds and academic majors, to commit two years to teach in urban and rural public schools as full time paid teachers. Through Teach For America, U of L students can make an immediate impact on the lives of children growing up in low-income areas. They can also gain the insight, network, and credibility to effect long-term change, and position themselves for success regardless of the profession they ultimately pursue. Learn more at www.teachforamerica.org or contact Colleen Crawford at email@example.com.
Last Name A-G: Samantha Goodin 502-852-8350
Do you need to stop by our office?
Hours of Operation: January 2 – 11 we’re open 8 a.m. to 5:30 p.m.
FAFSA Code: 001999