March 2010 e-Newsletter
This is the 15th 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.
Read this e-newsletter to be informed on fall 2010 financial aid requirements, processing, procedures, and more!
In this edition:
(6) Loan Deadlines
(7) Summer 2010 Aid
(8) Tax Information
Additional important financial aid dates are available on our homepage at our homepage at www.louisville.edu/financialaid
If you have not already done so, now is the time to complete your 2010-2011 FAFSA online. Current University of Louisville students who renew their FAFSA before the March 15th priority date will be on schedule to complete their financial aid application for fall 2010 awarding. These students will also be entered into a drawing for a $200 University Grant. A fall 2010 grant will be awarded to 6 undergraduates, 1 graduate, 1 medical, 1 law, and 1 dental student. Grant winners will be notified by April 15, 2010 and must attend the University of Louisville for the fall 2010 semester to receive the award.
New for 2010-2011 aid year, the maximum Federal Pell Grant is $5,550 and the Expected Family Contribution (EFC) cut off for Pell Grant eligibility will be 4,617. This is a $200 increase in the maximum Pell Grant amount from the 2009-2010 aid year.
Once we receive your 2010-2011 FAFSA, we will review it to see if we need additional information to complete your financial aid file. You must have a completed financial aid file to be awarded. Monitor your University of Louisville email for communications from our office requesting additional information.
March Money Madness promotes financial literacy skills for students, faculty and staff. If you are concerned about debt, budgets, paying for college or other financial matters, visit our new online resource: http://www.cashcourse.org/uofl.
The Student Financial Aid Office (SFAO) will staff a table from 12 p.m. to 2 p.m. on the 1st floor of the SAC from March 1st to March 4th. The purpose of this event is to answer questions about the FAFSA, and to heighten awareness of CashCourse. CashCourse is an online financial literacy resource available at the SFAO and REACH websites. Prizes will be given away.
Be sure to check out the Financial Literacy Expert Table in Ekstrom Library on March 3rd and 4th from 12 p.m. to 2 p.m. Counselors will be available to answer any questions you may have and to promote March Money Madness.
Three Dollars and $ense Seminars will be offered in March to encourage financial literacy among students. Held in Strickler Hall West, Room 111, students can attend a seminar on either March 2nd at 4:30 p.m., March 5th at 1:00 p.m., or March 10th at 12:00 p.m.
Several scholarship opportunities are available on our website. There are currently 8 university scholarship opportunities. The application deadline for these scholarships is April 15th, 2010. In addition, there are currently 21 outside scholarship postings available on our website. You may view all details of these scholarship opportunities at www.louisville.edu/financialaid
The Continuing Undergraduate Academic Scholarship application is available on ULink. To apply, go online to www.ulink.louisville.edu, click Apply for Continuing Undergrad Scholarship under the Financial Aid section on the Student Services tab. This scholarship opportunity is available for the fall 2010 and spring 2011 academic period and is designated for 1st bachelor degree-seeking students who meet the academic eligibility criteria and do not have an admissions based university scholarship. The deadline to apply is March 15th. You may view further information about this scholarship and the eligibility requirements at www.louisville.edu/financialaid under the Scholarships section.
Students who have not settled tuition bills by the midterm withdrawal deadline shall be left on the course rosters through the end of term. They may complete the work of the term and will receive a grade for each course in which they are enrolled. Until their bills are settled, however, their access to registration (including registration for subsequent terms) and transcript services will be blocked. Students with unpaid bills in the term of their graduation must pay the balance due in order to receive a diploma or secure a transcript.
Friday, March 12, 2010 is the last day to complete the required steps in order for a Stafford, Perkins, Graduate PLUS or a PLUS loan to disburse.
The step by step instructions required to disburse these awards can be found at https://louisville.edu/financialaid/loans.
Failure to complete these steps will result in cancellation of the student loan. Students or parents who have accepted a loan, but have not completed an Entrance Interview or Master Promissory Note, will have their loan canceled and will be responsible for unpaid balances with the Bursar’s Office.
The application for summer 2010 financial aid will be available to submit on your ULink account once summer registration begins in April. You must have a complete 2009-2010 financial aid file to apply, which includes a 2009-2010 FAFSA and all requested documentation. Do not apply on ULink until you have finalized your summer enrollment. If you submit the online summer application before you finalize your summer enrollment, your awards may be delayed and may have to be adjusted.
During summer, federal financial assistance is available to eligible applicants who have Pell Grant eligibility and/or remaining Academic Competitiveness Grant (ACG), National SMART Grant, TEACH Grant, and/or Stafford Loan eligibility. Undergraduate students can also apply for the Parent PLUS Loan, and graduate students can apply for the Graduate/Professional PLUS Loan. In addition to submitting the ULink summer aid application, students interested in a PLUS Loan must submit a request form available on our website. More information and updates on summer 2010 will be posted online.
In late January, the University of Louisville sent students their 1098-T forms in the mail. These forms are used to report qualified tuition expenses for tax purposes. This form is used in determining your eligibility for various tax credits, such as the American Opportunity (HOPE) and Lifetime Learning Tax Credits. Please keep this at hand when filing your taxes or make it available to anyone who may be filing taxes and claiming you as a dependent.
For more information about the 1098-T form, please visit the Bursar’s Office webpage: http://louisville.edu/finance/bursar/tra97info.html
It is a good time to familiarize yourself with our Satisfactory Academic Progress Policy. We review all students annually every May. This policy is unique to financial aid and includes a minimum GPA requirement, minimum completed hours requirement (FEH), and has a maximum credit hour limit towards completing your degree (FAYE). We must monitor students academic progress for continued federal and state aid eligibility. Even though the Student Financial Aid Office evaluates SAP once per year, it is imperative students keep track of hours taken and cumulative GPA each semester.
An example of a SAP situation:
If a student drops all fall 2009 hours after receiving federal financial aid and enrolls in the spring 2010 semester, the student will be required to earn all of the required number of hours for both semesters during spring to satisfy the SAP standard. Undergraduate students who receive federal financial aid based on at least half-time enrollment are expected to earn a minimum of 6 hours for each semester or 12 hours total for the fall and spring combined. If you also enroll for the summer term, then you are expected to complete a minimum of 6 hours for the term and a total of 18 hours for the academic year. Undergraduate students who receive aid based on less than half time enrollment are expected to earn the actual number of hours for which their aid was disbursed.
If you need academic assistance, please consult your academic advisor and/or the REACH Office.
If you have any concerns about SAP, please contact the Student Financial Aid Office.
Last day to complete the required steps in order for a Stafford, Perkins, Graduate PLUS or a PLUS loan to disburse.
Priority Date for submitting the 2010-2011 FAFSA
Priority Date for New Students to submit the 2009-2010 FAFSA for summer 2010 Aid
Deadline for Undergraduate Students to apply for the 2010-2011 Continuing Undergraduate Academic Scholarship on ULink
Deadline to submit Professional Judgment Requests regarding the 2009-2010 FAFSA
Deadline to submit 2009-2010 FAFSA and all requested documentation for spring 2010 awarding
Deadline to submit Satisfactory Academic Progress (SAP) Appeals for spring 2010 aid
If you need additional financial assistance, you may contact your counselor (according to your last name) to discuss your circumstances via email or on the phone. Walk-in counseling is available, or you may schedule an appointment by contacting your counselor.
Last Name A-G: Kim Crady 852-6666
Last Name H-O: Monique Green 852-8909
Last Name P-Z: Cedric Trigg 852-1405