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May 2010 e-Newsletter

by Adamchik,William Joseph last modified Jul 28, 2010 03:34 PM

This is the 16th edition of the Financial Aid e-Newsletter. This publication will help keep you informed of upcoming deadlines and financial aid news throughout the year.

In this edition:

  1. May 2010 Satisfactory Academic Progress Review
  2. Completing Your 2010-2011 Financial Aid File
  3. Trustees/Porter Scholarship Appeals
  4. ACG/SMART Grant Update
  5. Information for Students and Families Affected by the U.S. Financial Crisis
  6. Scholarship Opportunities
  7. Looking Ahead-Upcoming Important Dates
  8. Your Financial Aid Counselor

Click here for the PDF version of the May 2010 e-Newsletter.


Summer 2010 Financial Aid

The application for summer 2010 financial aid is available for submission on your ULink account. To apply, click on "Apply for Summer Federal Aid" (listed under the Financial Aid section on the Student Services tab). You must have a complete 2009-2010 financial aid file to apply, which includes a 2009-2010 FAFSA and all requested documentation.

If you submit the application before you finalize your summer enrollment, your awards may be delayed and may have to be adjusted.

During summer, federal financial assistance is only available to eligible applicants who have Pell Grant eligibility and/or remaining Academic Competitiveness Grant (ACG), National SMART Grant, TEACH, and/or Stafford Loan eligibility.  Parents of undergraduate students can also apply for the Parent PLUS Loan, and graduate students can apply for the Graduate/Professional PLUS Loan.   Students must submit the ULink summer aid application by the  June 17 deadline.

Dates of disbursement are listed under Section 8: Looking Ahead-Upcoming Important Dates.

More information and updates will be posted on our How To Apply webpage. 

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May 2010 Satisfactory Academic Progress (SAP) Review

All students must meet our Satisfactory Academic Progress (SAP) policy requirements to maintain federal aid eligibility. The May 2010 SAP review is scheduled for May 7-9. Students who are not in compliance with the policy will be notified via e-mail and will have all summer federal aid canceled.

Once notified, students may submit an appeal to be considered for future federal aid (including summer aid) or a clearance form if they again comply with the SAP policy requirements (i.e. late grade, grade change).

Students may not submit a clearance based on summer academic progress in order to receive summer federal aid.  Our SAP policy including appeal and clearance forms is located on our SAP webpage.

Students who have all summer federal aid canceled should be aware of the Tuition Reduction Schedule for Summer 2010 if they are considering withdrawing from their classes.

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Completing Your 2010-2011 Financial Aid File

Once we receive your 2010-2011 Free Application for Federal Student Aid (FAFSA), we will review it to determine if we need additional information to complete your financial aid file. You must have a completed financial aid file to be awarded your financial aid eligibility for fall 2010 and spring 2011. Monitor your mail and UofL email for communications from our office requesting additional information.

You should also monitor your ULink “To Do List” for items requiring resolution. Items may be posted by offices other than Financial Aid. We will notify you by email when we place items on your “To Do List”.  Students should submit all requested documents as soon as possible, but prior to May 15, 2010, to be considered for all available sources of aid for the upcoming 2010-2011 academic year.

We will begin sending financial aid award notifications in June and then on a weekly basis for newly awarded students. Notifications are sent by mail and email for first-year students and by email only for continuing and transfer students. If your financial aid award amounts change, an email notification will be sent to you.

July 2 is the priority date to have a complete financial aid file (2010-2011 FAFSA and all requested documentation) in order to be awarded your financial aid eligibility prior to the due date of your fall 2010 bill.

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Trustees/Porter Scholarship Appeals

The Student Financial Aid Office will process Trustees, Porter, and National Scholar award renewals for eligible students during the month of May. Scholarship students who do not meet the minimum requirements at the end of the spring term will not receive a renewal award for the 2010-2011 academic year. 

Scholars are responsible for checking the status of their renewal conditions, such as cumulative GPA, at the conclusion of the spring semester. If extenuating circumstances prevented a student from meeting the minimum scholarship renewal criteria, an appeal may be submitted for consideration. The deadline is June 1.  Review the appeal Q&A if you have any questions.

Please note the Trustees/Porter scholarship appeal process is separate from the Satisfactory Academic Progress (for students notified their federal aid eligibility is suspended) appeal process.

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ACG/SMART Grant Update

2010-2011 will be the last award year the Department of Education will fund  the ACG and SMART Grant programs.  Students receiving ACG/SMART in 2010-11 will NOT be grandfathered in to receive any ACG/SMART after 2010-11.  Therefore, it is very important for students who may have had remaining eligibility after 2010-11 to realize they will no longer have this aid resource after the 2010-11 academic year.  Please contact our office at 502-852-5511 if you have any questions or concerns regarding this aid program.

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Information for Students and Families Affected by the U.S. Financial Crisis

With the continued recession of the U.S. economy, many students and families are wondering whether they will have the financial resources they need to continue paying for college.

FAMILIES WITH SEVERE FINANCIAL CIRCUMSTANCES

The University of Louisville wants to assure students and their families that students will continue to have access to financial aid. Families facing severe financial problems due to job loss or business declines should contact the Student Financial Aid Office for a review of their financial aid eligibility. If you have experienced a significant and prolonged decline in family income, you might be eligible for additional financial aid funds. Financial aid advisors can work with you and your family to find the best mix of resources to keep you enrolled.

ACCESS TO STUDENT LOANS

For many students and parents the best option for this year will be a federal loan. Federally funded educational loans, such as the Stafford and PLUS Loan, are still a viable source of funding with favorable terms, including low interest rates and the option to defer payments until six months after the student graduates. In addition, undergraduate students whose parents cannot borrow a PLUS Loan may be eligible for additional unsubsidized loan funds. For more information, see our Loans Page.

The university cares deeply about how the U.S. financial situation is affecting our students. We know some students will need additional assistance to cover their costs. We encourage you and your family to make the university your first point of contact for help with options for financing your education.

Contact the Office of Financial Aid in person, by phone at (502) 852-5511, or by email at finaid@louisville.edu.

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Scholarship Opportunities

We encourage students to review our outside scholarship webpage for scholarship postings. These scholarships are not affiliated with UofL, but may present an additional opportunity to students with need and who have particular academic interest and accomplishments. We also encourage students to contact their college or department of interest within UofL for possible scholarships for which they may apply.

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Looking Ahead: Upcoming Important Dates

May 5-9

All students evaluated for Satisfactory Academic Progress (SAP)

Students who do not meet SAP will be notified by email. Future federal aid and the KY CAP Grant will be suspended, including awarded summer 2010 federal aid.

May 6

Last day of work for Federal Work-Study students for spring 2010.

May 12

Scheduled first disbursement of available summer 2010 financial aid funds to the Bursar's Office for students enrolled in Term 1 summer classes.

May 14

Scheduled first disbursement of available summer 2010 financial aid funds to the Bursar's Office for students enrolled in Speed and Kent summer terms.

May 17

Scheduled first disbursement of available summer 2010 financial aid funds to the Bursar's Office for students enrolled in Nursing and Law summer terms.

June 7

Scheduled first disbursement of available summer 2010 financial aid funds to the Bursar's Office for students enrolled in Term 2 and/or 10 week Term summer classes.

June 11

Deadline to submit Satisfactory Academic Progress Appeal for summer 2010 aid.

June 17

Last day to complete the ULink Summer Aid Application.

June 25

Priority date for all loan processing to be complete for summer loans awarded prior to this date (loans must be accepted, Master Promissory Note and Entrance Counseling completed).

July 2

Deadline to have a complete financial aid file to be awarded financial aid eligibility for fall 2010 in time for fall bill (A complete financial aid file includes a 2010 -2011FAFSA and all requested documentation).

July 9

Scheduled first disbursement of available summer 2010 financial aid funds to the Bursar's Office for students enrolled in Term 3.

Additional important financial aid dates are available online.

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Your Financial Aid Counselor

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

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