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November 2009 e-Newsletter

by Adamchik,William Joseph last modified Nov 19, 2009 11:37 AM

This is the 14th 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.

After spending nearly six weeks in our temporary location at the beginning of the semester, the Student Financial Aid Office has officially moved back to Room 110 in the Houchens Building!

SPECIAL ANNOUNCEMENT

The Student Financial Aid Office will be closing at 12:00 noon on December 10th

In this edition

(1) Spring 2010 Aid Disbursement, Higher One, and Residual Funds

(2) Spring 2010 Financial Aid Advance

(3) Part-Time Aid Adjustment

(4) Understanding Census Date

(5) Scholarships

(6)Satisfactory Academic Progress (SAP) Reminder

(7) College Goal Sunday

(8) Looking Ahead: Upcoming Important Dates

(9) Your Financial Aid Counselor

 

(1) Spring 2010 Aid Disbursement, Higher One, and Residual Funds 

Aid Disbursement
Once the Student Financial Aid Office completes its review of your eligibility, we will electronically disburse all available financial aid funds to your account with the Bursar's Office.  Disbursed financial aid exceeding your balance owed to the university is considered residual funds. Please note that some financial aid programs (such as Kentucky KEES, ACG Grant, SMART Grant, TEACH Grant) have later disbursement dates. During the period from January 5th through January 22nd, financial aid will be disbursed to the Bursar's Office every day.

Higher One
The University of Louisville contracts with Higher One (an outside company specializing in student refund payment services) 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. Students whose personal bank accounts are with a bank without Louisville area branches should consider a direct deposit to a free Higher One checking account, because there are several Higher One ATMs located on campus. To learn more about the UofL OneCard and the selection process, visit the Bursar's Office website or Higher One.

New Students
Shortly following your spring 2010 registration process, you should receive the UofL OneCard in the mail. You can view the status of this mailing online at: https://uoflonecard.higheroneaccount.com/cardsearch/initSearch. If you misplaced or discarded this mailing, you may call Higher One at 1-877-663-5959 to request a new one. Confirm your address information is correct in ULink before requesting this mailing. The Higher One card is required for you to select how you want to receive future refunds from UofL. To learn more about the UofL OneCard and the selection process, visit the Bursar's Office website or Higher One.

Residual Funds
Our first spring 2010 disbursement of available undergraduate and graduate financial aid funds to the Bursar's Office is scheduled for January 4, 2010.  Law, Dental, and Medical students should check with their respective departments for information regarding spring 2010 disbursements. The Bursar's Office will then apply those funds to spring bills. Please note there are thousands of transactions and they take some time to post to the student accounts.

The first electronic file of residual funds from the January 4th disbursement is scheduled to be sent to Higher One by the 6th. During the period from January 4th through January 15th, the Bursar's Office will send residual funds to Higher One every day. After the registration period is over, electronic files of residual funds sent by the Bursar's Office to Higher One are scheduled to occur at least twice a week. Please note that disbursement of financial aid funds, application of those funds to student 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).

The earliest date residual funds would be received by students who have set their refund preference to a Higher One checking account is January 5th. 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 6th.  Students will receive an email notification from Higher One once their residual funds have been received and processed according to their selected delivery preference. Generally, funds are available the day after disbursement for students who selected a Higher One checking account. Residual funds are generally available in 2 to 3 business days for students who selected to receive residual funds to their personal bank account (ACH transfer).

(2) Spring 2010 Financial Aid Advance 

The Financial Aid Advance will be offered again this spring 2010 via ULink in coordination with the Bursar’s Office. To qualify, you must have anticipated aid (aid that has not disbursed) exceeding your bill. Students who have received residual funds of $500 dollars or more may not receive an advance. The maximum advance amount is $450 with a $5 processing fee. Undergraduates and graduates may begin applying and printing the advance request form from ULink on January 6.  Please note 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.

(3) Part-Time Aid Adjustment

 If you have finalized your spring 2010 enrollment and you are attending less than full-time, then you may submit a Spring 2010 Part-Time Aid Adjustment Form.  Remember waitlisted courses are not included in a student's enrolled hours. By submitting this form you are requesting we proceed with making any necessary adjustments to your financial aid according to your current enrollment. The Spring 2010 Part-Time Aid Adjustment Form is available online at: Part-time Aid Adjustment

 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 until after the spring census date of January 12th. The Federal Pell Grant cannot be adjusted for classes added after the spring 2010 census date. 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. We also encourage students to familiarize themselves with the Satisfactory Academic Progress (SAP) Policy to maintain their federal and state aid eligibility.

(4) Understanding Census Date

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 2010 semester is January 12. 

(5) Scholarships

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.

The Continuing Undergraduate Academic Scholarship application will be available beginning January 1, 2010. This scholarship will be for the fall 2010 and spring 2011 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. For more information about this scholarship, please visit our website: Scholarships, Assistantships, and Fellowships

(6) Satisfactory Academic Progress (SAP) Reminder

It is a good time to familiarize yourself with our Satisfactory Academic Progress Policy. We review all students 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 student 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.

Students identified as being in danger of not meeting SAP by the May 2010 review will receive SAP warning notifications informing them of potential non-compliance.

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.

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.

(7) College Goal Sunday

If you have family or friends in Kentucky needing assistance in completing the Free Application of Federal Student Aid (FAFSA), we encourage you to invite them to attend College Goal Sunday on January 31st at 2:00 pm.  Current students are also welcome to attend this event if they need help completing the FAFSA. College Goal Sunday is 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/savethedate.

(8) Looking Ahead: Upcoming Important Dates

November 25-27

Office Closed – Thanksgiving Break

December 8

Extended Tuesday And Wednesday Office Hours End Until January

December 10

Priority Date to Accept an Offered Stafford Loan for Spring 2009

December 10

Office Closing at 12:00 noon

December 24 - January 3

Office Closed – Winter Break

January 1, 2010

The 2010-2011 FAFSA will be available online at www.fafsa.ed.gov

Students may begin applying for the Continuing Undergraduate Academic Scholarship via ULink.

January 6

First Day To Apply For ULink Financial Aid Advance

Additional important dates are available online.

(9) 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, finaid@louisville.edu, 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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