August 2014 Newsletter

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.

In this edition:
2014 Aid Disbursement

Part-Time Aid Adjustments

Financial Aid Advances

Loan Information

Scholarship and KEES Information

Satisfactory Academic Progress

Financial Festival
Upcoming important dates

Fall 2014 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 20th.

If you are enrolled in all special or second-half courses with start dates after August 20th, you will not have your aid reviewed for disbursement until you actually begin classes. 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 your residual funds go 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 20th disbursement is scheduled to be sent to Higher One by August 21st. You will receive an email from HigherOne confirming the availability of your residual funds. You can monitor your account on ULink (listed under Tuition, Fees, Payment Options on the Student Services tab) to review disbursed funds and to see if residual funds have been transmitted to Higher One.

If you misplaced your HigherOne card or you discarded the mailing containing it, you may call the Bursar’s Office at 502-852-6505.

 

Where's My Aid?

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 were selected for verification, it must be completed before we will process your financial aid request. If you do not provide the documents requested (like your W2s or an IRS Tax Return Transcript), your federal aid eligibility will not be evaluated.

If you already filed your 2014-2015 Free Application for Federal Student Aid (FAFSA) using estimated 2013 tax information or did not use the IRS Data Retrieval Tool, please log in to FAFSA.gov and select "Make FAFSA Corrections" to make any necessary updates. This is to ensure we 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 2014-2015 FAFSA.

 

Fall 2014 Part-Time Aid Adjustment and Waitlisted Coursework

If you have finalized your fall 2014 enrollment and you are attending less than full-time, you may submit a fall 2014 Part-Time Aid Adjustment Form. By submitting this form, you are requesting we proceed with making any necessary adjustments to your financial aid and cost of attendance based on your current enrollment. The fall 2014 Part-Time Aid Adjustment Form is available online at: http://louisville.edu/financialaid/our-services/part-time-aid-adjustment.

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.

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. If already awarded, the Federal Pell Grant cannot be adjusted for classes added after August 29th. 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.
Our current office timeline to complete paperwork is up to 15 business days.

 

Fall 2014 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 being enrolled part-time

The maximum advance amount is $450, and there is a $5 processing fee assessed by the Bursar's Office. Undergraduates and graduates may begin applying and printing the advance request form via ULink on August 22nd.

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

 

2014-2015 Federal Direct Stafford Loan Benefits/Fees

Subsidized and Unsubsidized Stafford Loans that disburse on or after July 1, 2014 and before July 1, 2015 for undergraduate students will be set at a fixed interest rate of 4.66%. For graduate and professional degree students, for loans that disburse on or after July 1, 2014 and before July 1, 2015, Unsubsidized Stafford loans will have an interest rate of 6.21% and PLUS loans will have an interest rate of 7.21%. These interest rates have changed from last year!

For Subsidized and Unsubsidized Stafford loans disbursed prior to October 1, 2014, a 1.072% origination fee is charged at disbursement. This means the amount disbursed to you will be less than the amount you actually borrow. For loans first disbursed on or after October 1, 2014 and before October1, 2015, the origination fee will be 1.073%.

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 Counseling with the Department of Education.

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

Time Limitation on Direct Subsidized Loan Eligibility
Federal regulations limit the maximum period of time (measured in academic years) students can receive Direct Subsidized Loans. In general, students may not receive Direct Subsidized Loans for more than 150% of the published length of their program of study. For more information, please review the U.S. Department of Education’s Federal Student Aid announcement concerning this time limitation.

 

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

Kentucky Educational Excellence Scholarship (KEES)

At this time, estimated KEES awards have been placed on all student accounts who 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.

 

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.

 

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).

 

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. Please be aware that the priority date for the fall 2014 semester was July 25th. If a complete appeal is submitted before the posted priority date, the student is ensured a decision on his/her appeal will be made before the census date for the semester. A decision is not guaranteed before the last day to add or drop with 100% tuition credit if the appeal is incomplete or deferred. There is no guarantee aid will be posted.

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 2014 semester is October 1, 2014.

Please visit our website for a more detailed explanation of the SAP Policy: http://louisville.edu/financialaid/satisfactory-academic-progress.

 

Financial Festival

Representatives will be on hand to talk with you about contracts, scholarships, financial aid, health insurance, banking, savings, and much more!

Wednesday, September 3, 2014
11:30 - 1:30 SAC Multipurpose Room
FREE FOOD from Moe's Southwest Grill!

For more information, please visit UofL's Financial Literacy webpage: http://louisville.edu/financialliteracy

 

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 18 – August 29
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.

Important Notice of Office Hours (September 5th)
On Friday, September 5th, the Student Financial Aid Office will be closed from 9 a.m. until 12:45 p.m.

On Thursday, September 11th, our office will return to being closed from 9 a.m. until 12:30 p.m. on Thursdays.

 

Upcoming Important Dates – Fall 2014

August 11th - First scheduled disbursement for Law
August 20th - First scheduled disbursement for Undergrads and Grads
August 25th
- Classes begin for most Undergrads and Grads
August 29th - Census Date
September 1st
- Labor Day (Office Closed)
September 5th -
Office closed from 9 a.m. until 12:45 p.m.
Late September - Kentucky Educational Excellence Scholarship (KEES) disbursement
October 1st - Deadline to file a SAP appeal for the fall 2014 semester
October 6-7th - Mid-Term Break (Office Open)