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August 2012 Newsletter

by Adamchik,William J last modified Aug 07, 2012 04:27 PM

This newsletter 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:

Fall 2012 Aid Disbursement, Higher One, and Residual Funds
Fall 2012 Financial Aid Advance
Financial Aid & Bursar Account Balances In A Prior Aid Year
Fall 2012 Part-Time Aid Adjustment and Waitlisted Coursework
Additional Financial Resources
2012-2013 Federal Direct Stafford Loan Benefits/Fees
Parent PLUS Borrowers
Graduate/Professional PLUS Borrowers
Kentucky Educational Excellence Scholarship (KEES)
Reporting Outside Aid
Scholarship Checks
Satisfactory Academic Progress Policy
Financial Festival
Questions About Your Financial Aid
Upcoming Important Dates – Fall 2012



Fall 2012 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. Disbursed financial aid that exceeds your balance owed to the university is considered residual funds. Our office will begin disbursing fall aid to the Bursar's Office for undergraduate and graduate students on August 15. Please note that some financial aid programs (such as the Kentucky KEES and TEACH Grant) have later disbursement dates.

Higher One

The University of Louisville contracts with Higher One (an outside company that specializes 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.

New Students

Shortly following your fall 2012 registration process, you should receive your UofL OneCard in the mail. You can view the status of this mailing online at: https://uoflonecard.higheroneaccount.com/cardoffice/card/search/InitSearch.do. If you misplaced this mailing or you previously received the mailing and discarded it, you may call the Bursar’s Office at 502-852-6505. The Higher One card sent in this mailing is required for you to select how you want to receive future refunds from UofL.

Residual Funds

Our first fall 2012 disbursement of available undergraduate and graduate financial aid funds to the Bursar's Office is scheduled for August 15th. The Bursar's Office applies disbursed financial aid funds to fall accounts (bills). Please note there are thousands of account transactions, and it will take time to post all the transactions to students' accounts. The first electronic file of residual funds from the August 15th disbursement is scheduled to be sent to Higher One by August 16th. The earliest date residual funds would be received by undergraduate and graduate students who have set their refund preference to a Higher One checking account is August 17th. 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 August 19th. Students will receive an email from HigherOne confirming the availability of their residual funds.

Disbursement of financial aid funds, application of those funds to students’ 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) for disbursed funds and indication that residual funds have been transmitted to Higher One.


Fall 2012 Financial Aid Advance

The Financial Aid Advance will be offered again this fall 2012 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. 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 August 17th.

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.


Financial Aid & Bursar Account Balances In A Prior Aid Year

Due to federal regulations, past aid balances owed to the university cannot be paid with current aid year federal financial aid funds. For example, fall 2012 federal and state financial aid cannot be used to pay an existing summer 2012 or spring 2012 bill.

If you have an unpaid account balance, you may pay your account balance by credit card or e-check via ULink > Student Services tab > Tuition-Fees-Payment Options > Make a Payment. You can also pay your account balance by mailing a check to the Bursar's Office. Please make sure your student ID number is on the front of the check. Please mail to: Bursar's Office, University of Louisville, Louisville KY 40292.


Fall 2012 Part-Time Aid Adjustment and Waitlisted Coursework

If you have finalized your fall 2012 enrollment and you are attending less than full-time, you may submit a fall 2012 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 only have loans and are attending at least half-time, do not submit this form. The fall 2012 Part-Time Aid Adjustment Form is available online at: http://louisville.edu/financialaid/our-services/part-time-aid-adjustment.

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. The Federal Pell Grant cannot be adjusted for classes added after the fall 2012 census date of August 24th. If you drop classes during the 100% tuition refund period, your aid will be adjusted, and you may owe funds back to the university. If you withdraw from all your classes, your state and federal aid may be reduced or canceled, and you may owe funds back to the university. 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 or plan to make adjustments to your schedule.

Our current office timeline to complete paperwork is up to 15 business days.


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
Graduate/Professional PLUS Loan
Alternative Loan Outside
Scholarships


2012-2013 Federal Direct Stafford Loan Benefits/Fees

2012-2013 Direct Stafford Loan Benefits and Fees Subsidized Stafford Loans that disburse on or after July 1, 2012 for undergraduate students will be set at a fixed interest rate of 3.4%. Graduate and professional degree students are only offered Unsubsidized Stafford Loans, which have a fixed interest rate of 6.8%, which begins to accrue on the date of disbursement.

For both Stafford loans, a 1.0% origination fee is charged at disbursement, so the amount that is disbursed to you will be less than the amount you actually borrow.

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 Notes and Entrance Interview with the Department of Education.

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


Parent PLUS Borrowers

Direct PLUS Loans (Parent Loans for Undergraduate Students) are part of the federal Direct Loan Program, which offers low-interest loans to students and parents to help pay for a student’s college education.

Unlike other federal student loans, Parent PLUS Loans are not awarded to students when they apply for aid. Instead, parents of undergraduates apply for these loans separately if they need additional funds to cover the student’s educational costs.

The Direct PLUS Loan may be of particular interest to students and parents who:

  • Are not eligible for other types of financial aid,
  • Have unusual costs above the standard student expense budgets,
  • Have remaining financial need after other forms of financial aid have been awarded, or
  • Wish to borrow all of part of the student’s EFC (Expected Family Contribution)

If your parent is borrowing a Parent PLUS at UofL, he/she must follow the application procedure on our PLUS Loan webpage: https://louisville.edu/financialaid/loans/direct-parent-plus-12-13.html.


Graduate/Professional PLUS Borrowers

The Direct Graduate PLUS Loan is designed to assist graduate students enrolled at least half-time in meeting their educational expenses. There are no income restrictions that affect eligibility for this loan. However, the borrower must pass a credit check.

A completed Free Application for Federal Student Aid (FAFSA) must be on file before a Graduate PLUS loan can be awarded. You may borrow up to the full cost of your education for expenses including tuition and fees, room and board, books and supplies, transportation and living allowance, less any other financial aid you receive.

If you wish to apply for this loan, please follow the application procedure on our Graduate/Professional PLUS webpage: https://louisville.edu/financialaid/loans/graduate-professional-plus.html.


Kentucky Educational Excellence Scholarship (KEES)

At this time, estimated KEES awards have been placed on all student accounts that are potentially eligible to receive this award, with the exception of home-schooled students and GED recipients. Home-schooled students and GED recipients need to contact our office to have their eligibility reviewed.

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.

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.


Reporting Outside Aid

If you are expecting to receive financial aid that is not currently listed on your ULink account, please report estimates of this aid online (http://louisville.edu/financialaid/our-services/report-other-aid-resources).


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. Additional information for organizations on how to coordinate with our office regarding scholarship checks is available online.


Satisfactory Academic Progress Policy

The University of Louisville's Satisfactory Academic Progress policy has recently changed, please familiarize yourself with the new regulations. 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 the academic units’ policies.

Please visit our website for a more detailed explanation of the revised 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!

Thursday, September 6, 2012
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 13 – August 24
Office: Monday - Friday 8:00 to 5:30
Call Center: Monday - Friday 8:00 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 a few minutes.


Upcoming Important Dates – Fall 2012

August 13th
First scheduled disbursement for Law

August 15th
First scheduled disbursement for Undergraduate and Graduate

August 20th
Classes begin

August 24th
Last day to add/drop with 100% tuition credit for fall 2012

September 3rd
Labor Day (Office Closed)

September 6th
Financial Festival (11:30 – 1:30) @ the SAC Multipurpose Room

September 10th
Last day to withdraw with 50% tuition credit

September 12th
Last day to apply for a degree

September 17th
Last Day to withdraw with 25% tuition credit

Late September
Kentucky Educational Excellence Scholarship (KEES) disbursement

October 8-9th
Mid-Term Break (Office Open)

October 11th
Last day to withdraw

November 1st
Deadline to file a SAP appeal for the fall 2012 semester

November 6th
Presidential Election Day (University Closed)

November 21st-25th
Thanksgiving Break

December 4th
Last day of classes

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