December 2013 Newsletter
by Adamchik,William J — last modified Dec 04, 2013 10:58 AM
This is the 27th edition of the Financial Aid 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. You can access past newsletters online at: http://louisville.edu/financialaid/our-services/e-newsletters
Our goal is to receive and disburse all available financial aid so that residual (excess) funds will be available prior to the start of classes. Read this e-newsletter to be informed on spring 2014 financial aid requirements, processing, procedures, and more!
In this edition:
1. Get Ready to File Your FAFSA
Get Ready to File Your FAFSA
January 1 is just around the corner, which means it is almost time to file your Free Application for Federal Student Aid (FAFSA) for the 2014-2015 school year!
Students should prepare to file their FAFSA AS SOON AS POSSIBLE after January 1 to be considered for limited state funding.
You will need your 2013 federal tax return as well as your parents’ federal tax return. It is acceptable to submit the application using your best estimate of 2013 income information. This could mean prior year taxes or December paycheck stubs to approximate the income information questions on the 2014-2015 FAFSA. Once your taxes have been filed, you can correct any income or tax information that is different from what was initially estimated on the submitted FAFSA.
Spring 2014 Disbursement and Residual Funds
Our first spring 2014 disbursement of available undergraduate and graduate financial aid funds is scheduled for January 2. Students who are enrolled in special courses that have late start dates may have later disbursement dates. Students can monitor disbursement activity on ULink.
Generally, funds are available the day after disbursement for students who selected a Higher One checking account. The earliest date residual funds would be received by students who have set their refund preference to a Higher One checking account is January 6. 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 7. Students will receive an e-mail notification from Higher One once their residual funds have been received and processed according to their selected delivery preference.
Spring 2014 Financial Aid Advance
The Financial Aid Advance will be offered this spring via ULink in coordination with the Bursar’s Office. To qualify, your anticipated aid must exceed your bill and you must not have already received residual funds of $500 dollars or more. 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 January 3 at 1pm.
January 10th - Spring Census Date
Census date is the last day to drop at 100% tuition credit and most federal and state aid programs are based on a student's enrollment as of census date. The census date for the spring 2014 semester is January 10.
REMEMBER: Waitlisted courses are not included in a student's enrolled hours.
If you drop classes during the 100% tuition refund period, your aid will be reviewed for necessary adjustments, which may include returning all or a portion of your residual funds back to the university.
Part-Time Aid Adjustment
If you have finalized your spring 2014 enrollment and you are attending less than full-time, then you may submit a spring 2014 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 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 January 10 census date.
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. Many scholarship opportunities will become available beginning January 1 and our website will have details and applications for these at that time. These scholarship opportunities will have a deadline of March 15, 2014.
The Continuing Undergraduate Academic Scholarship application will be available beginning January 1, 2014. This scholarship will be for the fall 2014 and spring 2015 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. The deadline to apply for the 2014-2015 Continuing Undergraduate Scholarship is March 15, 2014. For more on this scholarship, visit our website.
College Goal Kentucky
If you have family or friends in Kentucky that need assistance in filing the FAFSA, we encourage you to invite them to attend one of the College Goal Kentucky events held during early 2014. College Goal Kentucky consists of events 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 http://www.kasfaa.com/CollegeGoalKY. Current students needing assistance with their FAFSA are invited to attend as well.
Time Limitation on Direct Subsidized Loan Eligibility for First-Time Borrowers on or after July 1, 2013
If you are a first-time borrower on or after July 1, 2013, please familiarize yourself with the new federal regulations regarding a limit on the maximum period of time (measured in academic years) that you can receive Direct Subsidized Loans. In general, you may not receive Direct Subsidized Loans for more than 150% of the published length of your program of study. For more information, please review the U.S. Department of Education’s Federal Student Aid announcement concerning this time limitation.
Student Loan Repayment Plans
As students prepare to graduate, they are often faced with the daunting task of paying back their student loans. Much has been said about this process; some good, some bad.
What’s important is that you know what lies ahead and what options you have prior to going into repayment.
The federal government has several repayment options that allow students to repay their loans based on their income. For details, visit http://studentaid.ed.gov/repay-loans/understand/plans.
Your Financial Aid Counselor
Last Name A-G: Samantha Goodin 502-852-8350
Do you need to stop by our office?
Hours of Operation:
Beginning January 13, the Student Financial Aid Office will be open 9 a.m. to 5 p.m. Monday through Friday during the semester.
Facebook and Twitter
Be sure to check out our Facebook page for the latest news on what’s happening at the UofL Student Financial Aid Office! Also, follow us on Twitter (@UofLSFAO) to receive the most up-to-date information on financial aid here at the University of Louisville.
Looking Ahead: Upcoming Important Dates
December 9: Last Day of Classes
December 19: Commencement
December 24 - January 1: Office Closed (Winter Break)
January 1, 2014: The 2014-2015 FAFSA will be available to file online at www.fafsa.gov
January 3 – 1 p.m.: First Day To Apply For ULink Financial Aid Advance
January 6: Spring Classes Begin
January 10: Last Day to Add/Drop
Additional important dates are available online.
FAFSA Code: 001999