Financial Aid FAQ
- The FAFSA®
- Direct Unsubsidized Loans
- Direct Graduate PLUS Loans
- Military Education Benefits
- Loan Disbursement and Repayment
- University of Denver Financial Aid
The FAFSA®
What is the FAFSA?
The FAFSA (Free Application for Federal Student Aid) is the application that the U.S. Department of Education uses to determine if you are eligible to receive federal student aid to fund your undergraduate and graduate programs.
Where can I find the FAFSA application?
The FAFSA can be found at www.fafsa.ed.gov. The FAFSA is a free application; if a website is asking you to pay to complete the FAFSA, then you have gone to the wrong website.
Do I need my parents’ tax information to complete the FAFSA even if I am living on my own?
If you are applying for graduate school, you do not need your parents’ information to complete the FAFSA. If you are applying for an undergraduate program, you need to check the dependency requirements to determine what additional forms may be required.
When should I complete the FAFSA?
The FAFSA is available every October for the upcoming academic year. If you are planning to use federal student aid, you should complete your FAFSA when applying for admission.
What constitutes an award year for federal student aid?
An award year is defined as the school year for which financial aid is used to fund your education. Generally, this is the 12-month period that begins on July 1 of one year and ends on June 30 of the following year.
What federal student aid is available for graduate students?
Graduate students are eligible to apply for the Federal Direct Unsubsidized Loan, (formerly known as a Stafford loan) and the Federal Direct Graduate PLUS loan.
Will I need to fill out the FAFSA each year?
Yes. Because eligibility for federal student aid does not carry over from one award year to the next, you need to fill out the FAFSA for each award year in which you are or plan to be a student.
Why am I not eligible for the Federal Pell Grant?
The U.S. Department of Education awards Federal Pell Grants to eligible undergraduate students who have not yet completed their bachelor’s degrees. Therefore, graduate students are not eligible for the Federal Pell Grant or the Direct Subsidized Loan.
Why am I not eligible for the Federal Direct Subsidized Loan?
The U.S. Department of Education awards subsidized loans to eligible undergraduate students who demonstrate financial need.
Direct Unsubsidized Loans
How do I apply for the Direct Unsubsidized Loan (formerly referred to as a Stafford loan)?
To apply for a Direct Loan, you must first complete and submit the FAFSA. University of Denver will use the information from your FAFSA to determine how much student aid you are eligible to receive. Direct Loans are generally included as part of your financial aid package.
What is the difference between a Direct Unsubsidized Loan and a Direct Subsidized Loan?
Direct Subsidized Loans are available to undergraduate students with financial need. The U.S. Department of Education pays the interest on subsidized loans while students are enrolled in their undergraduate program. Direct Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need. The unsubsidized loan begins accruing interest as soon as funds are disbursed.
What is the aggregate loan limit?
The aggregate loan limit is the total amount of federal loans that you may borrow for undergraduate and graduate study.
How do I find out if I’m near my aggregate loan limit?
You can go to the National Student Loan Data System at NSLDS.ed.gov to view your federal student loans borrowing history.
What is the Direct Unsubsidized Loan current interest rate?
The interest rate for the Direct Unsubsidized Loan is determined at the beginning of each academic year and is available on the U.S. Department of Education website.
Do I have to repay my student loans while I’m in school?
Your federal loans will be in a deferment status while you are enrolled at least half time. Your federal loans will go into repayment six months after you have completed your program or dropped your enrollment status to less than half time.
What criteria are used to determine eligibility?
The Direct Unsubsidized Loan (formerly referred to as a Stafford loan) is not based on income. To be eligible, you must:
- Be a U.S. citizen or eligible noncitizen.
- Have a valid Social Security number.
- Be registered with Selective Service if you’re a male age 18–25.
- Be enrolled or accepted for enrollment as a regular student in an eligible degree program.
- Be enrolled at least half time.
- Maintain satisfactory academic progress in a college or career school.
- Not be currently in default on previous student loans borrowed through Federal Student Aid.
- Not have exceeded the aggregate loan limit.
Are there any additional loan fees?
There is a loan origination fee that is a percentage of the total loan amount. The loan origination fee is deducted proportionately from each loan disbursement you receive.
What if I’m in default or have defaulted on a prior federal student loan?
Review your loan history at NSLDS.ed.gov and contact your lender for details on how to clear the default. Students in default are not eligible for additional federal loans until the default is cleared.
Direct Graduate PLUS Loans
What is the Direct Graduate PLUS Loan?
The Direct Graduate PLUS Loan is a federal loan that graduate or professional degree students can use to help pay education expenses.
Who is eligible to apply for the Direct Graduate PLUS Loan?
Graduate PLUS Loan eligibility is credit based. To be eligible, you must:
- Be a U.S. citizen or eligible noncitizen.
- Have a valid Social Security number.
- Be registered with Selective Service if you’re a male age 18–25.
- Be enrolled or accepted for enrollment as a regular student in an eligible degree program.
- Be enrolled at least half time.
- Maintain satisfactory academic progress in a college or career school.
- Not be currently in default on previous student loans borrowed through Federal Student Aid.
- Have exhausted Direct Unsubsidized Loan funds.
How do I apply for a Direct Graduate PLUS Loan?
To apply for the Graduate PLUS Loan, you must first complete the FAFSA and visit the Federal Student Aid website at www.studentloans.gov to begin the process. Once logged in, select “Request a PLUS Loan” from the menu options so that you can complete the credit check. Also complete the Grad PLUS Loan Agreement Master Promissory Note (MPN). The University of Denver’s financial aid office will provide additional instructions about the process for requesting a Graduate PLUS Loan.
When should I apply for the Direct Graduate PLUS Loan?
You can apply for the Graduate PLUS Loan up to 180 days prior to the start of their program or at any time you are enrolled.
What are the credit criteria for the Direct Graduate PLUS Loan?
One of the eligibility requirements to receive a Graduate PLUS Loan is that the applicant must not have an adverse credit history. A credit check is performed to determine whether a Graduate PLUS Loan applicant meets this requirement. A list of what constitutes adverse credit history can be found at the following link: https://studentaid.ed.gov/sa/sites/default/files/plus-adverse-credit.pdf.
What are my options if I’m denied the Direct Graduate PLUS Loan?
If you are denied the Graduate PLUS loan, you may reapply with an endorser or follow instructions on the U.S. Department of Education’s website to appeal the denial.
What is the Direct Graduate PLUS Loan current interest rate?
The interest rate for Graduate PLUS loans is determined at the beginning of each academic year.
Does the Direct Graduate PLUS Loan affect my aggregate loan limit?
No. Only Direct Subsidized/Direct Unsubsidized Loans (formerly referred to as Stafford loans) and federal loans through the Federal Family Education Loan (FFEL) Program count toward the $138,500 aggregate loan limit.
When do I have to repay my Direct Graduate PLUS Loan?
You are not required to repay your student loans while you are in school. Your Grad PLUS Loan will go into repayment six months after you have completed your program or drop below half time.
How much can I borrow from the Direct Graduate PLUS Loan?
If approved for the Graduate PLUS Loan, you can borrow up to the cost of attendance budget as determined by the University of Denver.
Military Education Benefits
How do I apply for military education benefits?
To begin the process of applying for military education benefits, complete the Education Benefits Application Process at vets.gov.
What else do I need in addition to my Education Benefits Application?
The Education Benefits Application generates a request for a Certificate of Eligibility (COE), which will be mailed to you within 6–8 weeks of completing the application.
What is the national maximum amount per academic year for private schools?
The Post 9/11 GI Bill payment rates are determined at the beginning of each military academic year on August 1.
What is the Yellow Ribbon Program?
The Yellow Ribbon Program (YRP) is a matching program between the university/college and or Veterans Affairs. Members must be non-active duty and be 100 percent eligible to receive this benefit. It is on a first-come first-served basis.
What is the difference between active and non-active duty?
Active duty service members are in the military full time and are not currently eligible for the YRP. Non-active duty service members are not currently serving or are no longer serving in any capacity of military service of the United states and are eligible for YRP if at 100 percent per COE.
What are the eligibility factors for the Post 9/11 GI Bill?
You are potentially eligible if you have at least 90 days of aggregate active duty service after September 10, 2001, and are still on active duty. If you are an honorably discharged veteran or were discharged with a service-connected disability after 30 days, you may be eligible for this VA-administered program.
What is the current Monthly Housing Allowance (MHA)?
The MHA rates are determined at the beginning of each academic year on August 1.
Loan Repayment
When do I have to repay my loan?
After you graduate, leave school, or drop below half-time enrollment, you will have a six-month grace period before you are required to begin repayment. During this period, you’ll receive repayment information from your loan servicer, and you’ll be notified of your first payment due date. Payments are usually due monthly. You are not required to pay while in school; however, if you choose to, there is no penalty to prepay.
Can I consolidate with undergraduate loans?
A Direct Consolidation Loan allows you to consolidate (combine) multiple federal education loans into one loan including both graduate and undergraduate loans. The result is a single monthly payment instead of multiple payments.
What are the repayment plan options and how do I select one?
The U.S. Department of Education offers multiple options for repayment. Visit the U.S. Department of Education website for more information.
Is there a repayment calculator or estimator that I can use?
Yes, there is a repayment calculator housed on the U.S. Department of Education website.
Are there any loan forgiveness options available?
Review the U.S. Department of Education website for more information on loan forgiveness programs.
University of Denver Financial Aid
Can I use financial aid to pay my deposit?
No, financial aid cannot be used to pay your deposit.
Do I have to pay my tuition deposit before I can receive my award package?
No, you do not need to pay your deposit to receive your financial aid award package.
Once I am admitted into the program, how long will it take to receive my financial aid award package?
It will take approximately 2–4 weeks.
How will I receive my financial aid award letter?
You will receive the letter via email.
Am I required to accept the full amount that I am offered in my award letter?
No, you can choose to accept all, part or none of your financial aid award.
What are the steps to accepting my award package?
Accept or decline your award by following these steps:
- Log in to PioneerWeb.
- Select the Incoming Grad Students tab.
- Click on “View and Accept Award Offer” in the Financial Aid Awards box.
- Select the current aid year.
- Select the Terms and Conditions tab; then review and click “Accept.”
- Select the Accept Award Offer tab.
- Choose Accept or Decline in the dropdown box next to each award.
- If you wish to only accept a portion of the loan, type that amount in the Accept Partial Amount box. Note that any amount you accept will be split evenly over your terms of enrollment (i.e., fall, winter, spring and summer quarters).
- Click “Submit Decision.”
Can I use loans to cover additional expenses such as housing or books?
Yes, if you have eligibility for additional resources, you are able to use them to cover education expenses such as housing and books.
How soon will loans disburse to my student account?
Loans typically disburse 10 days prior to the start of the term.
Will I receive a loan disbursement each term?
Yes.
Does my Direct Loan eligibility cover the entire cost of the program?
If you are eligible for both the Direct Unsubsidized Loan and the Direct Graduate PLUS Loan, you may borrow for the full cost of tuition and fees.
Do I need to complete any supplemental financial aid forms?
There are no additional financial aid supplemental forms required.
How do my employers go about paying the school?
Contact the Bursar’s Office at bursar@du.edu or 303.871.4944.
How does billing work?
Contact the Bursar’s Office at bursar@du.edu or 303.871.4944.
How do I pay my bill?
Contact the Bursar’s Office at bursar@du.edu or 303.871.4944.
Are payment plans available?
Contact the Bursar’s Office at bursar@du.edu or 303.871.4944.
What is the minimum number of credits required to receive federal student aid?
You need to be enrolled in a minimum of four credits per term to be eligible for federal student aid.