- May 1, 2013 - FinAid Highlights: May
- Apr 1, 2013 - FinAid Highlights: April
- Mar 1, 2013 - FinAid Highlights: March
Duke FinAid: February Highlights
This monthly newsletter provides relevant information, helpful tips, and upcoming deadlines regarding financial aid for undergraduate students. For each headline, you can click the available link to be redirected to the relevant page on our website, or you can scroll down for additional info.
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It's that time of year to begin reapplying for financial aid! The College Board has recently posted free webinars that it created to assist students and parents when completing the CSS PROFILE and FAFSA. These recorded webinars, along with additional resources, can be located at https://bigfuture.collegeboard.org/get-started/for-parents. These webinars can be a useful tool as students reapply for financial aid. Don't forget that applications are due on May 1st!
Some of our students are recipients of named endowments, and the New Year is a wonderful time for these students to write to their scholarship donors. Students can send an update on their experience at Duke and express their gratitude for a donor's generous support. Donors are always delighted to hear from the recipients of their endowments!
If students have questions regarding the scholarships they have received and whom to write, they can go to the Financial Aid tab in ACES . Students may also contact Morgan Pope at firstname.lastname@example.org with additional questions. Students can send their notes by campus mail or email to the Stewardship Coordinator in the Donor Relations Office of University Development. These letters will be forwarded to the scholarship donor(s).
Students are eligible for two summer terms of grant aid during their four years at Duke. The aid is available for courses taken at Duke, the Marine Lab, or as part of a Duke-in summer Global Education program. Summer aid is calculated automatically; there is no separate summer financial aid application. Full details are available online.
A parent contribution is expected for each summer term, equal to 25% of your academic year parent contribution. Summer I is based on the previous year's parent contribution, and Summer II is based on the upcoming year's parent contribution. The summer school financial aid budget includes tuition, fees, room, board, books, and personal expenses. Summer Global Education program budgets will also include airfare, visas, and vaccinations (if applicable). e.g. Your current year parent contribution is $20,000. If you enroll in Summer I, your parent contribution for that term would be .25 X 20,000=$5000.
Our office will begin packaging Summer I financial aid awards for eligible students this March. Those students who register on-time can expect to receive their financial aid awards by mid-April. Any awards for late registrants, or updates for last minute course changes, will be completed after Summer I Add/Drop. Students who submit all requirements to renew their financial aid for the 2013-2014 academic year by the May 1st deadline can expect to receive their financial aid awards for Summer II by mid-June. Students will be notified by email when their financial aid awards for Summer I and/or Summer II are posted in ACES.
Federal regulations require all student loan borrowers to complete an Exit Loan Counseling session and a personal reference form prior to graduation. Loan Counseling is conducted by the Student Loan Office and lasts about 45 minutes. During the session, students will receive a detailed listing of their loans, information regarding the repayment options available, their rights and responsibilities, and helpful tips for managing loan debt.
Students have the opportunity to complete the loan counseling requirement several ways, including large group, small group, and individual counseling sessions. Currently there are three large group sessions scheduled to help meet this requirement. These sessions all meet in Perkins 217 on the following dates and times:
These sessions do require registration. Students can register for a session by clicking on the preferred date above. If a student cannot make one of the large group sessions, mini sessions of up to 12 students are held in the Student Loan Office several times a week. Please register for a mini session using the Student Loan Appointment Calendar.
As part of the entrance counseling requirement for first time borrowers, students should attend the Understanding Student Loans Workshop. The Student Loan Office and Personal Finance@Duke has teamed together to create this workshop for first time borrowers.
Understanding Student Loans Workshop:
Borrowing money can be a good resource for paying for your education, but it is one that should be used with foresight and careful consideration. You don't want the money you borrow now to be a financial hardship to you after you graduate. During this workshop, you will learn how to limit your borrowing, live on the resources that you have, manage the repayment of your loans, and the qualifications for current loan forgiveness and cancellation programs. Visit us at www.finaid.duke.edu/loans/counseling/entrance.html to register for your preferred time.
Personal Finance Tip of the Month:
Already dreaming about a vacation? Well, no matter your plans you may be thinking about travel. Whether by plane, train, or automobile, there are ways to save!
Planning a flight? Try the numerous flight comparison sites such as Expedia, Travelocity, or Kayak. Don't forget, there can be deals for students if you know where to look. StudentUniverse.com can be a good place to check!
Have you considered traveling by train? You may find comparable prices to that of flights.
Ready for a road trip? Carpooling may be a good choice. Coordinate with friends, or you can check out posts on dukelist.duke.edu, but use your best judgment!
You can find more suggestions to save, even ideas for getting around town if you are staying local, by following the tips at http://www.personalfinance.duke.edu/save-money-duke/travel.
Coming up in April:
April is Financial Literacy Month. Be on the Lookout for workshops and events that will help you get your finances in order. Workshops such as Budgeting, Credit Score, Salary Negotiations, Savings and Insurance will be offered to help inform you on how the choices you make today will impact your future.
Spring Sibling Verification Enrollment Form
It's that time of year again! Students who indicated on their financial aid applications that they have a sibling who is also enrolled as a full-time student, and will have tuition expenses this year, will need to complete the Spring Sibling Enrollment Verification Form this month. Forms were emailed to students on January 18th and will be due on March 4th. Completion of the form is required for all eligible students, and failure to complete the Sibling Enrollment Verification Form may result in a reduction of financial aid in the Spring semester. Please note that each student will be asked to complete a Sibling Enrollment Verification Form for every Fall and Spring semester that his/her sibling is enrolled as a student.
Renewal financial aid applications are due May 1st. There is still plenty of time, but students may want to remind their parents or guardians and be sure to keep their financial documents (W2 Form, Form 1098, etc.) organized! Those who would like more detailed instructions on the renewal application process may visit our website at http://finaid.duke.edu/undergraduate/current/apply/index.html.
We consider a student's exact housing costs when living on campus. This means that a student's choice of housing neither reduces nor increases what his/her family is expected to contribute if he/she is a recipient of need-based financial aid. If a student lives off campus, a standard housing allowance is included when determining financial aid eligibility.
Students can view up-to-date financial aid information, including their financial aid application To-Do Lists, financial aid budgets, and financial aid awards, via ACES.
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