- May 1, 2013 - FinAid Highlights: May
- Apr 1, 2013 - FinAid Highlights: April
- Mar 1, 2013 - FinAid Highlights: March
Duke FinAid: March 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 renewal applications are due on May 1st!
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. Some new summer courses include the Intensive Spanish Summer Institute. This is an opportunity to learn the language and complete three foreign language credits in 2 summer terms. It is limited to 12 students. 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 or you may set up an individual appointment with a Loan Analyst. Please register for a mini session or an individual session using the Student Loan Appointment Calendar.
Personal Finance Tip of the Month:
Tired of doing the same thing every weekend? Well, there are many cheap or free things that you can do! Don't forget to check out sources like the Duke Events Calendar or Indyweek.com for a lineup of events happening on Duke campus or in the Triangle area. Looking for some new experiences? The Durham Art Walk is a fun choice, or you can go to many of the local art, history, and science museums in the area. Need to stretch your legs? Well then take a stroll along one of the many trails of Durham. Check out these recommendations and other suggested ideas our website.
April is Financial Literacy Month:
In recognition of April as Financial Literacy month, Personal Finance@Duke will be hosting a set of 6 workshops for Undergraduates to help improve their financial understanding. All of the workshops will be brown bag sessions held at 12:00noon in Perkins 217. Registration is required, so please click on the title of the workshop to register.
Thursday, April 11th:
You may know what a budget is, you may already have one, but are you using it to its potential? With this workshop we will explain not only to build a budget but also how to set financial goals and how to achieve these goals through using your budget.
Friday, April 12th:
New job? Negotiating, evaluating and understanding job offers and salaries can play a key role in determining whether an opportunity is right for you. This workshop will address the skills necessary to negotiate offers as well as thoroughly evaluate and understand your future paycheck! Make sure that your next step after Duke is a financially informed one!
Tuesday, April 16th:
Your credit is a reflection on you. Do you know your credit score? Have you checked your credit report recently? Come to this workshop to learn how to navigate this important aspect of your credit and how to wisely protect it.
Wednesday, April 17th:
Make your money work as hard as you do. Find out how you can start saving and how to make your money work for you!
Tuesday, April 23rd:
Confused about insurance? Don't know which types you should have and how much coverage you need? Let us explain what your insurance options are and when to use them.
The Financial Aid Office begins processing preliminary summer financial aid awards in March. These awards will be finalized at the end of the drop/add period each summer term, and you will receive notification of any changes made to your award. Click here for more information about the determination of summer financial aid awards.
Renewal financial aid applications are due May 1, 2013. You've got plenty of time, but students may want to remind their parents or guardians and be sure to keep their financial documents (taxes, W2 Form, Form 1098, etc.) organized! Those who would like more detailed instructions on the renewal application process may visit our website. Students can monitor the completion of all requirements through their To-Do list in ACES.
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