Financial Aid News: Federal Direct Student Loan Fee Rate Changes
Due to Sequestration, the U.S. Department of Education changed the loan fees associated with Federal Direct Loans having a first disbursement on or after December 1, 2013. This change does NOT impact the second scheduled disbursements of any loan where the first disbursement occurred prior to the aforementioned 12/1/13 date. The fee changes are as follows: Federal Direct Stafford (Subsidized or Unsubsidized) Loans - old rate was 1.051%, new rate is 1.072%; Federal Direct Graduate or Parent PLUS Loans - old rate was 4.204%, new rate is 4.288%.
If you have any questions concerning this change, please contact your financial aid counselor.
Financial Aid News: Federal Student Loan Interest Rate Changes
More details may be found at:
Financial Aid News: Federal Student Loan Interest Rate Changes
President Obama signed the Bipartisan Student Loan Certainty Act of 2013 into law today. As a result, interest rates for federal educational loans first disbursed on or after 7/1/13 and before 7/1/14 will be:
Federal Subsidized & Unsubsidized Stafford for Undergraduates: 3.86%
Federal Unsubsidized Stafford for Graduate Students: 5.41%
Federal Parent PLUS and Graduate PLUS: 6.41%
More details will follow soon.
Financial Aid News: SPECIAL MESSAGES REGARDING THE AUGUST 2013 BILLING STATEMENT
For a small population of students, Tulane's Office of Financial Aid has worked to reverse premature 2013 fall federal aid payments in order to assure the university's compliance with federal student aid regulations. Unfortunately, due to technical difficulties, a portion of 2013 fall federal aid (impacting only Federal Pell Grant; Federal Supplemental Educational Opportunity Grant; and Federal Perkins Loan for some students) disbursed the last week of July 2013, however federal regulation mandates that federal student aid should disburse at the start of class in late August. To maintain federal compliance, we were required to reverse these incorrect early disbursements/payments of federal student funds. Note: This error did NOT impact any Federal Direct Loans (Stafford and/or PLUS). Now, as a result, affected students' billing statements (from the Accounts Receivable or A/R Office) will show an amount due that does not subtract the amount of the premature aid. CLICK HERE to refer to a SAMPLE billing statement showing a case where this has occurred. Under the "New Charges & Payments" section of the billing statement then you will see a Pell Grant payment and then the next line will show a Pell Grant reversal (the same occurs with Suppl Educational Opp Grant and Perkins Loan as applicable). When this occurs, then you will also see these funds listed under the "Expected Financial Aid" section of the billing statement. When the fund is listed here it has an asterisk preceding the name of the fund and the following comment to the right of the fund name: "Requirements not met". The asterisk informs students to "contact Financial Aid at firstname.lastname@example.org with questions about these funds." However, please note that for Pell Grant, Supplemental Educational Opportunity Grant, Perkins Loan - this "Requirements not met" message is inaccurate. In reality all requirements ARE MET, otherwise the funds would never have disbursed early. As long as a student meets all enrollment and eligibility criteria on the first day of class for the 2013 fall semester, then these funds are scheduled to re-disburse at that time. There is no need to contact the financial aid office. Students should subtract the amount of aid prematurely paid to arrive at a more accurate amount due. For example, in the sample referenced above (refer to above link), the sample billing statement details all three of the aforementioned funds. In this example, the student should reduce the displayed "Statement Amount Due 08/30/2013" amount of $10,524.22 by $5,073 ($5,073 = $500 Suppl Educational Opp Grant + $2,823 Pell Grant + $1,750 Perkins Loan) so that the revised amount due = $5,451.22.
The Tulane University Office of Financial Aid apologizes for this error and any confusion and/or inconvenience. Please continue below for standard financial aid crediting reminders. Thank you.
AUGUST 2013 FINANCIAL AID REMINDERS
To ensure the timely crediting and disbursement of financial aid funds for the 2013 fall semester, we offer these reminders to all enrolled students who have been offered financial aid. If you have already completed everything, then congratulations!
ALL STUDENTS: AID NEEDS TO BE ACCEPTED click here for directions
ALL STUDENTS: BILLING WORKSHEET click here
STUDENTS ACCEPTING LOANS: click here for directions
PARENTS SEEKING LOANS: click here for directions
STUDENTS ACCEPTING FEDERAL WORK STUDY: click here for directions
STUDENTS Borrowing for Living Expenses (Students EXPECTING REFUNDS): click here for directions
LOUISIANA STUDENTS EXPECTING A "TOPS" AWARD: click here for instructions
Financial Aid News: 2013-2014 Academic Year Aid Status
What All Continuing Full-Time Undergraduates Want to Know… When will I receive my 2013-2014 financial aid award notification?
The answer… It depends.
For those students who do not apply for Tulane and/or federal aid, yet solely receive a Tulane merit scholarship, those merit awards have been made for the 2013-2014 academic year and are viewable via the secure Tulane Gibson portal. The exception would be for those students who failed to meet the minimum academic requirements for merit scholarship retention.
07/09/13 update: To all continuing full-time undergraduates who have applied for financial aid for the upcoming 2013-2014 academic year, we regret that award notifications have not yet been sent as previously anticipated. Please accept our apologies for the slight delay, as we have experienced a software adjustment delay which has now been resolved allowing us to move forward with notifications by the close of business on Monday, July 15th. We appreciate your patience and again wish to extend our apologies for not providing notifications by the dates previously expected.
Be sure to check your award status on-line using the Tulane Gibson portal to assure that all requested documents have been received by our office.
Attention All School of Continuing Studies (SCS) and Graduate/Professional Students
If you completed a 2013-2014 FAFSA and we are in receipt of all necessary documents, then we anticipate that you will receive your 2013-2014 award notification within the next 30 business days.
We encourage SCS and appropriate graduate students to complete their respective 2013-14 financial aid addendums (available under the “forms” section of our website), as our receipt of this completed addendum allows us to make a more accurate award to cover your anticipated costs and desired level of borrowing.
Attention All Incoming Full-Time Freshmen
Welcome to Tulane! This month Orientation is taking place on campus, and hopefully you are able to attend. We wish to remind you that in order to assure the timely disbursement of your fall semester aid, please be sure that you complete all of the applicable steps listed below:
1. Accept the aid you want to receive via Tulane’s secure Gibson portal. All Tulane merit and need-based scholarship must be accepted!
2. Tulane need-based scholarship recipients must provide our office with signed copies of the student’s and parents’ 2012 federal income tax returns (or completed 2012 non-filer forms if applicable) along with copies of all 2012 W-2 forms. Tulane need-based scholarship funds will NOT disburse until this documentation is received and reviewed.
3. New Federal Stafford Loan borrowers (of subsidized and/or unsubsidized Stafford loans) must complete a Federal Stafford Loan Master Promissory Note (MPN) at the U.S. Department of Education’s website. New Stafford borrowers must also complete the Stafford loan on-line “entrance counseling”. Failure to complete both of the requirements will result in Stafford loan disbursement delays.
4. Student awarded and accepting a Federal Perkins Loan must complete a Federal Perkins Loan Master Promissory Note (MPN). After accepting your Tulane Perkins Loan offer via Tulane’s Gibson portal, you will subsequently receive an e-mail from a company called ACS inviting you to visit their website to complete the Perkins MPN. This is a third-party vendor Tulane uses for Perkins processing. Failure to complete the Perkins Loan MPN will result in Perkins loan disbursement delays.
5. Student awarded and accepting a Federal Work Study (FWS) award will ultimately need to find a job on campus. FWS recipients are encouraged to visit the Tulane Student Employment Office website for a listing of available positions; as well as plan on attending the Job Fair held on campus at the start of the fall semester.
What’s Happening with Student Loan Interest Rates?
There has been much discussion in the media and in Washington, D.C. about pending changes to the interest rate on the Subsidized Stafford Loan for all undergraduate students (this loan is no longer available to graduate/professional students). For undergraduate Federal Subsidized Stafford Loan borrowers who borrowed a loan this past 2012-2013 academic year the interest rate on the loan was 3.4%. However, current federal law cites that effective for any Federal Subsidized Stafford Loan disbursed AFTER 7/1/13, that the interest rate will be 6.8%. This represents in essence a doubling of the subsidized Stafford loan interest rate for undergraduate students (from 3.4% to 6.8%).
Congress and the White House have each put forth plans to try to avoid this pending student loan interest rate hike, however to date; no final decisions have been reached. So stay tuned, and we will update our website as soon as we definitely know the prevailing interest rate for 2013-2014 subsidized Stafford loans.
Special News Items: 2013-14 Academic Year and 2013 Summer Financial Aid Processing Updates
2013-14 ACADEMIC YEAR Financial Aid Processing Update
Incoming Full-time Freshmen Undergraduates
At this time the majority of financial aid award notifications have been e-mailed to incoming full-time undergraduate students who applied for aid and who have been offered admission. You may securely access the status of your 2013-2014 financial aid application via Tulane’s Gibson Online Portal.
• Acceptance of any financial aid offered is NOT in any way a binding commitment to attend Tulane. You are encouraged to accept aid at the point in time when you feel confident that you plan to matriculate at Tulane.
• Those who completed the 2013-2014 Free Application for Federal Student Aid (FAFSA) AND the 2013-2014 College Scholarship Services (CSS) Profile applications, were reviewed for both Tulane need-based scholarship funding and all federal student aid.
• Those who only completed the 2013-2014 CSS Profile application were tentatively reviewed for both Tulane need-based scholarship funding and all federal student aid. However, the 2013-2014 FAFSA application must also be completed in order to finalize the award (international students excepted).
• Those who only completed the 2013-2014 FAFSFA were reviewed for all federal student aid ONLY, as the CSS Profile application is required for us to consider eligibility for Tulane need-based scholarship funding.
• Those awarded need-based “Tulane Scholarship” (whether or not any Tulane merit scholarship was also awarded), must ultimately provide the Tulane Office of Financial Aid with signed copies of parents’ and student’s 2012 federal income tax returns (including all schedules and W-2 forms), or, if a federal income tax return is not required to be filed, a completed 2012 non-filer form (non-filer forms are available on the forms section of this website).
• Tulane ultimately requires verification of sibling enrollment (form available on the forms section of this website) for all students awarded need-based “Tulane Scholarship” who have also identified that a SIBLING will be enrolled in an undergraduate degree program during the 2013-2014 academic year.
Incoming Full-time Transfer Undergraduates
Financial aid applications from Incoming transfer students will be reviewed over the next several weeks in anticipation of award notifications being sent in early May.
Incoming Graduate Students and Incoming School of Continuing Studies (SCS) Students
At this time Tulane has started e-mailing financial aid award notifications to incoming graduate and SCS students who applied for aid and who have been offered admission. Remember, the 2013-2014 FAFSA is required to be completed in order for Tulane to determine your eligibility for all federal student aid.
In May Tulane will start the review process of all aid applications for continuing students. Please be sure to check Gibson Online regarding any required documents and or applications being requested. Awards will not be finalized until all necessary materials are received.
2013 SUMMER Financial Aid Processing Update
Summer/Fall 2013 for Continuing 2nd Year Social Work Students
At this time Tulane has started e-mailing financial aid award notifications to those students who will be starting their 2nd year of graduate study at the School of Social Work and who have completed the 2013-2014 FAFSA and submitted all requested documentation. First disbursements of aid will coincide with the first week of summer semester classes.
2013 Summer School Students
In general, registration for the upcoming 2013 summer school sessions will commence this month (April 2013). Students seeking consideration for federal student aid for summer school costs are required to have completed the following before packaging occurs:
1. 2012-2013 FAFSA;
2. 2013-2014 FAFSA;
3. Tulane 2013 Summer Addendum: complete the appropriate summer addendum (undergraduate, undergraduate abroad, or graduate), available at the forms section of this website; and
4. 2013 Summer School registration
Tulane will start packaging summer financial aid on May 1st (after having reviewed completed summer addendums). You may securely access the status of your 2013 summer financial aid application via Tulane’s Gibson Online Portal.
Special News Item: 2013-2014 Financial Aid Processing Update
We wish to welcome all who are applying to Tulane for the upcoming 2013-2014 academic year. If you wish to review the necessary steps for applying for financial aid for the 2013-2014 year, please click here (http://tulane.edu/financialaid/steps/index.cfm).
For incoming full-time undergraduate applicants, our recommended deadline of February 15th for completing your financial aid applications (specifically, both the 2013-2014 Free Application for Federal Student Aid and 2013-2014 CSS Profile form) has passed; however, we will continue to accept late applications and awards will be made on a funds-available basis.
At this time, Tulane's financial aid counselors are reviewing the multitude of applications received to date for those incoming freshmen students who have been offered admission. We are scheduled to start reviewing completed aid applications in early March for incoming applicants admitted to other divisions of the University.
Early in March 2013 we expect to be sending 2013-2014 award notifications to those admitted incoming full-time undergraduate students who have completed (by the recommended deadline) both a Free Application for Federal Student Aid (FAFSA) and a CSS Profile application. We expect to continue to send notifications throughout the month of March as we progress through our review of financial aid applications.
At this time, you may securely access the status of your 2013-2014 financial aid application via Tulane's Gibson Online Portal. If you do not know your logon credentials, be sure to click on the "Forgot your username or password?" link, and Tulane will e-mail (to your e-mail address of record) your necessary log-in credentials.
Finally, please note that for all Tulane need-based scholarship recipients, we will ultimately require signed copies of 2012 federal income tax returns (and accompanying schedules and W-2s) be provided to our office in order to validate all reported income data. Please note that some students will be selected by the U.S Department of Education for verification of specific data reported on the FAFSA. If selected, you will need to provide Tulane with the specific documentation being requested. Often, this involves the submission of IRS 2012 tax return transcripts (this is a print-out from the IRS) in order to verify income data and a specific verification worksheet. Please understand that the U.S. Department of Education will NOT allow Tulane to use copies of signed tax returns that have been submitted as verification documentation of income.
Tulane will often make initial award offers without receipt of any tax information documentation; however, all Tulane and/or federal need-based awards are contingent on our final review of the aforementioned tax returns and IRS tax transcripts.
We regret that there will indeed be situations whereby students awarded Tulane need-based scholarship funding AND selected for federal verification will need to provide Tulane with BOTH: 1) signed copies of tax returns for Tulane to validate income AND 2) IRS tax return transcripts to verify income for federal student aid purposes. We apologize for any inconvenience.
Special News Items: Important 2013-14 Financial Aid Information!
We welcome all students who plan to apply for financial aid during the upcoming 2013-2014 academic year at Tulane University. At this time, Tulane is starting to electronically receive 2013-2014 aid application materials. This includes our electronic receipt of 2013-2014 Free Application for Federal Student Aid (FAFSA) data and 2013-2014 College Scholarship Service (CSS) PROFILE application data (from those full-time undergraduates seeking Tulane need-based scholarship consideration.
Tulane's secure on-line Gibson portal is scheduled to operational on March 1, 2013 for students to check the status of their financial aid application materials. During early March 2013 we anticipate that initial award notification e-mails will start being sent to incoming student populations.
See Steps for further information on how to apply for financial aid.
Special News Items: Be Ready for 2013 Spring Pre-registration!
Sibling Enrollment Verification Deadline is 11/30/12!
Be Ready for 2013 Spring Pre-registration!
During November, Tulane students planning to enroll for the upcoming 2013 spring semester will have an opportunity to pre-register for their classes. The university's Accounts Receivable Office places "registration holds" on the accounts of those students with past due financial obligations owed to the university (defined as balances that were due by 10/31/12 and remain unpaid). Such holds prevent a student from participating in the pre-registration process. If the disbursement of pending financial aid will resolve an existing balance, settling a student's account and allow for the removal of a "registration hold", then we want to be sure that students have successfully completed all necessary steps for the prompt disbursement of pending aid.
Students are encouraged to check the status of any pending 2012 fall aid disbursements by securely logging into Gibson to view their financial aid records. If students have any questions about pending aid, they are encouraged to contact the Financial Aid Office.
Sibling Enrollment Verification Deadline is 11/30/12!
Over 400 full-time undergraduate students were recently notified of the need to have sibling enrollment verification forms completed and submitted to the Financial Aid Office by Friday, November 30, 2012. Note: Tulane students can view the "outstanding financial aid requirements" via Gibson to determine if the sibling enrollment verification requirement is being requested. This requirement is only for those students receiving Tulane need-based scholarship funding for the 2012-2013 academic year and who reported on their financial aid application materials that one or more siblings are also attending college at the undergraduate level during the current academic year. Since the number of siblings in college can significantly impact our determination of a student's financial need, Tulane's long-standing policy is to require verification of sibling enrollment during the fall semester of the academic year.
Tulane students should be sure that each of their siblings enrolled at the undergraduate level completes our form (found on our Financial Aid Forms page as the 2012-2013 Sibling Enrollment Verification Form). Please note that this requires having a representative at the financial aid office of their respective school sign and submit the form back to our office. Completed forms can be faxed directly to the Tulane Financial Aid Office (fax #: 504.862.8750).
In cases where a sibling is not enrolled, or we fail to receive the requested verification, then Tulane will make necessary adjustments and recalculate a student's financial need. Such calculations often result in a reduction of Tulane need-based scholarship and possibly a reduction in federal need-based aid. Students are encouraged to contact the Financial Aid Office with any questions concerning the sibling verification process. Remember, the deadline is 11/30/12!
Alternative Financing Options
Alternative financing options to assist undergraduate students and their parents with educational expenses not covered by other forms of financial aid are described here. These options include monthly payment plans through Tuition Management Systems (TMS), Federal PLUS Loans and Private/Alternative Education Loans.
To view archived news items (for billing items, see below) from Tulane University Financial Aid, click here.
Billing News Archive
To view archived billing news items (for other archived news item topics, see above) from Tulane University Financial Aid, click here.
Page last modified on December 2, 2013
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