Financial Aid News: INFORMATION ON 2016 SPRING SEMESTER TOPS PAYMENTS
On 2/11/16, the Louisiana Office of Student Financial Assistance (LOSFA) announced an immediate halt of all TOPS payments to colleges and universities (both public and private) within the State of Louisiana. This unprecedented action by the State of Louisiana is attributable to the state’s current budget crisis.
At this time, Tulane is awaiting further guidance from LOSFA as to the full implications of this action. Earlier today (2/12/16), the State of Louisiana announced that they will soon resume TOPS payments for the 2016 spring semester, however we have no definitive details in regard to when Tulane would receive future payments for our students.
Approximately 626 Tulane students are scheduled to receive TOPS payments for the 2016 spring semester, and Tulane promptly billed the State of Louisiana for the full amount ($1.6 million) of TOPS funds expected to be received for eligible Tulane students from Louisiana for the 2016 spring semester. However, Tulane then received recent notice that due to a funding shortfall, only a portion (approximately 43%) of Tulane students would receive their TOPS funding in a timely manner.
LOSFA accepted the billing invoice that Tulane submitted in regard to this 43% allowance, and late this week Tulane received approximately $614,000 in 2016 Spring semester TOPS payments from the State. The specific Tulane students associated with the funds received are expected to have the full amount of their 2016 spring TOPS funding credit to their respective Accounts Receivable (A/R) accounts during the week of February 15th.
At this time, the State still owes Tulane approximately $1 million in TOPS funds for the remaining 57% of our TOPS-eligible students.
Again, while we are encouraged by today’s announcement that future payments will soon resume, we await guidance and information from state officials as to when Tulane might receive the remainder of these expected TOPS payments.
We are optimistic that the remaining TOPS funds will ultimately be forthcoming for the 2016 spring; however, we have been informed that such payments may not be delivered to Tulane until possibly as late as July 2016.
We will immediately update our website once any additional information is provided to Tulane.
While we remain hopeful that all of Tulane’s TOPS recipients will receive their entire scheduled TOPS payments at some point for the 2016 spring semester, we share the frustration of not knowing when the State will deliver these remaining funds, and understand that impacted students may want to seek alternative funding options in the worst-case scenario that the State does not deliver TOPS payments expected for the 2016 spring term.
Since Tulane always awards the MAXIMUM level of institutional need-based scholarship funding BEFORE factoring in a Louisiana student’s TOPS award, there is no additional institutional need-based scholarship warranted by the State’s failure to make TOPS payments.
However, there may be opportunities for students and/or parents to explore federal and/or non-federal loan programs to replace the average $2,557 Spring 2016 TOPS tuition payment for an otherwise eligible Tulane student.
Students are encouraged to explore our website and/or contact their respective financial aid counselor for more information.
Please note that access to federal educational loans for the spring 2016 semester ends once a student is no longer attending spring 2016 classes, so it is vital that if such funding is needed, the student work with their financial aid counselor to package and secure the loan before that time.
Currently, the Tulane Accounts Receivable Office (billing office) has recognized all expected 2016 spring TOPS payments as “anticipated” payments, which means that finance charges have not been assessed for any balances owed to Tulane that would be completely covered by the ultimate TOPS payment from the State. However, please be aware that if the TOPS payment were to exceed current charges and to result in a credit balance, a refund of such a credit balance is on hold and will not be released until actual TOPS payment from the State is received.
Financial Aid News: 2016-2017 Financial Aid Processing
We wish to welcome all who are applying to Tulane for the upcoming 2016-2017 academic year. If you wish to review the necessary steps for applying for financial aid for the 2016-2017 year, please click here (http://tulane.edu/financialaid/steps/index.cfm).
For incoming full-time undergraduate applicants seeking consideration for all federal and institutional need-based student aid resources, our recommended deadline is February 15, 2016 for completing your financial aid applications; specifically, both the 2016-2017 Free Application for Federal Student Aid (FAFSA) AND 2016-2017 College Scholarship Service (CSS) Profile form. Please note that the FAFSA is used solely to determine a student's eligibility for all federal student aid, while the CSS Profile (and the FAFSA) is required for student's seeking to be considered for Tulane's need-based scholarship funding.
At this time, Tulane is scheduled "go live" with the 2016-2017 financial aid section of our on-line portal (Gibson) on March 1, 2016. Once operational, you will be able to check the status of your financial aid application, to view what applications and/or documents we have received and what possible additional applications and/or documents we are requesting before finalizing a financial aid award notification. Tulane's secure Gibson on-line portal will also ultimately provide details concerning your financial aid award. 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.
During the first week of March 2016 we expect to begin sending 2016-2017 award notifications to those admitted incoming full-time undergraduate students who have completed (by the aforementioned recommended deadline) both a 2016-2017 FAFSA and a 2016-2017 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. In early April 2016 we are scheduled to send award notifications to those admitted incoming full-time undergraduate students who only completed the 2016-2017 FAFSA.
Finally, please note that for all Tulane need-based scholarship recipients, we will ultimately require signed copies of 2015 federal income tax returns (and accompanying schedules and W-2s) be provided to Tulane 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 2015 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. We regret that there will 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. 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.
Financial Aid News: CONSTITUTION DAY
September 17 is Constitution Day, a day observed annually across the United States in honor of the formation and signing of the U.S. Constitution. In recognition of Constitution Day, Tulane Law School will be holding a panel presentation on marriage equality entitled Same-Sex Marriage : The Implications and Impact of Obergefell v. Hodges.More information can be found at http://www.law.tulane.edu/tlsNews/newsItem.aspx?id=19643 . This event will begin at 2:30 pm and be held in Room 110 of Weinmann Hall. It is an exciting opportunity to hear leading constitutional scholars and commentators examine the implications of this historic decision.
FEDERAL PERKINS LOAN PROGRAM TO END (UPDATE)
New Federal Perkins Program regulations were made law on December 18, 2015. The new regulations limit the program to be available only up to the 2017-2018 academic year for undergraduate students (and only those students who meet new criteria), and only up to the 2016-2017 academic year for graduate students (and only those students who meet certain criteria). The new regulations now require additional disclosures to be made with each Perkins Loan disbursement. The new criteria for undergraduate students will include a requirement that Direct Loans be awarded first, and for graduate students criteria includes the receipt of a Perkins disbursement prior to October 1, 2015 as well as continuation in the same program of study. Details mentioned here are not all-inclusive, and interpretation of the new regulations are still being made. We will update the website as we learn more about the new regulations.
Financial Aid News: FEDERAL PERKINS LOAN PROGRAM TO END
Barring any last minute action by Congress, the Federal Perkins loan program is scheduled to end on 9/30/15. The following is a summary of what will be happening and who will be impacted if the Federal Perkins loan program ends as scheduled.
We regret that due to the short window of time prior to the end of the Perkins program, no exceptions will be given to these deadlines.
All new borrowers who successfully complete the above criteria, and meet all other eligibility criteria, will have the 2015 fall semester portion of their Federal Perkins loan disburse directly to their Tulane Accounts Receivable account prior to 9/30/15 AND any scheduled 2016 spring semester disbursement will be able to disburse in January 2016 (assuming all eligibility criteria is still fully being met).
We regret that for all new borrowers, federal regulations mandate that your Federal Perkins loan for the current 2015-2016 academic year will unfortunately be your last. Current law prohibits any new borrower from receiving future Perkins loan funds beyond the current academic year.
At this time we are unaware of any new identified source of funding that might be able to replace the future loss of Perkins loan funds. Current alternative funding options include the use of loan programs such as the Federal PLUS loan program (for parents of dependent undergraduates); or the Grad PLUS loan program (for graduate & professional students); or non-federal private alternative educational loan programs. If you have questions about the Federal Perkins loan program, then please contact our office.
Financial Aid News: AUGUST 2015 FINANCIAL AID REMINDERS
To ensure the timely crediting and disbursement of financial aid funds for the 2015 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: 2015-2016 Academic Year Aid Status
What All Continuing Full-Time Undergraduates Want to Know… When will I receive my 2015-2016 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 2015-2016 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.
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 2015-2016 FAFSA and we are in receipt of all necessary documents, then we anticipate that you will receive your 2015-2016 award notification within the next 30 business days.
We encourage SCS and appropriate graduate students to complete their respective 2015-16 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! 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’ 2014 federal income tax returns (or completed 2014 non-filer forms if applicable) along with copies of all 2014 W-2 forms. Tulane need-based scholarship funds will NOT disburse until this documentation is received and reviewed.
3. New Federal Direct Studen Loan borrowers (of Subsidized and/or Unsubsidized Loans) must complete a Federal Direct Student 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 or Xerox with a message from the Tulane Student Loan Office 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.
Financial Aid News: Update on 2015-2016 Financial Aid Processing
We wish to welcome all who are applying to Tulane for the upcoming 2015-2016 academic year.
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. By March 11, 2015, we expect to be sending 2015-2016 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 College Scholarship Service (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.
As a reminder, the FAFSA determines an applicant’s eligibility for all federal student aid, while the CSS Profile determines an applicant’s eligibility for our need-based Tulane Scholarship. Incoming freshmen who have only completed the 2015-2016 CSS Profile should immediately complete the 2015-2016 FAFSA (exception: non-U.S.-citizens who are not permanent U.S. residents need not complete the FAFSA).
For incoming full-time undergraduate applicants, our recommended deadline of February 15th for completing financial aid applications (specifically, both the 2015-16 FAFSA and 2015-16 CSS Profile form) has passed; however, we will continue to accept late applications and awards will be made on a funds-available basis. If you wish to review the necessary steps for applying for financial aid for the 2015-2016 year, please click here (http://tulane.edu/financialaid/steps/index.cfm).
We expect that incoming full-time undergraduate freshmen applicants completing only the FAFSA will begin to receive award notifications the week of March 23, 2015.
We are scheduled to begin reviewing completed aid applications in mid-March for incoming applicants admitted to other divisions of the University (graduate divisions and the School of Continuing Studies), and for those applicants, we expect award notifications to start the week of March, 23, 2015.
The 2015-2016 academic year is now accessible under the Financial Aid tab in the Tulane Gibson secure portal (https://gibson.tulane.edu/)!
Upon successful log-in, you can navigate to the Financial Aid tab and select any of the options listed under Services. Selecting “Requirements, Holds, Academic Progress” will let you view what aid applications we’ve received and what additional documents we ultimately need to receive.
At this time, you may securely access the status of your 2015-2016 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.
Tulane’s merit scholarships for incoming freshmen are listed under the “Award Information” section of Gibson’s Financial Aid tab for 2015-2016, but will only be visible after the viewer has accepted Terms and Conditions. Upon reviewing your award details via Gibson, please understand that your acceptance of any award does NOT reflect your commitment of an admission offer nor does it obligate you to enroll at Tulane University.
IMPORTANT MESSAGE ONLY APPLICABLE TO INCOMING FULL-TIME UNDERGRADUATE FRESHMEN: 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 federal tax returns and IRS tax transcripts. For our need-based Tulane Scholarship, we will ultimately require that signed copies of 2014 federal income tax returns (and accompanying schedules and W-2s) be provided to our office in order to validate all reported income data. Also, students selected by the U.S Department of Education for verification of tax data reported on the FAFSA will need to provide Tulane with IRS 2014 tax return transcripts (this is a print-out from the IRS) 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. We regret there will therefore be some situations in which those 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.
Please send any documentation related to your 2015-2016 financial aid application to our new secure processing center partner in New Hampshire!
Financial Aid Processing Center
P.O. Box 8090
Portsmouth, NH 03802
Financial Aid News: 2015-2016 Financial Aid Processing
Please send any documentation related to your 2015-2016 financial aid application to our new secure processing center partner in New Hampshire!
Financial Aid Processing Center
P.O. Box 8090
Portsmouth, NH 03802
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 February 12, 2016
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