Awarding & Disbursing Financial Aid
The following information highlights the application, awarding and disbursement processes for all financial aid.
The Application and Awarding Processes
Loans
Student loans will be awarded typically 1-2 weeks after the FAFSA is complete (although no earlier than March for fall-starts and October for spring-starts). Eligible students will receive an electronic Award Letter via email with a loan offer. The Award Letter must be completed and returned to the Financial Aid Office in order to secure loan funds for the upcoming/current academic year. If the loan funds are required to help establish financial clearance, the Award Letter must be returned at least 3 weeks prior to the start of the applicable semester (1 week prior to the financial clearance deadline, which is typically 10 calendar days prior to the start of the semester). The Award Letter will direct students borrowing loans for the first time at Denver Seminary to also complete Entrance Counseling and a Master Promissory Note before funds can actually be disbursed to the student account.
Institutional Aid
Scholarship applications will be evaluated by the Scholarship Committee on a monthly basis, beginning 2-3 weeks after the priority deadline (typically April 1 for fall-starts, November 1 for spring-starts, and February 15 for the inContext program). Notification emails with results will be sent out by the end of each month (with recipients receiving an Award Letter). The Award Letter will direct recipients to also submit a Thank You Letter and Picture (1 per academic year) before funds can actually be disbursed to the student account. Applications for students who did not receive an offer will remain active for each additional Committee meeting, as necessary.
The Disbursement Process
Financial Clearance
All finalized aid will appear on the student account as "Pending Aid." Students will be cleared for all pending aid for the Financial Clearance Deadline, which is typically 6 business days before the start of the semester.
Loans
Student loans will be disbursed to the student account no earlier than 10 calender days before the start of the semester, assuming all applicable application steps have been completed prior to that time.
Institutional Aid
Scholarships, grants, tuition discounts will be disbursed to the student account no earlier than the drop/add date (10 business days after the start of the semester).
Refund Checks
Refund checks will be mailed to students on the Friday after a credit balance is created. Please ensure that the has the correct address on file before checks are mailed out. Addresses can be verified and changed on MyDenSem (click on "Personal Info" on the top left of the screen, then the "Biographical Info" tab, then the pencil icon next to "Name and Address").
