Office of Student Finance

• We are rolling into the fall 2023 financial aid and disbursement season! We are just as excited as everyone else to welcome new and returning students back to the Twin Cities campus. We are thankful for all of the work done around ASR to begin yet another successful year.
• As you are all likely aware, the Supreme Court of the United States (SCOTUS) released a decision regarding race based practices being used in admissions. The Office of Student Finance is working closely with the Office of Undergraduate Education, Office of Equity and Diversity, Office of Admissions, Office of General Counsel, and University Relations on determining how this decision will impact the University of Minnesota system. A recent article from Inside Higher Education outlines some of the challenges ahead for higher education institutions.
• Systemwide FAFSA Simplification working groups are going strong and making decisions for the 2024-25 changes. Information for students and families has been posted to the One Stop website.
• Undergraduate and Loans Unit
• Aid year 2022-23 has wrapped up and staff are working on closing out their financial aid programs. At the same time, we are gearing up for 2023-24, making aid adjustments and certifying loans in preparation for financial aid disbursement on Monday night August 28, 2023.
• Due to the change in the 13-credit tuition policy, Twin Cities/Rochester Undergraduate students who decrease their enrollment to fewer than 13 credits may receive a tuition adjustment during the first two weeks of the term. Starting with fall 2023, full-time students who drop courses below 13 credits, are receiving certain types of financial aid, and have a credit balance, will have a temporary hold placed on their student account. This hold will ensure a refund is not immediately issued in cases when a student may be swapping courses, and allow OSF time to notify students that if they remain enrolled in fewer than 13 credits they may owe a balance on their account once their financial aid has been adjusted. 
• Starting in fall 2023, the financial aid late enrollment appeal form will no longer be needed if a student adds credits after census. OSF will be running a weekly query for all careers to identify these students. Financial aid eligibility will be reviewed/adjusted accordingly. All the same aid rules still apply. 
• OSF has updated our Satisfactory Academic Progress (SAP) email communication to students. The first sentence in the email was designed to notify the student of their SAP status and if they need to complete an appeal. A link to the appeal is provided (if applicable) with more detailed information in the email. In the past, the email had an attachment with the detailed information. It is our hope that more students will read this text and understand if there are any next steps needed to qualify for financial aid. Thank you to Meghan (OSF - Undergrad), Tom (FA-IT), and the many others that helped review the communication. 
• The American Indian Scholars Program, a new program announced by the Minnesota Office of Higher Education, will be implemented for 2023-24. Information has been added to the One Stop website and the system-wide implementation team is being led by Kari Ellering.
• Compliance, Graduate Unit, Athletics, Professional and Scholarship Unit (CGAPS)
• The CGAPS units continue to make manual adjustments on financial aid packages for our populations, based on scholarships and grants that are being added to students’ financial aid packages.
• Medical School financial aid kicks off our disbursement processes this week, and we are excited to work with students as they begin/continue their medical careers.
• Athletics, FA-IT, and OIT are working through an error with the NCAA Compliance Assistant software that started with a system upgrade on May 1, 2023. This upgrade introduced many changes including the reporting to PeopleSoft, and is impacting work done in multiple offices. For now, a manual workaround has been identified, however we are determining if that workaround meets all team needs.
• Fiscal Unit
• The Fiscal Unit welcomes our newest team member, Bounmee Yang, to the team! Bounmee serves as a Finance Professional 4 supervisor. Bounmee’s first day was August 21, and we are thrilled to have him on board!
• Here is the fall aid and credit balance disbursement schedule:
• Monday, August 21: Medical School initial financial aid disbursement.
• Wednesday, August 23: 1st batch of credit balances run for direct deposit.
• Friday, August 25: 1st batch of credit balances run for checks.
• Monday, August 28: All other TC careers initial financial aid disbursement 
• Wednesday, August 30: 1st batch of credit balances run for direct deposit and parent checks.
• Friday, September 1: 1st batch of credit balances run for checks.