Helpful Financial Aid Information for Incoming Full-Time Undergraduates
As incoming freshmen and transfer students prepare for their matriculation at Tulane University for the upcoming 2020 fall semester, we offer a brief information worksheet that we hope will help guide new students through the various steps for assuring that all financial aid being accepted is disbursed in a timely manner at the start of the semester. The information also provides students and parents with an opportunity to determine the level of funds that will need to be used to satisfy any balance due the University after accounting for all accepted aid.
Click HERE for the 2020-2021 Financial Aid Information material.
If you have any questions, please contact your financial aid counselor, listed at this link: https://financialaid.tulane.edu/meet-us/counselors/undergraduate
The interest rates for federal student loans will drop by almost forty percent (40%) effective on July 1, 2020. The new lower interest rates will only apply to new loans disbursed between 7/1/2020 and 6/30/2021. This does NOT impact existing federal student loans (disbursed prior to 7/1/2020) which currently have a prevailing fixed interest rate.
For undergraduate students borrowing a Federal Direct Subsidized and/or Unsubsidized Loan, the interest rate for the 2020-2021 academic year will be 2.75% (down from the 4.529% interest for such loans that were borrowed in the 2019-2020 academic year). This 2.75% interest rate for the upcoming academic year represents the lowest rate ever, beating the previous low interest rate of 2.875%, which was reached in 2004-2005.
Interest rates on Federal Direct Unsubsidized Loans for graduate students will be 4.3%, down from 6.079% from last year.
Interest rates on Federal Direct PLUS Loans, including the Graduate PLUS (or Grad PLUS) and Parent PLUS loans will be 5.3%, down from 7.079% from last year.
The new interest rates are fixed rates for the life of the specific loan and are based on the 10-year Treasury Note auction that was held on May 12, 2020.
Financial Aid News
Tulane Commences Distribution of CARES Act HEERF Funds Directly to Students
Tulane University is beginning to disburse approximately $2.77 million dollars in emergency financial aid grants from funding the University is receiving under the Coronavirus Aid, Relief, and Economic Security (CARES) Act’s Higher Education Emergency Relief Fund (HEERF) directly to many students for expenses related to the disruption of campus operations due to the coronavirus during the recently completed 2020 spring semester.
Phase 1: Tulane’s first phase of distribution was configured to establish a “non-application” methodology through which emergency financial aid grants are awarded to more than 4,500 eligible Tulane students across the majority of student populations. Under Phase 1, certain students are being awarded emergency financial aid grants ranging upwards from $100, and funds are being directly distributed by the Accounts Receivable Office without the need for students to complete an application to request funding.
Eligibility for funds under the Phase 1 “Non-Application” distribution required students to have been:
Phase 2: In Phase 2, Tulane is analyzing the University’s “Application” process via various emergency applications such as those utilized by the Center for Academic Equity and/or the Office of Student Resources and Support Services for Tulane emergency funding consideration to cover expenses related to the disruption of campus operations due to COVID-19. Whenever this analysis identifies that qualified expenses were covered by Tulane emergency funding, then such support will be funded with the CARES Act’s HEERF student emergency financial aid grant funding as long as funding remains available. Eligibility for funds under the Phase 2 “Application” distribution requires students to have been: 1. Enrolled at Tulane for the 2020 spring semester at the time that Tulane switched to an online classroom format for the remainder of the 2020 spring semester; and 2. Considered eligible for federal student aid (defined as Title IV eligible), by virtue of having completed a FAFSA and other required documents necessary to establish a valid FM EFC; and 3. Enrolled in a Tulane degree program that was NOT being delivered via an online format prior to the 2020 spring interruption in on-ground classroom operations (as the U.S. Department of Education restricted students in such online degree programs from receiving these emergency financial aid grants); and 4. Completed an application that detailed the specific expenses that the student incurred that are related to the disruption of campus operations due to the pandemic; and 5. Received the Tulane emergency funding for such expenses directly on or after March 27, 2020.
Phase 3: Based on funding availability, Tulane intends to implement a Phase 3 (in stages), which represents another “Non-Application” allocation process in which we will review the population of students who were enrolled for the 2020 spring semester AND who had not received HEERF funding during our evaluations in Phase 1 and/or Phase 2. Priority will be given to Pell-eligible undergraduate students; however, some other remaining eligible student populations will be considered if funding is available. Eligibility for funds under the Phase 3 “Non-Application” distribution will require students to have been: 1. Enrolled at Tulane for the 2020 spring semester at the time Tulane switched from classroom to online formatting for the remainder of the 2020 spring semester classes; and 2. Considered eligible for federal student aid (defined as Title IV eligible), by virtue of having completed a 2019-2020 Free Application for Federal Student Aid (FAFSA) and other required documents necessary to establish a valid 2019-2020 Federal Expected Family Contribution (FM EFC) by the conclusion of the spring 2020 semester; and 3. Omitted from the HEERF emergency financial aid grant selection process under Tulane’s Phase 1 and Phase 2 processing; and 4. Enrolled in a Tulane degree program that was NOT being delivered via an online format prior to the 2020 spring interruption in on-ground classroom operations (as the U.S. Department of Education restricted students in such online degree programs from receiving these emergency financial aid grants).
Phase 4: If in the unlikely event that funding still remains available after the completion of Phase 1; Phase 2; and Phase 3; then Tulane intends to implement a final Phase 4, which will be designed to award any and all remaining HEERF funds directly to students who have not previously received HEERF funding during our evaluations in Phase 1; Phase 2; or Phase 3 AND for whom we are able to demonstrate that they incurred eligible expenses directly related to the disruption of campus operations due to the coronavirus during their recent enrollment at Tulane University. At this time, Tulane has not determined if a student will be required to complete an application in order to be considered for a Phase 4 emergency financial aid grant. Please revisit this website as more details become available on the Phase 4 process. Eligibility for funds under the Phase 4 distribution have yet to be determined. Please revisit this website as more details become available on Phase 4 eligibility.
Click here for more details on the methodologies Tulane is using to distribute directly to eligible students the majority of the HEERF funds received by Tulane University for student emergency financial aid grants.
Click here to access Frequently Asked Questions (FAQs) related to Tulane’s disbursement of CARES Act HEERF funds received by Tulane University for student emergency financial aid grants.
Click here to access disbursement information related to Tulane’s disbursement of CARES Act HEERF funds received by Tulane University for student emergency financial aid grants.
Click here to access Tulane University’s CARES Act HEERF summary reports (45-day report after initial 30-day report).
Click here to access Tulane University’s CARES Act HEERF summary report (30-day report).
CARES Act Funding for Higher Education Relief Fund (HEERF) Grants: Tulane has been identified as a university to receive a limited amount of CARES Act funding for Higher Education Relief Fund (HEERF) grants, but no funds have been received to date. In the meantime, Tulane administration is finalizing a strategy to award these limited funds fairly and equitably to our students: please watch our website for updates. (Also, please note that the distribution of this funding is NOT related to the Tulane COVID-19 Questionnaire.)
Tulane COVID-19 Questionnaire: This questionnaire is our first step in gathering information on the scope of impact by COVID-19 on our Newcomb-Tulane undergraduate student population and their families. Once we have completed our review of the data, we will reach out if additional information is needed. Please watch our website for updates. However, please note, in the meantime, if you have completed or are anticipating completing the COVID-19 Questionnaire, and have not already done so, you must complete certain known items. Please complete the 2020-21 Free Application for Federal Student Aid (FAFSA), the 2020-21 College Scholarship Service (CSS) Profile, and submit signed copies of all 2018 federal tax returns (individual and business) and W-2 forms. If yours is a separated or divorced case, the non-custodial parent must also complete the CSS Profile. If you are selected for federal verification, a 20-21 Verification Addendum is also required. For more information, see the News item below.
All Newcomb-Tulane Undergraduates (excluding SoPA students),
The COVID-19 pandemic has threatened the health of our global Tulane community and has brought significant financial hardship to many of our students and their families. In such a volatile environment, there is no better time for Tulane University to affirm its motto: “Non sibi, sed suis” or “Not for oneself, but for one’s own.” In the spirit of that commitment, President Mike Fitts has approved plans to augment our existing need-based financial aid offerings for the upcoming 2020-2021 academic year for eligible students who have experienced a significant loss of 2020 calendar year income as a result of COVID-19.
At this time, in order to start gathering an initial scope of the economic hardship our students and their families are experiencing, we invite those with significant income losses (defined as an income loss of 15% or more for 2020) to complete our “COVID-19 Financial Aid Questionnaire” (https://financialaid.tulane.edu/forms).
Our financial aid counseling team will be reviewing all questionnaire results and following up if it is determined that additional documentation is needed prior to determining the level of additional assistance for which a student might qualify. In compliance with federal regulations and institutional protocol, we will continue to administer our need-based institutional resources among full-time undergraduate students in a fair and equitable approach to those demonstrating institutional financial need, and to diligently assist students as we face this new challenge.
IMPORTANT ADDITONAL INFORMATION: Those completing the “COVID-19 Financial Aid Questionnaire” must also complete the following: • 2020-2021 Free Application for Federal Student Aid (FAFSA) • If applicable, submit all required federal verification documents • 2020-2021 College Scholarship Service(CSS) Profile application (NOTE: in separation/divorce situations the non-custodial parent must also complete a CSS Profile) • Submit signed copies of parents’ 2018 federal income tax returns, including all schedules and W-2 forms The Tulane Financial Aid Office will only commence reviewing the completed questionnaires of those students who have successfully provided all necessary documents for determining eligibility for federal and institutional need-based assistance. Thank you in advance for your patience in our efforts to respond to the ever changing needs of our students in this most unfortunate pandemic environment. If you have any questions on this process, please feel free to contact your financial aid counselor.
Tulane University Financial Aid Office: Changes due to COVID-19 FAQ’s Updated 04/04/2020
• Q: I was employed and earning wages under the Federal Work Study (FWS) program, and counted on my FWS bi-weekly income to help with my expenses. Will I still be able to be paid?
A: Tulane is currently reviewing the guidance issued by the U.S. Department of Education concerning the possibility of continued payment of FWS wages. As soon as the Financial Aid Office is informed of Tulane’s decisions on whether or not unearned FWS wages will be available, we will update this posting, so please check back for an update. To all of Tulane’s spring 2020 semester active Federal Work Study (FWS) student employees, please know that the Office of Human Resources & Institutional Equity and Office of Financial Aid are continuing to diligently work together to determine an equitable methodology for determining remaining FWS payments. Recent guidance from the U.S. Department of Education will allow Tulane to pay FWS students even if students are unable to work scheduled hours because of COVID-19 disruptions. We are also finalizing the protocols for those students who are able to continue working by another means (on-line, remote, telecommute, etc.). We appreciate your patience during this unprecedented time and want you to know we are doing everything we can to reach a decision as soon as possible so that funds can be disbursed to support our students.
• Q: At the start of the current 2020 spring semester I was charged and paid for a dorm room and/or a meal plan for the entire semester. Now that I’ve been required to vacate the Tulane campus, will I receive a prorated rebate for the portion of the dorm and/or meal plan that I won’t be using?
A: Tulane has determined that a prorated rebate of 40% will be processed for eligible charges. Please refer to the following website for more details: https://studentaccounts.tulane.edu/content/accounts-receivable-covid-19-faq
• Q: I’ve incurred travel expenses in vacating campus, so can I receive additional financial aid?
A: Your financial aid budget already includes a travel allowance for expenses associated with your return home for the spring 2020 semester, so no additional cost adjustment is expected due the timing of your return home occurring earlier than expected.
• Q: I’m having to purchase equipment to accommodate all of my classes now being delivered on-line: is it possible to receive additional aid to cover these unexpected expenses?
A: Federal regulations allow your financial aid counselor to use “professional judgment” to review expenses to determine if they can be recognized as allowable educational expenses and added to your financial aid cost of attendance. If approved as additional expenses, then we can see what additional assistance might be available. You are encouraged to complete a 2019-2020 Adjustment Form (available under the 2019-2020 section at: https://financialaid.tulane.edu/forms) and also to provide your financial aid counselor with all related necessary documentation.
• Q: If I haven’t yet borrowed any or all of the federal student loans that I’ve been offered for the spring 2020 semester, is it too late for me to still access these funds?
A: Because Tulane Financial Aid Office staff are not allowed to process federal student loans once an applicant is no longer enrolled in the semester for which federal student loan funding is sought, and because processing is not instantaneous but takes some time, we strongly recommend that all federal student loan decisions for those enrolled in the 2020 spring semester be fully completed by April 15, 2020. This will allow necessary time for your loan to be certified and for you to complete any necessary requirements (such as completion of appropriate master promissory notes and/or loan entrance counseling). Please contact your financial aid counselor if you have questions concerning federal student loan borrowing.
• Q: I’ve heard that the most recent significant interest cuts by the Federal Reserve will lower the interest on my federal student loans. When will this happen?
A: Federal student loan interest rates are set as fixed rates to be effective for all loans disbursed from July 1 through June 30 each year. Details regarding the rates for federal loans disbursed during the current 2019-2020 year can be found here: https://financialaid.tulane.edu/types-of-aid/loans/federal-direct-subsid.... The latest decrease in interest rates by the Federal Reserve may ONLY impact the effective rate on new loans that are disbursed in the upcoming 2020-2021 year, and the U.S. Department of Education will announce sometime in late May/early June the federal student loan interest rates effective as of 7/1/2020 through 6/30/2021. We fully expect for the loan rates to be lower than current rates and we will provide updated information when it becomes available.
• Q: Recently the U.S. Department of Education announced that interest would be waived on all federal student loans amid the coronavirus outbreak. How will this impact me?
A: The U.S. Department of Education announced that all loans owned by the U.S. Department of Education (ED) will have interest waived until September 30, 2020. That includes Direct Loans, as well as Federal Perkins Loans and Federal Family Education Loan (FFEL) Program loans held by ED. It is important to note that some FFEL Program loans are owned by commercial lenders, and some Perkins Loans are held by the institution you attended (as in the case with Tulane Perkins Loan borrowers). These loans are not eligible for this benefit at this time, however, if these loans are consolidated into a Federal Direct Consolidation Loans then they are eligible for these provisions.. The interest rate on eligible loans will be set to 0% for the period from March 13, 2020 until September 30,2020. No action is required by the student/borrower, however contact your loan servicer online or by phone to determine if your loans are eligible. Your servicer is the entity to which you make your monthly payment. If you do not know who your servicer is or how to contact them, visit StudentAid.gov/login or call us at 1-800-4-FED-AID (1-800-433-3243; TTY for the deaf or hearing-impaired 1-800-730-8913) for assistance.
• Q: As an alumnus who is in repayment on my federal student loans has any assistance been offered?
A: The U.S. Department of Education announced that loans in active repayment will be placed on an ADMINISTRATIVE FORBEARANCE for six months thereby suspending repayment until September 30, 2020. These months of administrative forbearance will count as qualifying months toward all forgiveness benefits for which the borrower is eligible, including Public Service Loan Forgiveness. If a borrower wishes to “opt out” of this administrative forbearance, then they must contact their loan servicer.
It is important to note that some FFEL Program loans are owned by commercial lenders, and some Perkins Loans are held by the institution you attended (as in the case with Tulane Perkins Loan borrowers). These loans are not eligible for this benefit at this time, however, if these loans are consolidated into a Federal Direct Consolidation Loan then they are eligible for these provisions. No action is required by the student /borrower, however contact your loan servicer online or by phone to determine if your loans are eligible. Your servicer is the entity to which you make your monthly payment. If you do not know who your servicer is or how to contact them, visit StudentAid.gov/login or call us at 1-800-4-FED-AID (1-800-433-3243; TTY for the deaf or hearing-impaired 1-800-730-8913) for assistance.
UPDATE: As of May 2020, the U.S. Department of Education is ready to receive 2020-21 Federal Parent (PLUS) Loans and 2020-21 Graduate PLUS Loans.
Therefore, apply for the loan now if you have been waiting to do so, as the message below is now no longer in effect.
If you have questions on this matter you are encouraged to contact your Tulane financial aid counselor.
STOP! Need to Wait Before Applying for 2020-2021 Federal Parent (PLUS) Loans OR 2020-2021 Graduate PLUS Loans:
As of 03/20/2020, the U.S. Department of Education is not ready to receive applications for the upcoming 2020-2021 academic year in regards to Federal Parent PLUS Loans OR in regards to Federal Graduate PLUS Loans. Any parent or graduate student attempting to apply for such a loan at this time for the 2020-2021 academic year will have their respective loan application erroneously tied to the current 2019-2020 academic year. Therefore, we wish to counsel all those seeking to apply for these loans for the 2020-2021 academic year to hold off and wait until we update this notification to confirm that the Department of Education is ready to accept such 2020-2021 loan applications. We apologize for the inconvenience, yet wish to avoid having you erroneously apply for the wrong academic year. If you have questions on this matter you are encouraged to contact your Tulane financial aid counselor.
As we confront the unprecendented health crisis brought about by the COVID-19 pandemic, Tulane staff will be working remotely until further notice, and so our offices will be closed to the public (the one exception will be for those medical students who have appointments to meet with Dr. Hanson through March 18).
Please note that faxes will no longer be accepted as of March 16, 2020 until further notice, and the U.S. mail is also discouraged as a method of sending documents to us for now, so please utilize the upload (PDF only) feature available through https://finaidforms.tulane.edu/Home/Account/Login if possible.
Your questions and concerns are important to us and our staff is monitoring email daily and will respond as fast as possible. Please visit https://financialaid.tulane.edu/meet-us to locate the email of a specific staff member who can assist you. Every family is assigned a financial aid counselor who you can locate based on the applicant's last name. If you have general questions or concerns, they may be directed to our office location email accounts.
In addition, our staff has access to Zoom, Microsoft Teams and Skype for Business. You may email your financial aid counselor directly to set up an appointment through one of those modes of communication.
The Tulane Financial Aid Office will be closed for staff training on Friday the 13th of December.
IMPORTANT: Continuously check Tulane’s secure on-line Gibson portal to learn of any “To Do” items being requested. New items might be added to your “To Do” list at any time. For more details please refer to https://financialaid.tulane.edu/my-aid.
As Tulane’s various admissions offices are starting to make decisions regarding students who plan to matriculate for the 2020 fall semester, we wish to provide information as to the financial aid process for the 2020-2021 academic year.
For Incoming Full-time Undergraduates:
*The type(s) of financial aid being sought determines what financial aid application(s) and supporting materials you need to complete by the suggested deadline.
If only seeking federal student aid consideration (includes Federal Pell Grant; Federal SEO Grant; Federal Work Study; and all Federal student and parent loan programs), then complete:
If seeking to be considered for Tulane Scholarship (need-based scholarship), then in addition to the aforementioned FAFSA also complete:
More details on the financial aid application process is available at https://financialaid.tulane.edu/apply
IMPORTANT: Continuously check Tulane’s secure on-line Gibson portal to learn of any “To Do” items being requested. New items might be added to your “To Do” list at any time. For more details please refer to https://financialaid.tulane.edu/my-aid.
At this time the Tulane Financial Aid Office is reviewing completed 2019-2020 financial aid applications for returning full-time undergraduates. We anticipate that 2019-2020 award notifications for returning students will commence prior to June 30th.
As a reminder, if you are seeking consideration for Tulane need-based scholarship funding for the 2019-2020 academic year, you must complete/submit all of the following:
• 2019-2020 Free Application for Federal Student Aid (FAFSA)
• If selected for federal verification, a Federal Verification Worksheet and federal income tax documents
• Submission of any additional requested documentation if necessary (continue to check the "To Do List" in the Financial Aid section of Gibson Online)
• 2019-2020 College Scholarship Service (CSS) Profile form for parents (in separation/divorce scenarios, have the non-custodial parent complete the 2019-2020 CSS Profile for non-custodial parents)
• Submit copies of parents’ 2017 federal income tax returns (including all schedules and W-2 forms)
On the other hand, if you are only seeking federal student aid, then only the first three bullets referenced above need to be completed.
Please feel free to contact our office: 504.865.5723 with any questions on the aid application process.
Tulane DOES NOT participate in the College Board’s (CSS) IDOC process. Therefore, the preferred submission of any required forms and documents (only in a PDF format and maximum size 2 MB) is by directly and securely uploading to our processing system using the new File Upload feature. For instructions on using this online tool view the following instructions PDF. Please include student identifying information on all documents and communications. We have recently learned that the maximum file that can be uploaded through the secure upload is 2MB. If you experience uploading issues, please verify that the file size does not exceed the 2MB limit. If it does exceed the 2MB limit, we ask that you pursue one of the following options: 1) Be sure that the document is in a pdf format 2) Mail the document through the USPS (see address below) 3) Fax the document (see FAX below) or 4) Email to FADOCS (see address below, but PLEASE - MUST be password protected, and so please remember to send the password in a separate email). If you have any questions, please let us know.