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To provide you with as much information as possible about federal financial aid, we’ve compiled answers to a range of questions we hear frequently. For answers to your specific questions, please don’t hesitate to contact your Finance Advisor.
Direct Subsidized Loans are available to undergraduate students with financial need. The U.S. Department of Education pays the interest while you attend school at least half time.
Direct Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need. For an unsubsidized loan, you are responsible for paying the interest during all periods. If you do not pay the interest while in school and during grace periods, deferment or forbearance periods, the interest will be added to the principal balance.
For more information, please see Federal Student Aid.
Maximum Pell Grant eligibility in the 2012–2013 award year is $5,550 for the neediest students. Maximum Pell awards can vary from year to year and may be higher or lower in future award years. Pell Grants are awarded to undergraduate students who have not earned a bachelor’s or a professional degree.
Maximum federal financial aid loan eligibility varies by grade level and dependency status.
Grade level is determined by the number of credits applied to your primary program. For new students, grade level is determined by applied transfer credits. For continuing students, grade level is determined by the total number of credits applied to your primary program at the time federal financial aid is awarded.
Dependency status is determined by a variety of factors. A “Yes” answer to any of the dependency questions on the FAFSA will classify you as independent; a “No” answer to all of the dependency questions on the FAFSA will classify you as dependent.
Independent undergraduate students who earned between 0 and 23 degree-applicable credits are eligible for a maximum of $9,500 ($3,500 subsidized, $6,000 unsubsidized). Those who have earned between 24 and 47 degree-applicable credits are eligible for a maximum of $10,500 ($4,500 subsidized, $6,000 unsubsidized). Bachelor’s degree students who have earned 48 or more degree-applicable credits are eligible for a maximum of $12,500 ($5,500 subsidized, $7,000 unsubsidized).
Dependent students who earned between 0 and 23 degree-applicable credits are eligible for a maximum of $5,500 ($3,500 subsidized, $2,000 unsubsidized). Dependent students who earned between 24 and 47 degree-applicable credits are eligible for a maximum of $6,500 ($4,500 subsidized, $2,000 unsubsidized). Dependent bachelor’s degree students who earned 48 or more degree-applicable credits are eligible for a maximum of $7,500 ($5,500 subsidized, $2,000 unsubsidized). Dependent students will be eligible for independent-level funding if their parent is not eligible for a Parent PLUS Loan.
Graduate students are considered independent regardless of age and are eligible for $20,500 in federal financial aid loans ($20,500 unsubsidized).
Processing times for awarding financial aid can vary from student to student, depending on individual situations and documentation requirements. On average, packaging the financial aid award is completed within 45–60 days from the start of the first course in a new academic year. If you have questions or concerns about the timeliness of the award process, please contact your Finance Advisor.
Funds should post to your school account 5–7 days after the disbursement’s scheduled release date. If a delay occurs, your Finance Advisor will work to resolve the issue as quickly as possible.
Neither the UNIV orientation classes nor the student workshops are credit-bearing; therefore, they are not eligible for federal financial aid. The first course to be considered for federal financial aid purposes will be the first credit-bearing course you attend in your degree program.
When authorized, the school will retain funds on your account up to the total cost of tuition and fees for the applicable courses in the payment period. As attendance is posted in new courses and those courses are invoiced, retained funds will automatically be used to pay the tuition and course materials fees. If the amount of federal financial aid awarded exceeds the amount needed to pay tuition and course materials fees for the payment period, a refund calculation will occur, and funds will be returned to you.
If you are experiencing difficulty with the FAFSA website, contact the Federal Student Aid Information Center at 800.433.3243. There is also a Live Help button located within the FAFSA application that you can use to contact the Information Center live and online.
Federal financial aid loan and Pell Grant disbursement dates are based on each student’s individual schedule, successful completion of credit hours, and weeks of instructional time; therefore, the dates can vary greatly from one student to the next. Refer to your award letter or contact your Finance Advisor for specific disbursement dates.
Federal financial aid loans and Pell Grants disburse twice during your academic year, at the beginning of each payment period. Generally speaking, disbursements are scheduled at the beginning of each 12-credit payment period. Scheduling will be different if an academic year is shorter than 24 credits. Refer to your award letter or contact your Finance Advisor for specific disbursement dates.
Although federal financial aid funds can be rescheduled for a number of reasons, the most common is a change in your schedule. Because eligibility for federal financial aid disbursements depends heavily on successful completion of credits and weeks of instruction, schedule changes create delays. For answers to specific questions on scheduling delays, please contact your Finance Advisor.
Generally, Pell Grant and loan funds are scheduled to disburse around the same time. However, they are two different types of aid, and the disbursements actually come in at different times. Make sure you refer to your award letter, or contact your Finance Advisor for specific disbursement dates.
Once funds are posted to your account, the University will pay any existing balances for applicable courses in the current payment period. All other funds will then be refunded to you per federal regulations. You are then responsible for paying tuition and course materials fees two weeks prior to each course for which those funds were awarded.
Please be advised that not paying for courses in a timely manner may have negative academic and financial repercussions.
When an Authorization to Apply for Future Charges form is cancelled or modified, any retained funds in excess of allowable charges will be sent to you within 14 days. Elections will remain in place until you choose to change those elections by completing another form.
A debit memo is the transaction you will see processed on your account summary when excess funds are about to be sent to you or returned to the federal financial aid fund. Your account summary can be accessed on the student website (eCampus) by navigating to Account > Account Summary > Pay Bills.
Elections for receiving excess funds can be changed anytime by filling out the Credit Balance Delivery Option on the Financial Aid Web. An election to receive funds by direct deposit must be on file prior to the completion of any refund calculation to ensure refunds will be electronically transmitted to your designated bank account.
Funds should be deposited to your student account 5–7 days after the disbursement’s scheduled release date. Any federal or state funds received in excess of the future allowable charges within each payment period will be sent no later than 14 days after the disbursement has been applied to your school account. Once the debit memo process is completed, direct deposits should appear in your designated account within 3–5 business days, and paper checks should be received within 3–10 business days. Please remember that processing times can vary, and the University cannot be held responsible for delays in mail delivery.
Your Finance Advisor can give details on the status of any excess funds.
Accounts can show a balance due for any number of reasons. For answers to specific questions, contact your Finance Advisor.
The University participates in the National Student Clearinghouse (NSC) program, which electronically provides enrollment and attendance data to loan servicers and the U.S. Department of Education. The Office of Admissions and Records reports attendance data on all students once per week. If your lender participates in the NSC program, you do not need to take any action to put your loans into a deferred status. If your lender does not participate in the NSC program, you can fill out and fax your lender’s in-school deferment form to the Office of Admissions and Records at 480.643.1040. The Office of Admissions and Records will then verify attendance and forward the form to your lender for processing.
Once a graduation application is submitted, several financial and academic audits must be completed before the diploma can be released. Typical processing time for these audits is 1–3 weeks.
Federal financial aid awards are based on a combination of student eligibility criteria, program of study and grade level. If your cost of tuition and fees for the academic year is greater than your financial aid award, a shortfall of funds will exist. There are many sources of funding for educational purposes. Please see our Financial Options page for further information or contact your finance advisor for additional resources.
Invoices that are pre-posted on the student website will itemize both tuition and electronic materials fees on the same invoice. These invoices are available on the student website (eCampus) 30 days prior to the start of each course and can be accessed by navigating to Account > Account Summary > Pay Bills. Once your attendance has been posted in a course, the invoices available on eCampus will indicate tuition and fee expenses separately. If you are concerned that your invoices are not reflecting all expenses for a course, please make sure you are viewing both invoices.
Schools are only permitted to use up to $200 of the current award year’s funds to satisfy prior award year charges for tuition and fees. Refer to your award letter or contact your Finance Advisor for specific academic year and payment period dates.
It is possible to transfer federal financial aid between online and local campus programs. However, federal financial aid may be impacted if you change your schedule or degree program. There is a defined process for switching from one campus to another, and you should contact your Finance Advisor if you’re considering a transfer.
Always consult a tax professional when you have questions about education tax credits.
The 1098-T form will be available to students no later than January 31 of each year for the recently ended tax year. You can consent to electronic delivery of this form or receive a paper form in the mail. Delivery options can be selected by logging in to eCampus and navigating to Account > Tax Forms > 1098-T. The 1098-T statement will be available 3–7 days earlier if the electronic delivery option is chosen.
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