Federal Financial Aid Plan
Looking for financial assistance? Let us help you identify your eligibility and obtain funds from a variety of grants and loans available through federal financial aid.
The Federal Financial Aid Plan is available to students receiving federal grants, federal loans or both to pay for tuition in an eligible degree or a certificate program.
A list of federal financial aid programs is available on the U.S. Department of Education Student Aid website under “Federal Student Aid Programs.” Students are responsible for payment of their tuition and electronic course materials fees not covered by federal financial aid prior to the start of each course.
To be eligible for federal financial aid, students must complete the following:
- Free Application for Federal Student Aid (FAFSA)
- Master promissory note (MPN) if a student, a parent or a legal guardian applies for a federal loan
Student may chose to complete the Authorization to Hold Future Charges form. To select the Federal Financial Aid Plan, student must provide University of Phoenix the following:
- Student Financial Agreement form
- Financial Aid Application
- Authorization to Apply form
- Entrance Counseling
Students must reapply for federal financial aid every year. The reapplication process must be complete before the student’s academic year ends. For additional information, contact a University representative.
Reapplication
You must reapply for funding each award year. Plan so you can complete the reapplication process at least 60 days before your academic year ends. If you do not meet the deadlines, you will no longer qualify for a financial aid deferment and will be required to comply with the terms and conditions of the Cash Plan.
Deferred Payment
You may defer payment if at least 50 percent of your annual tuition is funded through federal financial aid benefits and you have:
- Completed online loan counseling
- Submitted all federal financial aid required paperwork and related documentation requested by your finance advisor or University of Phoenix Financial Aid Processing Center
- Completed the Free Application for Federal Student Aid
- Paid all applicable fees
Terms and Conditions
It is not possible to cover every situation here. However, please note that additional information is available and we recommend that you consider the following:
- You must attend continuously; with no attendance breaks greater than 14 days to retain disbursed federal financial aid funds. If you require more than 14 days, please contact your University campus advisor to request a leave of absence.
- University of Phoenix degree programs are not all eligible for federal financial aid. Please check with your University campus advisor.
Review the Consumer Information Guide
If the University determines you are not eligible for federal financial aid and/or you do not provide all requested documentation to the University, you will be immediately responsible for any outstanding balance and required to comply with the terms and conditions of the Cash Plan.
The Cash Plan requires all tuition and applicable fees be paid prior to each course start date. Tuition and electronic course material fees can be automatically charged to your credit card based on the timelines set by your local campus.
Students who do not comply with their primary financial option term may not be allowed to attend classes. A student’s eligibility to start or continue to attend classes is at the discretion of the University. A student may be administratively withdrawn for failure to make payment in a timely manner, preventing the student from attending future class sessions, until the amount owed is paid in full or satisfactory payment arrangements are made.
If you choose the Cash Plan, it is your responsibility to pay for each course prior to the start date. Invoices are not sent prior to the start of each course. Contact your University campus advisor for additional information.
Request Information
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Tuition and Financial Options
Calculate the cost of tuition per credit and other related fees based on the program you are interested in.
Funding your education
We know that making the most responsible financial decisions when paying for college can often be difficult. That’s why we made this video that describes the different types of loans and grants that might be available to you.
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University of Phoenix
Funding your education VideoAt University of Phoenix, we view every student as unique.
And we know that every student's financial situation is different.
As you probably know, all students are responsible for paying their tuition.
That said...we understand that different students come from different backgrounds...with different financial needs.
What's important to know is that funding options are often available...
...and that's what this short video is about.
So...what exactly is financial aid? And where does it come from?
Financial aid is ...funding assistance that comes from a source outside of a student's ways and means...
...including scholarships, state grants and employer programs.
Federal financial assistance comes in the form of either loans...
...or grants.
Let us break that down for you.
A loan is borrowed money. As such, a loan needs to be paid back...with interest. Good reason to borrow only as much as you actually need.
University of Phoenix participates in the Federal Direct Loan Program which includes two basic kinds of loans...subsidized and unsubsidized.
Subsidized loans...are for students with financial need as determined by federal regulations.
The student pays no interest while either in school or during grace or deferment periods...
Unsubsidized loans...are not based on financial need...interest starts to accrue while you're in school.
You might wonder: "Do I really have to re-pay my loan?"
The short answer is: Yes...You really do...eventually.
All loans need to be repaid when you successfully complete your degree program or if you withdraw from the University for any reason.
The good news is federal loans do NOT need to be repaid while you're in school.
FRAME WITH SCROLLING LEGAL DISCLAIMER: Interest will increase the total amount you'll need to repay unless the loan is repaid in full before interest begins to accrue. Interest rates vary from year to year. If you prefer, you may choose to pay interest on your loan while still in school. Learn more about repayment options from your Financial Services Representative.
LEGAL TYPE SCROLLS UP AND OUT, CLEARING FRAME.
All clear on loans?
Okay, moving on. Financial aid also comes in the form of grants.
STUDENT HOLDING A CARD WITH THE WORD "Pell Grants"
Students are not required to repay their grants, providing they keep up their attendance and grades.
Anyone can apply for a grant, but not all are eligible.
Once your application is complete...processing typically takes six to eight weeks before funds are awarded...
We ask that you provide all requested information at one time so we can process your application as quickly as possible.
Remember that a lack of attendance or failure to start a course as scheduled may delay, cancel or interrupt funding altogether.
We recommend that you borrow wisely. Assess your educational expenses and other requirements so you borrow only what you actually need. The less you borrow, the less you'll need to pay back.
We wish you every success as you pursue your educational opportunities at...University of Phoenix.
To learn more about federal financing options, visit www.direct.ed.gov/applying.html.