You applied for federal financial aid — what next?
The application process for federal financial aid can be confusing, and many students have questions about it. This article will explain the process and help answer some of those questions.
What kind of federal financial aid is available at University of Phoenix?
University of Phoenix participates in federal financial aid programs, including:
- Federal Pell Grant
- Federal Supplemental Educational Opportunity Grant (FSEOG)
- Teacher Education Assistance for College and Higher Education (TEACH) Grant
- Iraq and Afghanistan Service Grant (IASG)
- Federal Perkins Loan Program
- Federal Stafford Direct Loan (DL) Program
- Federal Stafford Direct Parent Loan for Undergraduate Students (PLUS)
- Federal Stafford Direct PLUS Loan for Graduate and Professional Degree Students
Federal grants (if eligible) and loans (if requested) will both be considered part of your federal financial aid award package.
What is the process for awarding federal financial aid?
After you complete the FAFSA and it is received by the school, your federal financial aid file will be reviewed by your assigned Finance Advisor. This review ensures the information you provided on your FAFSA and the University’s application for federal financial aid is complete.
If everything looks good, the Finance Advisor will send your file to be awarded, generally within the first week of class. If there are discrepancies, or if you are selected for verification, your Finance Advisor will contact you to collect any needed documents. Once all required documents have been received, your file will be sent to our processing center for review and award.
Your financial aid will be awarded based on your eligibility in the various federal financial aid programs and is determined after receipt of all required documentation. If you are eligible for grants, they will be awarded according to eligibility guidelines and will be included in your award package. If you wish to borrow a student loan, your loan will be originated for the amount you request (up to the maximum) and will also be included in your award package.
Once awarded, you will receive an award letter outlining your aid eligibility for the academic year/loan period, including anticipated disbursement dates. An academic year is defined as a minimum of 24 credit hours and 30 weeks of instructional time. You will be awarded again every academic year as you progress through your program.
How are my awarded funds paid?
Generally, your federal financial aid will be disbursed in two installments during your academic year and/or loan period. At the time your funds are awarded, they will be scheduled in two separate and substantially equal disbursements.
How often will I have to complete a new FAFSA?
You will need to complete a FAFSA each award year. An award year is July 1 – June 30 of any given year. Most students progress to a new year during their program and need to complete a new FAFSA for the upcoming award year.
What if I have fewer than 24 credits to complete my program?
Undergraduate students approaching the end of their program may not have a full academic year and/or loan period remaining, and the financial aid award will be prorated accordingly. (Graduate student aid is not prorated.) Your Finance Advisor will communicate these details to you if/when applicable to your situation.
Can financial aid disbursements be delayed?
Yes. If you do not meet satisfactory academic progress (SAP), have changes to your schedule, have breaks in attendance, fail to start class as scheduled or fail to successfully complete your scheduled courses, dates of disbursement will change or financial aid funds may be canceled altogether.
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