A new award year just started — where is my financial aid?
For federal financial aid, the Federal Student Aid award year begins on July 1st.
The 2015–2016 award year began on July 1, 2015. Because University of Phoenix is a school with start dates not limited by a specific time period, the change in the award year can affect the timing or amount of a federal financial aid award, and sometimes both.
To determine if you will be affected, please refer to your award letter for your academic year dates and to your schedule to see how you will progress through your academic year and when.
If you are Pell Grant-eligible, there are two scenarios in which your financial aid can be affected by the change in the award year:
- Your schedule has the second payment period of your 2014–2015 academic year starting on or after July 1st.
- Your schedule at the time your file was awarded had the second payment period of your 2014–2015 academic year starting prior to July 1st, but a schedule change caused the second payment period to start on or after July 1st.
In either of these cases, your Pell eligibility will be determined by your eligibility in the 2015–2016 award year, regardless of your eligibility in the 2014–2015 award year. Your award could be higher or lower, or you may not be eligible at all.
Your financial aid may be affected if you are applying for both loans and grants and either the first or second payment period in your current academic year includes both June 30th and July 1st.
In this case, your financial aid may be awarded in either award year if you have both 2014–2015 and 2015–2016 paperwork on file. If more than six months of your payment period fall in one award year, the Pell payment will be placed in that award year.
The University cannot award funds for the 2015–2016 award year until June 16, 2014. Due to processing times, disbursements may be later than expected.
If you have questions about how the change in the award year may affect you, please contact your Finance Advisor. He or she is the most familiar with your financial aid file and will be best able to assist you.