You applied for federal student aid (FSA) — what’s next?By : Kim Murphy | May 12, 2017
The application process for FSA can be confusing, and many students have questions about it. This article will explain the process and help answer some common questions.
What kind of FSA is available at University of Phoenix?
University of Phoenix participates in many FSA programs:
- Federal Pell Grant
- Federal Supplemental Educational Opportunity Grant (FSEOG)
- Iraq and Afghanistan Service Grant (IASG)
- 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 FSA award package.
What is the process for awarding FSA?
After you complete the Free Application for Federal Student Aid (FAFSA) and it is received by the school, your file will be reviewed to ensure the information you provided is complete and accurate.
If everything looks good and all eligibility criteria have been met, your funds can be awarded. 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 operations team for review and award.
Your FSA will be awarded based on your eligibility in the various FSA 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 requested a student loan and are eligible, your loan will be originated for the amount you request — up to the maximum, not to exceed the cost of attendance and other aid being received — and will also be included in your award package.
You will receive an award letter outlining your FSA eligibility for the academic year/loan period, including anticipated disbursement dates. The length of an academic year can vary by program and includes a minimum number of credits and weeks of instructional time. You will be awarded again every academic year as you progress through your program as long as you complete your FAFSA each year, provide any requested documentation, and choose financial aid as your payment option.
How are my awarded funds paid?
Generally, your FSA will be disbursed in two installments during your academic year/loan period. At the time your funds are awarded, they will be scheduled in two separate and substantially equal disbursements. You will be eligible for your first disbursement at the beginning of the academic year, and your second after you successfully complete half the credits and weeks in the academic year and post attendance in the second payment period.
How often will I have to complete a new FAFSA?
You will need to complete a FAFSA for each award year you intend to use FSA as your payment option. Your Finance Advisor will let you know when a new FAFSA needs to be submitted.
What if I have less than an academic year left in my program?
Undergraduate students approaching the end of their program may not have a full academic year/loan period remaining, and FSA will be prorated accordingly (graduate student aid is not prorated but may be affected by the cost of attendance for a shortened academic year). Your Finance Advisor will communicate these details to you if and when applicable to your situation.
Can financial aid disbursements be delayed?
Yes. Your disbursement can be delayed or possibly canceled for a variety of reasons, including failure to meet satisfactory academic progress (SAP), changes to your schedule, breaks in attendance, failure to start a class as scheduled or failure to successfully complete your scheduled courses.
If you have questions, please contact your Finance Advisor. I am available as well at firstname.lastname@example.org.