Federal Aid
3. Parental information and FAFSA
Answers you provide to the FAFSA will determine your dependent status.
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4. Changed Circumstances and FAFSA
If you or your family has unusual circumstances (such as loss of employment or
major medical expenses) that might affect your need for student financial aid,
check with your financial aid counselor. You may also submit a petition with
any appropriate documentation.
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5. Eligibility-Subsidized Stafford Loan
Subsidized Stafford Loans are based on need. Eligibility for a subsidized
Stafford Loan is determined after verification is complete and the expected
family contribution (EFC) determined according to the following formula:
| For Example: |
Amount |
 |
| Cost of Education (for the loan period requested) |
$8,000 (fall semester) |
- EFC
|
-- 4,000 (4-month EFC)
|
- Pell, if eligible
|
-- 1,000 (fall's Pell amount)
|
- Scholarships
|
-- 2,000
|
- Any other financial aid
|
-- 1,500 (VA benefit)
|
|
|
= Need
|
= $0 Need
|
If your costs of education are being met, as in the example above, you are not
eligible for a subsidized Stafford Loan. You would then have only unsubsidized
Stafford Loan eligibility.
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Timeline
9. Money-Getting Your Check
Federal loan, grant and scholarships are disbursed under the following guidelines.
- Students must be eligible for financial aid, complete all processing, meet Satisfactory Academic Progress requirements and be enrolled in sufficient eligible credit hours before funds are disbursed.
- Although a student is awarded and has sufficient credit hours, funds cannot be disbursed if he or she is not making Satisfactory Academic Progress.
- Grants, loans and scholarships for periods longer than one enrollment, are divided into multiple disbursements. Half of the aid is released at the start of the first enrollment and the second half is released at the start of the second enrollment.
- Scholarships, federal grants and loans will first be applied to pay outstanding tuition, fees and expenses. Remaining funds will be disbursed starting the business day before classes begin.
- Students should go to My Financial Center and set up direct deposit. This will allow aid funds to flow to your checking account. Press this link to set up your direct deposit.
- Students without direct deposit will have a paper check mailed a week later to their current local mailing address. You may update your address in Update Personal Information in Route Y.
- PLUS loans funds will be mailed as paper checks to parent borrowers.
- Private-alternative loans will be available for students to pick-up in D-155 ASB.
- BYU Salt Lake Center students must contact the Salt Lake Center for disbursement information.
- Pell Grants, ACG and SMART Grants, Stafford, PLUS and Graduate PLUS Loans are disbursed according to the following schedule
2008-2009 Disbursement Dates
| Enrollment |
First Disbursement Day for the Enrollment |
Fall Law |
Aug 19* |
Fall |
Aug 29* |
Winter |
Jan 2* |
Spring |
April 27* |
Summer |
Jun 25* |
* Allow 2-3 additional business days for direct deposit funds to reach your bank account. If you do not use direct deposit, a check will be mailed within a week. If you are less than full-time enrolled, these dates may be delayed.
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Miscellaneous
10. BYU Title IV School Code
BYU's school code is 003670. It is used on the FAFSA to indicate that
you want FAFSA information sent to BYU.
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11. FAFSA Web Site Address
To access the FAFSA go to:
www.fafsa.ed.gov
. Submitting the FAFSA online substantially decreases processing time and
reduces chances for input errors.
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12. Aid for Study Abroad Programs or Salt Lake Center
Federal aid programs are only available to degree-seeking students admitted and enrolled at Brigham Young University. If you have been admitted as a degree-seeking student, have applied for aid and have been found eligible, you can use the money toward Study Abroad and Salt Lake Center courses.
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16. Dropped Classes and Financial Aid
Because dropping a class may affect your financial aid eligibility, you are
advised to contact a
financial aid counselor
before doing so.
