General Financial Aid FAQs

Financial Aid Process

How do I apply for financial aid?
What is the timeline for receiving financial aid?
When will I receive my refund (excess financial aid money)?
What is Satisfactory Academic Progress and how does it affect my eligibility for federal financial aid?
What charges will my financial aid money pay for automatically?
Can I stop my financial aid from paying for on-campus housing and meal plan charges?
Will my federal financial aid money automatically cover my BYU health plan charges?
What are the financial aid options for graduate students?
What happens to my financial aid if I take a leave of absence or defer for a mission?
How can I talk to a Financial Aid Counselor?

My Financial Center

What does this required task mean?
I completed the required task but it's not coming off my account?
I already set up direct deposit for my on campus job; do I have to do it again?
How do I give a third-party access to My Financial Center information in order for them view or call in regarding my account?

 

Financial Aid Process

How do I apply for financial aid?

What is the timeline for receiving financial aid?

  • If all the eligibility requirements for disbursement are met, your financial aid will begin posting (disburse) to your student account on the tuition deadline (one week prior to the start of classes). 

When will I receive my refund (excess financial aid money)?

  • Excess financial aid money begins refunding on the 3rd day of classes. There are two ways to receive your excess financial aid money:
  1. Online through direct deposit – if you set up direct deposit your funds will be deposited into the bank account you specify. This is the fastest way to receive your refund (generally takes 1-3 days from the time we begin refunding on the third day of classes).
  2. Mailed check – if you don’t set up direct deposit, a check is mailed to the address listed on Personal Information in myBYU. It usually takes 10 days for you to receive the check after we mail it. We strongly suggest set up direct deposit so you can get your money faster.

What is Satisfactory Academic Progress and how does it affect my eligibility for federal financial aid?

Satisfactory Academic Progress (SAP) is a measure of a student’s progress towards graduation. It takes into account:

  1. GPA: must have cumulative GPA of 2.0 or higher.
  2. Max Attempted Hours: A student cannot have more than 150% of the number of credits required for graduation. Most programs require 120 credits to graduate which means a student can attempt up to 180 credits. This includes all college credit (AP/IB, transfer credit, repeated classes, language exam credit, withdrawal, incomplete and failed credits). Certain allowances can be made for transfer students with AP or IB credit.  Click here for the complete SAP policy.
  3. Pace: A student has to have a rate of progress of at least 66.67%. This is calculated by dividing earned hours by attempted hours. These hours can be found at the bottom of your Record Summary screen.

If you fail to meet any of these requirements, you will not be eligible for financial aid. If extenuating circumstances apply you can meet with a BYU OneStop Counselor (801-422-7075) to discuss your options.

What charges will my financial aid money pay for automatically?

  • Charges are paid in the following order: Tuition, program fees, on-campus housing, and meal plan (if applicable). Any excess funds after these charges are paid are issued to you through direct deposit (if you set it up), or by a mailed check.

Can I stop my financial aid from paying for on-campus housing and meal plan charges?

  • Unfortunately, it is a federal requirement that financial aid must be applied to housing and meal plan charges if they exist. This means you may not have any or as much excess financial aid refunded to you. Keep this in mind as you plan how you will pay for textbooks and other personal expenses.

Will my federal financial aid money automatically cover my BYU health plan charges?

  • Federal financial aid will not automatically pay health plan charges. You are responsible for paying the charge on your own. If you receive a refund of excess financial aid money,  you may consider using it to help you pay for the BYU health plan charges. 

What are the financial aid options for graduate students?

  • Graduate students are eligible for unsubsidized Stafford Loans. Apply for an unsubsidized Stafford Loan by filling out the FAFSA.
  • In addition to a Stafford Loan, you may apply for a GradPlus loan which allows you to borrow up to your cost of attendance minus any other forms of aid. Approval of a GradPLUS loan is contingent on credit approval. 
  • Full-time graduate students in the Marriott School of Management may qualify for an MSM Loan. After accepting all available Stafford Loans and if cost of attendance has not been met with federal and other aid, MSM students will automatically be offered an MSM loan.
  • Talk to your graduate program directly to learn about scholarship opportunities.

What happens to my financial aid if I take a leave of absence or defer for a mission?

  • If you received Pell Grant and take a leave of absence or defer for a mission, your Pell for that semester is forfeited.
  • If you received loans and take a leave of absence, you will enter a 6-month grace period as soon as you drop below half-time (6 credits). At the end of the grace period you will enter repayment. When you return to school, repayment will be put on hold.
  • If you received loans and are planning to go on a mission, you need to contact your loan servicer directly to talk about options for deferring repayment of your loans while you’re serving. Your specific loan servicer information is found by logging into www.nslds.ed.gov using your FAFSA PIN (Beginning April 2015 you will use a FSA ID and password instead of your PIN).

How can I talk to a Financial Aid Counselor?

  • You can schedule an appointment with a BYU OneStop Counselor by calling OneStop Student Services at 801-422-4104. OneStop Counselors can meet with you in person, on the phone, or through video (i.e. Skype).

My Financial Center

What does this required task mean?

  • The best way to find out what a required task means is to click on the link as it appears in your My Financial Center. It will give you a detailed explanation about what you need to do to complete the item.

I completed the required task but it's not coming off my account?

  • It takes time for BYU to process documents and load them onto your account, so you can generally expect 2-3 days for a required task to come off your account once submitted. If it has been longer than a week after you completed the task and it is still on your account, call OneStop Student Services (801-422-4104).

I already set up direct deposit for my on campus job; do I have to do it again?

  • Yes. You WILL need to set up an additional direct deposit through My Financial Center in order to receive excess financial aid funds. The payroll direct deposit system used to deposit your pay check is a completely different system from what is used to deposit your excess financial aid.

How do I give a third-party access to My Financial Center information in order for them view or call in regarding my account?

Questions