Grants & Loans FAQs
What is a PLUS loan?
What is the difference between a subsidized Stafford Loan and an unsubsidized Stafford Loan?
If I already accepted all my Stafford Loans and need more money, what options do I have?
I have applied for an Alternative Loan. How long does it take to get these funds?
When do I have to start paying my federal loans back?
My parents qualified for a PLUS loan. Will the excess money from that loan come directly to me?
What is a BYU Short-term Loan?
I took out a loan and now I'm going on a mission. Do I need to do anything to stay out of default?
- Once you are awarded your Pell Grant, you can reference your Pell Breakdown Chart which shows the amount of Pell you will receive based on the number of credits you have (eligible credits must be added before the semester add/drop deadline). To view your Pell Breakdown chart click the Accept/Decline Awards link in My Financial Center.
- Your Pell Grant is automatically accepted for you; however, if you would like to decline the award, schedule an appointment with a BYU OneStop Counselor by contacting OneStop Student Services (D-155 ASB) or (801) 422-4104.
- A PLUS Loan is a loan available for parents of dependent students. Parents apply for a PLUS loan on studentloans.gov. The PLUS Loan is contingent upon a credit approval.
- With unsubsidized Stafford Loans, interest starts accruing the day you receive the funds.
- With subsidized Stafford Loans, the government pays the interest on your loans while you are in school.
- You can pursue a non-federal (Alternative) loan with the lender of your choice. The lender will send us a certification form and we will verify your enrollment and eligibility (up to the cost of attendance). Lenders offer different interest rates and fees, so it would be smart to look at several lenders before making a choice.
- Your lender sends BYU a certification form to verify your enrollment and eligibility for the loan. Once this certification is completed returned to the lender, it usually takes 7-10 business days for them to guarantee the loan.
- It can take up to 30 business days for the third party to deliver the check to BYU. You will get a message in YMessage when the check is ready for you to pick up.
- Repayment for federal loans starts 6 months after you drop below half-time enrollment. You will be notified by your lender, but you can go to www.nslds.ed.gov to see information regarding the repayment of your loans.
- Excess financial aid from a PLUS loan is refunded to your parent, unless your parent authorizes otherwise (which they can do on the PLUS application at studentloans.gov).
- Once tuition charges have posted to your account, you can apply for a BYU Short-term Loan up to the full amount of full-time tuition to help you pay tuition.
- Yes. Before leaving on your mission you need to contact your loan lender directly to ask about loan repayment deferment options. If you do not, you will go into repayment and even default (if payments aren't made) which can damage your credit. Find your loan lender by logging in to www.nslds.ed.gov with your FSA ID.