Financial Aid Awards and Disbursements
After UVU has received the student's FAFSA (Free Application for Federal Student Aid) information with a valid EFC (expected family contribution) and the student has completed all other necessary steps in the application process, the EFC, cost of attendance, and other outside resources (known as other estimated financial assistance) are evaluated to determine an award package. The total financial aid and other estimated financial assistance cannot exceed the student's cost of attendance. When the award is offered, an email notification will be sent to the student's UVLink email account. Students can view their awards in their UVLink accounts.
General Award Information
Pell Grants are considered to be the first source of aid to the student. The minimum and maximum award amounts are determined annually by the Federal Government. The student's award amount is based upon the EFC, the cost of attendance, and the payment schedule issued by the U.S. Department of Education. A student's enrollment status affects how much of the Pell Grant is actually disbursed, as amounts are prorated at the time of disbursement. If the student is eligible, a Pell Grant will be awarded and automatically accepted in the award package. If the student does not want to accept the Pell Grant, he or she may contact the Financial Aid and Scholarships Office to cancel the award. A student's full award encompasses two full-time semesters, totaling 100% for an award year; a semester disbursement cannot exceed 50%. If a student's Pell Grant is prorated due to less than full time enrollment, he or she may be able to use the difference for summer semester.
Federal Supplementary Equal Opportunity Grants are awarded to students who meet specific selection criteria. To be considered for FSEOG, students must have completed all application and eligibility requirements, including verification and SAP. Students must also demonstrate financial need, which is based on the EFC. Students with the lowest EFCs and who will also receive Pell Grants in the academic award year will be considered first, to the extent of available funds. If a student is awarded FSEOG, the award will be automatically accepted.
Work Study funds are limited and are awarded to students who meet specific selection criteria. To be considered for work study, students must indicate an interest in work study on their FAFSA and must have completed all application and eligibility requirements, including verification and SAP, by May 1st. This does not guarantee that a student will receive an award. Awards are based on available funding and the date of file completion. Students must have financial need, which is based on the EFC and COA (Cost of Attendance). The student’s EFC must be 10,000 or less. Priority is given to students who have had work study awarded at UVU in the past. If a student is awarded work study, he or she must accept the award through UVLink. Once the work study award has been offered, the student has until August 12th to have the award accepted and a job in place for the 2013-2014 year. Please note: this means that all documents, including ePAFs, should be submitted to the Financial Aid and Scholarships Office two weeks prior to August 12th to ensure this deadline is met. Any ePAF received after August 12th will not be accepted/approved. There will be no exceptions made to any deadlines and/or any of the requirements listed above. If the work study award is not accepted in this timeframe, the award will be canceled and the funds will be awarded to another student. Once an award has been canceled, the funds are no longer available as they have been reallocated to another student. Work study wages are disbursed by Electronic Funds Transfer (EFT) to a bank account designated by the student through Human Resources and the Payroll Office. Work study employees are paid on a two week lag cycle, which means that the first paycheck will be approximately two weeks after the student has started working. Visit the Payroll Office for more information.
Perkins Loans are awarded to undergraduate and graduate students with exceptional financial need, which is based on the EFC and COA. The student’s EFC must be 8,000 or less. Perkins funds are limited. Priority is given to prior Perkins recipients. These funds provide low interest loans to help students finance the costs of their education. The student must complete the Perkins Loan Questionnaire, return it to the Collection's Office , and sign a Perkins Loan Promissory Note before loan funds can be disbursed. The student must also sign a Perkins disclosure each semester with the Collection’s Office before the loan funds for that semester can be disbursed. Loans are disbursed by electronic fund transfer (EFT) to the student’s account, usually at the beginning of each semester for which the loan is awarded. If the student accepts a loan but subsequently would like to cancel the loan or decrease the amount, the student will need to complete the Loan Cancellation Request Form and submit it to the Financial Aid & Scholarships Office.
Stafford Loans are awarded to students in their financial aid package. Each student is offered a base loan which must be accepted through UVLink if the student wants the loan. If the student requested an additional unsubsidized loan through his or her Data Form, the loan will be offered in the student's award package and must be accepted through UVLink, confirming that the student wants the loan. If the student did not request an additional loan on the Data Form or rejected a portion of or the entire amount of the original loan offer, he or she can submit a Loan Request Form, confirming that the student wants the loan. A student can only receive the amount that he or she is eligible for, regardless of the requested amount. A student must complete entrance loan counseling and complete a Master Promissory Note (if not already completed) before loan funds can be disbursed. Loans are subject to origination fees, which cause the disbursed amount to be slightly less than the amount awarded. If the student accepts a loan but subsequently would like to cancel the loan or decrease the amount, the student will need to complete the Loan Cancellation Request Form and submit it to the Financial Aid & Scholarships Office. If the student receives a credit refund from the loan disbursement that he or she has requested to cancel, the funds must be returned to the Cashier's Office. A student may submit a cancellation request within 120 days of receiving the disbursement or by the last day of Summer semester, whichever is sooner.
The following steps need to be taken to finalize a Stafford loan award :
1) Accept loan offer(s) through UVLink account.
2) Complete entrance loan counseling. For 2012-2013, this is completed when the student completes the Data Form. For 2013-2014, the student will need to complete Entrance Loan Counseling at www.studentloans.gov before the loans can disburse.
3) Complete a Master Promissory Note at www.studentloans.gov (if not already completed in a prior year).
4) Ensure your registration is finalized before the funds disburse.
5) Enroll in eRefund (direct deposit) through UVLink account, if not already completed.
General Disbursement Information
It is the student's responsibility to ensure that all necessary eligibility requirements are met before financial aid can be disbursed. A student must be enrolled and otherwise eligible for financial aid at the time of disbursement. If the student has met all eligibility requirements, his or her financial aid will disburse no sooner than 10 days before the first day of class. The student should check his or her UVLink account to determine if additional information is required. All grant and loan money will first be applied through EFT payment toward an outstanding student account balance (tuition, fees, etc.). If tuition and fees have been paid and there is a credit balance, the credit will be refunded to the student via direct deposit (if the student has eRefund set up in his or her UVLink account) or in the form of a check, which will be mailed to the address listed in the student's UVLink account. Please allow 3-5 business days for the refund to be processed. This refund money may be used for educational purposes and to pay the cost of attending Utah Valley University.
If you are eligible to receive Pell Grant and have met all eligibility requirements, your Pell Grant should disburse to your student account by the first day of the semester. If your Pell Grant creates a credit balance you may use these funds for book and supplies. If you are otherwise eligible and your Pell Grant has not disbursed to your student account by the first day of the semester please contact the Financial Aid and Scholarships Office.The Tuition Payment Plan is offered by UVU and can be used as a temporary solution while waiting for delayed payments. The student is responsible to make timely payments throughout the semester and repay the full amount regardless of the financial aid status.
Adjusting Credit Hours or Completely Withdrawing After Disbursement
After aid has initially disbursed, for the first three weeks of the semester (first two weeks beginning Fall 2014), as you add and drop classes your aid will be recalculated which can change the amount of aid for which the student is eligible. After the third week of the semester (second week beginning Fall 2014) the student’s aid will no longer be recalculated. This is known as the census date. This census date coincides with the 100% tuition refund date published in the class schedule. If the student adds classes after the census date, the student will not receive additional aid and will be expected to pay the tuition. If a student drops classes in the first three weeks (two weeks beginning Fall 2014) and has already received a financial aid disbursement, the student will likely owe aid back. If the aid is not repaid, late fees may be applied. If at the census date the student has withdrawn from classes and is now attending less than half time, an adjustment will be made to the students COA. This adjustment my result in the student owing previously disbursed aid back to UVU. If the aid is not repaid late fees may be applied.
If a student completely withdraws from a semester after having received financial aid, the student will likely have to pay back a portion or all of the financial aid immediately. Check with a Financial Aid Counselor before changing enrollment once financial aid has disbursed.