Summer Aid
Summer is the last semester of the academic award year at UVU. If you submitted a FAFSA to UVU during the Fall or Spring Semester of the 2012-2013 aid year, then your FAFSA information will carry over to Summer. If you have not submitted a FAFSA yet for 2012-2013, you will need to submit it to UVU. In addition to the standard application requirements, all students will also need to complete the Summer Aid Request Form, which will be listed as a requirement in your UVLink account.
There are two types of awards available for Summer Semester - Pell Grants and student loans. The awards are based on individual student eligibility. Completion of the Summer Aid Request Form will automatically consider you for Pell Grants (subject to eligibility). Also, there is a section on the Summer Aid Request Form to specify how much loan money, if any, you would like to receive. Important Note: If you have received a full Pell Grant for Fall and Spring Semesters, you will not have remaining Pell Grant for Summer. You may have remaining Pell Grant eligibility for Summer Semester if you only attended one semester or attended part-time, either at UVU or another institution for the 2012-2013 aid year. Pell Grant amounts are subject to each student's Pell Grant Lifetime Eligibility percentage. Also note that if you have received federal loan money at UVU or another institution during the aid year, you may not have any additional loan eligibility for the Summer Semester.
Pell Grant Information and Rules for Summer
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If you attended school full-time both Fall and Spring semesters at UVU or another college, you will not have any remaining Pell eligibility for Summer. You may not have any remaining loan eligibility.
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You must finish registering (adding and dropping) for financial aid purposes only for ALL Summer semester/block/weekend classes on or before MAY 28, 2013. Again, this is for financial aid purposes only and does not account for all of the dates on the Student Timetable. All terms will be combined to determine your enrollment. Twelve (12) combined credit hours are still required for full-time status.
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Important Warning: If you drop classes after May 28, 2013 and we have disbursed your summer aid to you, you will very likely have to pay all of your grant money back.
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It is imperative that you pay attention to your enrollment status (including second block classes) and make sure you are enrolled in the necessary classes before you receive your Pell grant payment. You could receive your Pell payment as soon as the semester starts even though you may still be allowed to add and drop classes.
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It is your responsibility to ensure that you are properly enrolled and have completed all financial aid requirements you must also ensure that there are no holds on your file that would prevent or delay Pell award calculation and disbursement by the above deadline.
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If you are eligible for a Pell Grant, your Pell disbursement will be based on the number of credit hours for which you are enrolled at the time of disbursement. For the first three weeks of the semester, your Pell Grant disbursement will be recalculated as you add and drop classes. After the third week of the semester (May 28, 2013), your Pell Grant will not be recalculated for enrollment status changes.
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The Consolidated Appropriations Act, 2012 added a time limit for students receiving Federal Pell Grants. A student may receive Pell Grants for the equivalent of 12 full-time semesters. If you have received a Pell Grant for the equivalent of 12 full-time semesters, you will no longer be eligible for a Pell Grant.
Student Loan Information and Rules for Summer
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To receive a loan, you must be enrolled in a minimum of six credit hours, sign a Master Promissory Note (MPN) if necessary, and satisfy all UVLink requirements. Check UVLink often - do not assume everything has been completed.
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If you attended UVU or another school during the 2012-2013 school year and received loans, you might not have any remaining loan eligibility.
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For Stafford loans made on or after July 1, 2012, and before July 1, 2014, interest will now accrue during all periods of non-enrollment. The repayment period still begins six months after the student is no longer enrolled at least half-time, but the interest that accrues during those six months will be payable by the student rather than by the Federal Government.
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For loan periods beginning on or after July 1, 2012, graduate students are no longer eligible for subsidized Stafford Loans. Aggregate amounts have not changed, but all graduate level loans will be unsubsidized.
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The Federal Government has placed a limit on how many years a student may receive subsidized loans. This applies to new borrowers on or after July 1, 2013. At this time, the Federal Government has not issued further guidance. Contact the Financial Aid and Scholarships Office for further information.
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The current interest rate for subsidized loans first disbursed between July 1, 2012, and June 30, 2013 is 3.4%. Currently, Congress is expected to raise the rate on subsidized loans to 6.8% on loans first disbursed on or after July 1, 2013. An origination fee will be deducted from a subsidized loan before it is disbursed. Due to the recent legislated sequestration, the origination fee on a subsidized loan first disbursed on or after March 1, 2013 is 1.051%.
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The current interest rate for unsubsidized loans first disbursed between July 1, 2012, and June 30, 2013 is 6.8%. An origination fee will be deducted from an unsubsidized loan before it is disbursed. Due to the recent legislated sequestration, the origination fee on an unsubsidized loan first disbursed on or after March 1, 2013 is 1.051%.
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PLUS Loans currently have a fixed interest rate of 7.9%. An origination fee will be deducted from a PLUS loan before it is disbursed. Due to the recent legislated sequestration, the origination fee on a PLUS loan first disbursed on or after March 1, 2013 is 4.204%.
Information and Rules that Apply to All Summer Awards
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No financial aid will be released before the first day of classes.
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The tuition deadline is May 1, 2013. Classes will be dropped if your tuition is not paid by May 1, 2013. Financial aid will not disburse before the drop deadline. If you are receiving financial aid and have completed all financial aid requirements, your classes will not be dropped. You can confirm your classes will not be dropped by checking your financial aid status in UVLink. If your tuition is not completely covered by your disbursed financial aid, you must pay the remaining balance or you will receive a late fee.
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You are responsible for your tuition and fee charges regardless of financial aid eligibility. UVU provides the Tuition Payment Plan which allows you to pay your tuition in monthly increments. The Tuition Payment Plan is a binding agreement between UVU and the student. It must be paid in full and on time regardless of the status of financial aid.
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Students must have a valid FAFSA by the last day of the term for which they are enrolled or June 30th, 2013, whichever is sooner. However, your ability to be awarded and/or retroactively awarded is determined by meeting all eligibility requirements at the time your file is completed. This includes Satisfactory Academic Progress. Students may only be awarded retroactively for semesters during which they met and maintained Satisfactory Academic Progress standards and all other eligibility requirements.
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Satisfactory Academic Progress Appeals deadlines: students who have failed SAP standards must have a completed SAP Appeal and/or Maximum Credit Hour Academic Plan submitted to the Financial Aid and Scholarships Office no later than two weeks prior to the last day of the payment period for which they are requesting aid.
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For the Pell Grant program, as long as a student has met the above conditions in the bullets above, he or she may submit verification documents no later than 100 days after the last day of enrollment or two weeks before the last day of summer term, whichever is sooner.
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For Direct Stafford Loans, a student may submit verification documents no later than two weeks before the last day of enrollment or two weeks before the last day of summer term, whichever is sooner.
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Students who fail to submit their verification documents by the appropriate dates forfeit receiving Title IV aid as well as any other State or Institutional Aid that requires FAFSA information. If the student chooses to wait until the deadlines listed above to submit their verification documentation, the documentation will be processed; however, if they do not meet all eligibility requirements for the term they were enrolled in (including SAP), they cannot be retroactively awarded. We encourage all students to submit verification documentation at least two weeks before they cease to be enrolled.
Financial Aid will be awarded based on the following terms and conditions:
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You must finish registering (adding and dropping), for financial aid purposes only , for ALL semester/block/weekend classes on or before May 28, 2013 . ( This includes second block classes.) If you drop a class before this date and you have already received financial aid, be prepared to repay a portion or possibly all of your financial aid. If you add a class after this date and you have already received financial aid, be prepared to pay for the class you add without receiving any additional financial aid. Also, if on May 28, 2013 you have withdrawn from classes and you are now attending less than half time, an adjustment will be made to your cost of attendance. This adjustment may result in you owing previously disbursed aid back to UVU. If the aid is not repaid, late fees may be applied.
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After May 28, 2013, there will be no increases to your Pell Grant award. You will be required to pay for any classes you add after your aid.
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All terms will be combined to determine your enrollment. Twelve (12) combined credit hours are required for full-time status.
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If you drop class(es) after your aid is disbursed, you will owe money back. When you drop classes for which you were paid financial aid, you are no longer eligible for the amount of aid you received for those classes. You are responsible to pay the money back to UVU in a timely manner. If you do not pay the money back, you will receive a late fee, and you will not be able to register for future semesters until the bill is paid.
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If you add class(es) after your aid is disbursed, you will not receive more financial aid and you will owe tuition for the class(es) you have added. If you do not pay the tuition owed, you will receive a late fee, and you will not be able to register for future semesters until the bill is paid.
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Students who officially withdraw or leave school unofficially may be required to return all or part of their Title IV Funds disbursed. Please see a Financial Aid Counselor before withdrawing or leaving school to minimize your financial obligations!
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You are not eligible to receive financial aid unless you begin attending all classes for which you receive aid. You are not eligible to keep financial aid unless you continue to attend throughout the semester (this means you do not withdraw officially or unofficially) and you must make satisfactory academic progress in each class each semester.
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Complete Withdrawal: If you wish to completely withdraw, you must complete the Leave of Absence Form through UVLink. After completing the form, you must see a Financial Aid Counselor within three days to determine your financial aid repayment. If you do not see a Financial Aid Counselor within three days, you will be required to pay the full amount of aid you received. Because this may be a large balance, we recommend you speak to a Financial Aid Counselor before completing the Leave of Absence Form.
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Partial Withdrawal: When you receive financial aid and withdraw from any class, you must prove that you began attending the class from which you are withdrawing, or your aid for that class will be canceled and you must immediately repay the financial aid. You must complete the Documentation of Attendance Form and obtain an instructor’s signature as proof that you began attending the class.
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Attention second block only students: If you are only attending second block classes and you receive your aid before class(es) begin, you must start attending and continue to attend all of your second block classes through the semester or you will be required to return all of your aid.
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Check UVLink often to ensure all your financial aid requirements are satisfied.
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If you fail to meet the Satisfactory Academic Progress (SAP) standards, you will be subject to UVU’s SAP policy, which may result in loss of future aid eligibility.