Monday, January 10, 2011

Financial Aid Questions & Answers

How do Financial Aid & Scholarship awards work?

Disbursements of Grants, loans, and scholarship funds that are accepted on UTTyler, in your Student Center (and are completed with any additional requirements such as entrance loan counseling or master promissory notes) will BEGIN on January 10 and will be applied to your student account in myUTTyler, provided you are meeting the enrollment requirements for the awards at that time.  The funds will not reflect any payment to your tuition & fee charges for the semester until they are DISBURSED.

Most financial aid award offers are based on projected full-time enrollment for each semester.  If your enrollment is less than full-time each semester, your award amounts may be reduced to reflect the differences in the cost of attendance for a lesser enrollment level.  Enrollment changes prior to the census date for the semester (January 31) will impact awards and may require repayment of monies already refunded to you.

Why do disbursements begin so close to the payment due date?

We schedule disbursements to begin each semester at the earliest possible date in accordance with Federal law (not more than 10 days prior to the first day of class).  The first payment due date is January 14.  All of our policies regarding payment are built to insure our compliance with state and/or federal regulatory requirements.

When can books be purchased with remaining aid and/or scholarship funds?

Books & supplies can be purchased from the UT Tyler Bookstore on-campus using the P2 card from January 12 through January 28 with remaining grant and/or scholarship funds. Remaining funds from student loans cannot be used for bookstore charges because the monies are refunded to the student within days of their disbursement.  Students may use their loan refund for book purchases or other educational expenses.

When will remaining Grants and/or Scholarship funds not used to pay tuition, fees or other expenses be refunded?

Refunds of grants and scholarships begin on February 9th.  Information of this nature is always available on our web site calendar.

Do I need to do a Direct Loan Master Promissory Note and Entrance Loan Counseling every year?

If you received Direct Loans (Stafford or Unsubsidized) from UT Tyler during Fall 2009, Spring 2010, Summer 2010, or Fall 2010 you do not need to do another MPN or Loan Counseling to receive loans for Spring 2011.  You do, however, have to complete a FAFSA each year and accept loans on your myUTTyler account when they get awarded.

Parent PLUS Loans

If you accepted a PLUS Loan, your parent must complete and submit a PLUS Application and PLUS Authorization form to the Financial Aid Office AND they must do a Master Promissory Note for PLUS online. The same parent must complete all of the processes PLUS Loans require a credit check on the borrower.  If the borrower's credit is denied, the student may request additional Direct Unsubsidized Loan funding by submitting a request form (available in our Forms Library on the website).  Parent borrowers do not have to do a new Master Promissory Note after the first year of borrowing at UT Tyler, but they must complete the PLUS Application and PLUS Authorization forms for the Financial Aid Office each year.

How do I request changes to my financial aid award package?

Changes, reinstatements, or cancellations to accepted or declined financial aid award packages requires a written request, and will be processed AFTER February 9th.  Forms for making such requests can be found at our Forms Library.

If I withdraw from my classes after aid has been disbursed or refunded, do I have to pay it back?

If you withdraw prior to attending any classes, all funding that you received must be repaid immediately.  Federal Student Aid (Title IV funding) is subject to repayment if you withdraw from all classes prior March 30.  More information about returning Title IV funds can be found.

What does it mean to be on Financial Aid Suspension?

If you are on Financial Aid Suspension, you cannot receive any grants, loans, or work-study funding until you attend UT Tyler for a semester without financial aid resources and meet the Satisfactory Academic Progress requirements.  Please be aware of the obligations that come with receiving financial aid.  Schools are required to have a Satisfactory Academic Progress policy that has both qualitative and quantitative measures.  Failure to meet the Satisfactory Academic Progress requirements will cause you to lose your eligibility for all future funding. The Satisfactory Academic Progress Policy is for most aid programs, however, some aid programs have their own unique progress requirements that are listed with the program description.  TEXAS Grant is an example of such a program.  Please review the progress requirements for any and all funding you receive.  If you have any questions regarding any of the requirements, please contact the Financial Aid Office.

This information is current as of January 10, 2011. For future information go to the Financial Aid's site at http://www.uttyler.edu/financialaid/.

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