Wednesday, August 17, 2011

The skinny on financial aid

How do Financial Aid & Scholarship awards work?

Disbursements of grants, loans, and scholarship funds that are accepted on myUTTyler, in your Student Center (and are completed with any additional requirements such as entrance loan counseling or master promissory notes) will BEGIN on August 15 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.

Some grants and scholarships require full-time enrollment for each semester. If your enrollment is less than full-time, some award amounts may be reduced or cancelled. Student loans require at least half-time enrollment at UTT. Any enrollment changes prior to the financial aid census date for the semester (September 14) may impact awards and 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). All of our policies regarding payment are built to insure our compliance with state and/or federal regulatory requirements. The tuition due date for fall is August 19, 2011.

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

Books & supplies can be charged at the UT Tyler Bookstore on-campus using the P2 card from August 17 to September 2 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 September 22th.

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

If you have previously received Direct Loans (Stafford or Unsubsidized) from UT Tyler, you do not need to complete another MPN or Loan Counseling to receive loans for 2011-12. You do, however, have to complete a FAFSA each year and accept loans on your myUTTyler account when they are 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 complete 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 the Forms Library on our website).
Parent borrowers do not have to complete 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 require a written request, and will be processed AFTER September 14. Forms for making such requests can be found at our Forms Library on our website.

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 October 27. More information about returning Title IV funds can be found here.

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.

Fall 2011 Important Dates

August 15 Financial aid disbursements BEGIN for loans, grants & scholarships.

August 16 Refunds of remaining student/parent loans BEGIN

August 17 Bookstore charges to remaining grants and scholarships begin

August 19 Fall 2011 tuition and fee bills due by 5 pm

August 22 Classes begin

September 2 Bookstore charges end

September 14 Financial aid census date

September 15 Adjustments to awards based on actual enrollment begin

September 22 Refunds of adjusted remaining grants and scholarships begin

October 27 Last day to withdraw or drop classes

1 comment:

montanna said...

That’s a guarantee. So if you find yourself trapped in a monetary problem guaranteed payday loans can help you to easily get you out of it.

Post a Comment