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TO DO AS SOON AS POSSIBLE
Complete the FAFSA
Begin by completing the FAFSA for the appropriate school year. You’ll need your federal tax returns and possibly those of your parents or spouse. Once submitted, it typically takes 2-3 business days for BYU to receive it. You may receive marketing materials for private loans through bank and credit unions. These loans require a credit check for approval, and most students also need a co-signer. Private loans typically have higher rates and loan terms than federal student loans. Before applying for a private loan, we caution you to apply for scholarships and federal aid first. Then, if you still need additional funds, we strongly recommend that you visit with Enrollment Services to go over all your financial options.
Complete Tasks and Check BYU Email
It will take BYU 2-3 business days to receive your FAFSA. You may be assigned tasks to complete, and if so, you will receive an email with a link to complete the tasks. These items have to be completed in order to continue the financial aid process, so take care of them as soon as you can.
Complete Verification
If you are selected for verification, it is required that you complete the process in order to be awarded federal aid (Pell Grant and Direct Loans). Verification is used to prove the accuracy of FAFSA data. Please allow 2 weeks for processing.
Accept or Decline Awards
Once all tasks are complete, you will receive an email outlining your award eligibility. Pell Grants are automatically accepted for you. Loans must be accepted. If you are a first time loan borrower, you will be assigned two additional tasks (Master Promissory Note and Entrance Counseling) that must be done prior to receiving the loan.
STARTING ONE WEEK BEFORE CLASSES BEGIN
Aid Disbursement to My Financial Center
Once you are awarded, have completed all required tasks, and meet all eligibility requirements, your federal aid should be applied to your student account. Federal financial aid funds go directly to your student account and will only pay for current tuition, program fees (like Study Abroad), housing, meal plans, and then the excess funds will be refunded to you. Aid posts to your student account 7-10 days before the beginning of a semester or term.
Part-Time Student Refund Hold
Financial aid refunds are not issued to part-time students until after the add/drop deadline. This is because adding additional credit hours before the add/drop deadline may increase your tuition charges which may also change the amount of your refund. Your refund will be sent after certain conditions are met or if you notify the university that your schedule is finalized.
Receive Your Refund with Direct Deposit
If you have excess financial aid money, we will refund you the money beginning on the 3rd day of classes. (Spring term refunds begin on the 4th day of classes.) If you are using direct deposit, you are likely to receive your excess financial aid money 1-3 business days after the refund process begins. Without direct deposit, a check will be mailed which is likely to take 10 business days to arrive at your mailing address. If it has been more than 10 days for either your direct deposit or a physical check to arrive, please submit a case.
