Financial Aid Checklist
Complete Tasks and Check YMessage
It will take BYU 2-3 days to receive your FAFSA. Then you may be assigned tasks to complete and receive YMessages through My Financial Center. These items have to be completed in order to continue the financial aid process, so take care of them as soon as you can.
If you are selected for verification, it is required that you complete the process in order to be awarded federal aid (Pell Grant/Direct Loans). Verification is used to prove the accuracy of FAFSA data. We highly recommend you use the IRS Data Retrieval Tool to complete your FAFSA or submit a Tax Return Transcript from the IRS. Allow 2 weeks for processing.
Accept or Decline your Awards
Once all tasks are complete, you will receive a YMessage 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 (Promissory Note and Entrance Counseling) that must be done prior to receiving the loan.
Disbursement to My Financial Center
Once you are awarded, have completed all required tasks, and meet all eligibility requirements, your federal aid is 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 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 you notify the university that your schedule is set.
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 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 send us a YMessage.