Financial Aid Rights and Responsibilities | Financial Aid | BYU-Idaho

# Financial Aid Rights and Responsibilities

BYU-Idaho disburses aid from various programs, including University Aid, the Free Application for Federal Student Aid (FAFSA), private scholarship agencies, and private loan companies.

## University Aid

- The BYU-Idaho Scholarship is awarded to students on an academic year basis. The scholarship is automatically applied each academic year upon completion of the Free Application for Federal Student Aid (FAFSA).
- The Talent Scholarship is awarded by individual departments on an academic year basis. Students must contact the individual department for questions regarding continued eligibility.
- The Internship Grant is awarded for the single semester of the enrolled internship course. Students may receive more than one Internship Grant as long as additional internship courses are program applicable.
- Students are not required to be meeting Satisfactory Academic Progress (SAP) requirements to receive University Aid.

## Federal Aid

- Pell Grants, Direct Subsidized and Unsubsidized Loans, and Parent PLUS loans are awarded to students on an academic-year basis. Completion of the FAFSA for the appropriate academic year is required for continued eligibility.
- Students must be meeting Satisfactory Academic Progress (SAP) requirements.

## Private Scholarships

- Each scholarship agency has its own application and eligibility requirements.
- Students may or may not be required to meet Satisfactory Academic Progress (SAP), depending on the agency.

## Private Loans

- Each private loan has its own application and eligibility requirements.
- Students may or may not be required to meet Satisfactory Academic Progress (SAP), depending on the loan provider.

## Disbursement of Financial Aid

- Disbursements are typically made only once at the beginning of the semester (or as soon as the student becomes eligible in the semester). 
 - The only exception is AmeriCorps funds. Students will receive the first half of their AmeriCorps award at the beginning of the semester, and the second half of their award midway through the semester.
- If all applications and required documents were submitted by the appropriate priority deadlines, including the FAFSA priority deadlines, all types of aid will typically be posted to students' financial accounts by the end of the first full week of the semester. 
 - Students can still receive federal aid (if eligible) if their FAFSA and documents are submitted after the FAFSA priority deadlines--applying for federal aid after the priority deadline does not prevent students from receiving their federal awards. However, there is no guarantee aid will be available by the tuition late charge date. Students who apply or submit documents after the priority deadlines may be subject to late fees.
- Disbursements may fluctuate as students add/drop credits up until the university's Financial Aid Determination Date (FADD).
- All financial aid is automatically applied to outstanding tuition and on-campus housing charges on students' accounts. To allow for aid to pay for additional charges on student accounts, the Federal Financial Aid Authorization must be completed.
- The quickest and safest way to receive remaining financial aid funds is eRefund (direct deposit). Students must enroll in eRefund to receive their funds through this method.

## Understanding Federal Loans

- Know the Loan Policies of the loan(s) you accept.
- Use the government's Loan Simulator to find the right repayment plan for you.
- The sample loan repayment schedules below illustrate the differences in monthly payments based on the choice of repayment plans. These schedules are based on the following criteria: 
 - $27,000 total federal student loans borrowed
 - 4% interest rate
 - $25,000 starting Adjusted Gross Income (AGI) Married filing Jointly
 - Family size of two
 - Living in Idaho

| ****Loan Repayment Plan**** | ****Total Months**** | ****Initial Payment**** | ****Final Payment**** | ****Total Paid**** | ****Projected Forgiveness**** |
| --- | --- | --- | --- | --- | --- |
| ****Standard**** | 120 | $273 | $273 | $32,803 | $0 |
| ****Graduated**** | 120 | $153 | $459 | $34,244 | $0 |
| ****Revised Pay As You Earn (REPAYE)**** | 240 | $0 | $27 | $2,133 | $36,734 |
| ****Pay As You Earn (PAYE)**** | 240 | $0 | $27 | $2,133 | $46,467 |
| ****Income-Based Repayment (IBR)**** | 240 | $0 | $27 | $2,133 | $46,467 |
| ****Income-Contingent Repayment (IBC)**** | 285 | $129 | $155 | $42,243 | $0 |