|Student Financial Aid|
Student Financial Aid
For the most detailed and up- to-date information please visit the Financial Aid website:
Financial aid programs have been established by the federal government to assist students with the cost of attending a university. Federal Pell Grants, Stafford loans and PLUS loans are available to those who qualify. Brigham Young University-Idaho does not participate in Perkins loans, SEOG grants, work study, or any other campus-based programs. Scholarships are awarded through the Admissions Office, with the exception of the Idaho Promise Category B Scholarship.
In general, a financial aid recipient must meet the following eligibility standards:
DEPENDENT AND INDEPENDENT STATUS
The Department of Education considers the following students independent of their parent(s):
HOW TO APPLY
All students applying for federal student aid must first complete a Free Application for Federal Student Aid (FAFSA), which will determine the studentís eligibility.† To apply, a student must go to the BYU-Idaho financial aid website and follow the steps to apply on-line, www2.byui.edu/FinancialAid/apply.asp
The FAFSA will require information from the studentís tax form and possibly the studentís parentsí tax form. Other information such as number of individuals in the household, number attending college, savings accounts, assets, etc. will need to be reported.† If† a student or parent has questions, it is strongly recommended that he/she contact the Financial Aid Office at (208) 496-1015, where financial aid advisors are available to help with the application process.
After the studentís FAFSA has been sent to the federal processor a Student Aid Report (SAR) will be sent to the student, usually within three to four weeks. This same Student Aid Report will be sent electronically to Brigham Young University-Idaho and determines the types of aid for which the student is eligible.
TYPES OF AID AT BYU-IDAHO
A Federal Pell Grant is awarded by the U.S. Department of Education on the basis of financial need. Pell Grants are based on the studentís eligibility, the cost of education, the length of the enrollment period, and the number of credits carried. The student must be an undergraduate who does not already have a bachelorís degree. Pell Grants do not have to be repaid.
The Subsidized Federal Stafford Loan is also need-based. Principal and interest payments are postponed while the student is enrolled in school at least half time, and during the six-month grace period after graduation or ceasing to attend school. During this time the federal government pays the interest for the student.
The Unsubsidized Federal Stafford Loan is not need-based. Students may qualify for this program as long as their educational costs exceed the amount of financial assistance awarded. Monthly principal payments are postponed while the student is enrolled in school at least half time and during the six-month grace period after graduation or ceasing to attend school. The student is responsible for paying the interest that accrues on the loan during this period by either making the interest payments, or requesting that the lender add the accrued interest to the principle balance. The latter option is called capitalization and increases the total amount the student will repay.
An Additional Federal Unsubsidized Loan is available to independent students. Principal and interest terms are the same as the Unsubsidized Federal Stafford Loan.
A Parent Loan for Undergraduate Students (PLUS) is available for parents of dependent undergraduate students. The amount borrowed by the parent may not exceed the cost of attendance less other financial assistance the student has been or will be awarded during the period of enrollment. Contact the Financial Aid Office to determine eligibility for individual loan amounts.
HOW TO APPLY FOR A STUDENT LOAN
The student must first complete the FAFSA. Be sure to answer, ďYesĒ to Question 33, which asks, ďare you interested in student loans?Ē If the student answers ďYesĒ to this question, he/she will automatically be sent loan information within a few weeks after submitting the FAFSA. If there are any specific questions not answered in this section, please contact our office.
In order to award a studentís money on time, the Brigham Young University-Idaho Financial Aid Office would prefer the SAR information, loan request, and all other required documents to be turned in at least two to three months prior to the date a student will attend Brigham Young University-Idaho. Students not meeting the BYU-Idaho deadline will not be denied aid; however, funding may not be available until later in the school year. The Financial Aid Office will not be responsible for any late fees if this deadline is not met.
Free Application for Federal Student Aid (FAFSA)
The federal processor will not accept any FAFSA after June 30, 2004.† Students should start their FAFSA no later than one month before their last day of attendance.
Student Aid Report (SAR)
Brigham Young University-Idaho must receive a valid SAR electronically by the studentís last day of enrollment.
Student loans must be certified by a studentís last day of enrollment at Brigham Young University-Idaho.
If selected, the verification process must be completed within 60 days after the studentís last day of enrollment or August 15, 2004, whichever is earlier. Again, it is best to turn in all documents no later than one month before the last date of enrollment.
The most important thing to remember is to NOT procrastinate! It is the studentís responsibility to be aware of all deadlines.
For more detailed information on deadlines, link to the Financial Aid website or call our office at (208) 496-1015.
IDAHO PROMISE SCHOLARSHIP
No application is necessary. All eligible students attending BYU-Idaho will receive a scholarship.
To see the requirements to obtain this scholarship, a student can log on to the Idaho Promise Scholarship website:† www.idahoboardofed.org/scholarships/promiseb.asp
Students receiving Veterans Education Benefits for the first time must contact the Financial Aid Office to establish eligibility.
Continuing students must notify the Financial Aid Office regarding enrollment at the beginning of every semester or term they plan to attend so BYU-Idaho can certify the student.
If a student changes his/her major or status of enrollment after certification, there are additional forms that need to be completed. Please contact the Financial Aid Office for more information about these forms.
Financial Aid Office
100 Kimball Building
Brigham Young University-Idaho
Rexburg, ID† 83460-1610