Student Financial Aid
 
 
  Student Financial Aid

Student Financial Aid

For more detailed and up- to-date information please visit the Financial Aid website:

www2.byui.edu/FinancialAid

 

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.

 

GENERAL ELIGIBILITY

In general, a financial aid recipient must meet the following eligibility standards:

  1. The student must have a high school diploma, G.E.D. certificate, or an equivalency certificate issued by the state.
  2. The student must be admitted and enrolled as a degree-seeking student.
  3. The student must be a U.S. citizen or an eligible non-citizen.
  4. The student must be making satisfactory academic progress as defined in the Policy of Satisfactory Academic Progress.
  5. The student must not owe a repayment on any federal grant, and must not be in default on any federal loan received for attendance at any school.
  6. If required, a male student must be registered with Selective Service.
  7. The student must have a valid Social Security Number.

 

DEPENDENT AND INDEPENDENT STATUS

When a student applies for federal student aid, he/she will answer certain questions that will determine whether he/she is considered dependent on his/her parents or independent.If dependent, the studentís parentsí income and assets as well as the students own income and assets must be reported on the FAFSA. If the student is independent, he/she will report only his/her income and assets (and spouse, if married).

Just because a student is not living with his/her parents, it does not necessarily classify them as independent.

For the 2004-2005 school year, a student is independent if at least one of the following applies:

 

    • The student was born before January 1, 1981
    • The student is married;
    • The student will be enrolled in a masterís or doctoral program (beyond a bachelorís degree) during the 2004-2005 school year;
    • The student has children who receive more than half their support from him/her;
    • The student has dependents (other than their children or spouse) who live with, and who receive more than half their support him/her, and who will continue to receive more than half their support from him/her through June 30, 2005;
    • The student is an orphan or ward of the court (or were a ward of the court until age 18); or
    • The student is a veteran of the U.S. Armed Forces (ďveteranĒ includes students who attended a U.S. service academy and who were released under a condition other than dishonorable).

 

In certain circumstances a student can be changed from dependent to independent if he/she can prove to the school unusual circumstances that show independent status.A petition from the financial aid office is required and must be approved by the financial aid office.

 

HOW TO APPLY

All students applying for federal student aid should 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 halftime, 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 halftime 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 at the time of repayment. 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 the question on the FAFSA 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 the student answered ďNoĒ but decides later to obtain a loan, he/she must contact the financial aid office to start the loan process.

 

DEADLINES

Priority Deadline

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 preferred 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.

 

Mandatory Deadline

Free Application for Federal Student Aid (FAFSA)

The federal processor will not accept any FAFSA after June 30, 2005.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 for the academic year.

 

Student Loans

Student loans must be certified by a studentís last day of enrollment at Brigham Young University-Idaho for the academic year.

 

Verification

If selected, the verification process must be completed within 110 days after the studentís last day of enrollment or August 15, 2005, 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

Category B

 

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

 

 

VETERANS BENEFITS

First time Students receiving Veterans Education Benefits 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.

 

Students receiving VA benefits can only be paid on those classes that apply toward graduation.

 

If a student changes his/her major or status or enrollment after certification, there are additional forms that need to be completed. Please contact the Financial Aid Office for more information about these forms.

 

CONTACT INFORMATION

Financial Aid Office

100 Kimball Building

Brigham Young University-Idaho

Rexburg, ID 83460-1610

(208) 496-1015

www2.byui.edu/FinancialAid