Frequently Asked Questions - Financial Aid

You, and your parents if applicable, need to first apply for a Federal Student Aid PIN (personal identification number) at www.pin.ed.gov.
Submit the 2009-2010 Free Application for Federal Student Aid (FAFSA) at http://www.fafsa.ed.gov and include ASU as your school. ASU's school code is 001081.

For a complete list of steps see visit students.asu.edu/financialaid/apply.

Log in to My ASU and click on the "Financial Aid Awards" link in the Quick Link box under Finances and accept or decline your awards.

Is my financial aid file complete?

Log in to My ASU to check if there are documents that are being requested on your "To Do" list. Forms may be downloaded at students.asu.edu/forms/financialaid. If your financial aid file is complete, and you do not have awards offered, visit any one of the four ASU financial aid office locations or contact our office at 480-965-3355. We can be reached by e-mail at financialaid@asu.edu.

If your parent is attempting to accept the Federal Parent PLUS Loan, students must first go to the following link to create a relationship www.asu.edu/go/parentrelationship. Once the relationship is complete parents will receive an e-mail with their own ASURITE UserID for the purpose of completing the Parent Loan Application. for a complete list of steps to accepting your Federal Parent PLUS Loan visit students.asu.edu/loans/plus#steps.

When does fall financial aid disburse?

Financial aid disbursement for the fall semester begins no sooner than a week before the semester starts. If your pending financial aid exceeds your ASU charges due you can expect a refund. Refunds will be issued by check (sent to mailing address on record) or direct deposit. To sign up for Direct Deposit, log in to My ASU and select the "Direct Deposit Enrollment" link in the Quick Links box under Finances.

What do I need to do if my circumstances change, for example my parent or my spouse or I was working last year but have lost my job?

This is the kind of extenuating circumstance you would want to tell Student Financial Assistance about. You may complete this process by filling out a Student and/or Parent Review form. These forms can be downloaded at students.asu.edu/forms/financialaid.

How do I complete my Federal Direct Loan Master Promissory Note (MPN), Entrance Counseling, or Exit Counseling?

Log in to your MyASU and check your "To Do" list. The specific task, like "Loan Entrance Counseling" will be listed. Click on the item and the link will appear in a dialogue box. Follow the links.

What is the difference between a Subsidized and Unsubsidized student loan?

Subsidized loans are offered at 5.6% but they do not accrue interest while you are in school. Unsubsidized loans are currently at 6.8% and interest begins accruing from the time the loan is disbursed. Both types of student loans do not begin repayment until 6 months after graduation, you stop going to school or your enrollment drops below half time status (half time status is 6 credit hours for undergraduate students and 5 credit hours for graduate students).

How long do I have to accept my loan?

Students/Parents have until the end of the academic year to accept loans. However, if you need your loans to pay for your fall ASU charges, you must accept them by August first at the latest!

How do I accept my Federal Parent PLUS loan?

There are several steps required to accept a Parent PLUS Loan. First you, the student, must first go to www.asu.edu/go/parentrelationship to create a parent relationship. Once the relationship is complete your parents will receive an e-mail with their own ASURITE UserID for the purpose of completing the Parent Loan Application.

It is very important that all the steps provided are complete in order for the Parent PLUS Loan to go through successfully. For a complete list of the steps please visit students.asu.edu/loans/plus.

I want to apply for a Parent PLUS Loan; do I have to apply for the FAFSA?

No, however, you will need to notify Student Financial Assistance in writing that you want to have a Parent PLUS Loan posted. The amount your parent may apply for is determined by the financial aid Cost of Attendance (COA). In your communication to our office, be sure to include the students ASU ID# and a Parent signature on the letter. You may drop off the request at any Student Financial Assistance location, mail it to our office at Student Financial Assistance Office, PO Box 870412, Tempe, AZ 85287-0412, or fax it to (480) 965-9484.

My parents were denied the PLUS loan, are there any additional loans I can borrow as a student?

If your parents would like to appeal their Federal PLUS Loan they need to contact Direct Lending Plus Credit Appeals at 1-800-557-7394.
If your parents were denied Federal PLUS Loan, the student may request an additional Federal Direct Unsubsidized Stafford Loan by submitting a letter to Student Financial Assistance. Please be sure to include your student ASU ID# and your student signature on the letter. You may drop off the request at any Student Financial Assistance location, mail it to our office at Student Financial Assistance Office, PO Box 870412, Tempe, AZ 85287-0412, or fax it to (480) 965-9484.

What types of scholarships are available?

For links to national scholarship searches and other valuable ASU scholarship information you may visit our scholarship website at students.asu.edu/scholarships or contact the ASU Scholarship Office at (480) 965-4845.

Am I eligible for the Obama Scholars Program?

All students who have a completed 2009-2010 Free Application for Federal Student Aid (FAFSA) and meet the program criteria will be automatically awarded in the program.

Program Criteria:

Be admitted to ASU as a full-time, first bachelor degree seeking Arizona Resident for the 2009-2010 academic year. Native American high school seniors not residing in Arizona that meet the Arizona residency criteria for tuition purposes at ASU will be considered.
You must be entering ASU beginning the fall semester immediately after high school graduation.
Your demonstrated total family income would be $60,000 or less on the FAFSA.
You must reapply and qualify every year.
Program participants must maintain financial aid Satisfactory Academic Progress.
Program duration is for 8 consecutive semesters and does not include winter or summer sessions.

For more details please visit promise.asu.edu/obamascholars.

How do I pay for my tuition, housing and books?

If your financial aid is accepted and you have all financial aid tasks complete on your " To Do" list, your fall aid will automatically disburse, first to your ASU Student Account charges and then any excess will be refunded to you. Your ASU Student Account will list all of your tuition, fees, on campus housing and on campus meal plan charges. Your ASU Student Account will also show your pending financial aid charges. If your charges are greater than your financial aid, then you will owe a balance to ASU. If your financial aid pending is greater than your charges then you can expect a refund after your charges are paid at the time of financial aid disbursement. Refunds are applied to your personal bank account if you signed up for direct deposit. If you did not apply for direct deposit, a refund check will be mailed to your local address on file with ASU.

Unlike tuition, book charges are not applied to your student account. You should consider book and supply purchases to be "out of pocket" expenses. Although financial aid funds can not be directed to the university bookstore, if you are eligible for a financial aid refund, you should use those funds to pay for your book purchases.

Am I eligible to be an AZ resident?

For detailed information about being an instate resident visit the Residency Classification Office at students.asu.edu/residency.

Be advised, if you have financial aid it may be reduced to accommodate any change in residency and tuition. Check with Student Financial Assistance in order to determine how/if a change in residency status will affect your award(s). In the event of a financial aid reduction, you will be notified by email to check My ASU for award reduction details.

My financial aid doesn’t cover my costs, what are my other options?

When you file a FAFSA form, you are automatically considered for grants, loans and Federal Work Study. To be eligible to receive financial aid, you must be admitted in a degree-seeking program. However, if you were not offered enough financial aid to cover your costs, the following options may be available to assist you with college expenses.

Scholarship Opportunities: There are a multitude of scholarships available to students who meet sponsor criteria. Visit students.asu.edu/scholarships to view a comprehensive list of available scholarships and application information. You can also use FastWeb, a scholarship search engine, to assist you in finding possible scholarship opportunities. FastWeb is located online at www.fastweb.com.
Student Employment: There are student employment opportunities right here on campus. The Student Employment Office is always ready to help a student find a job. We recommend that you visit the Student Employment website (students.asu.edu/employment) to view part-time, full-time, seasonal, on-campus, off-campus, and work-study job listings.
Parent PLUS loans: Parents of dependent students may borrow Parent PLUS loans. See students.asu.edu/loans/plus for details.
Alternative Loans: Alternative loans are educational loans offered by private lenders – usually banks.