Financial aid is posted to your student account and used to pay tuition and other student account charges, with any remaining balance refunded to the student. For students with accepted financial aid sufficient to cover tuition charges, financial aid will automatically pay tuition charges and no action is necessary. For students with accepted financial aid insufficient to cover tuition charges, the payment deadline is extended (see Tuition Dates and Deadlines), after which students with unpaid tuition charges in excess of pending aid will be automatically enrolled in the tuition installment plan.
Note: If financial aid is not awarded and accepted by the tuition due date, tuition charges must be paid to avoid automatic enrollment in the tuition installment plan and assessment of the non-refundable tuition installment plan fee of $100 for resident students and $200 for nonresident students. Class enrollment completes the registration process. If you decide not to attend classes, you must officially withdraw from the University. Classes will be held even if aid becomes unavailable or is inadequate to pay all tuition and fees. Registration will not be automatically cancelled during the tuition refund period.
Refunds by Direct Deposit: Financial aid in excess of institutional charges is refunded to the student. Direct deposit to your bank account is available and is the most convenient way to receive student account refunds, including financial aid. To enroll in direct deposit login to My ASU and select the "Finances" tab at the top of the page, then select Direct Deposit Enrollment in the Financing Tasks section on the right-hand side. View the Direct Deposit FAQs to learn about enrollment online and Direct Deposit in general. If you choose to enroll in direct deposit in person, please fill out the Direct Deposit Authorization form and bring it to the Student Accounts office. For students not enrolled in student account Direct Deposit, refunds are made by check and mailed to the student's address. Direct Deposit enrollment verification will take two weeks. If a refund becomes available before your Direct Deposit enrollment has been verified, then a paper check will be issued and sent to your mailing address on file.
Taxability of Scholarships and Fellowships
Scholarships, grants, fellowships and stipends (but not loan funds) are taxable income to the recipient, except for the portion of these funds used for tuition, registration, other University fees, and books, supplies and equipment required for the courses being taken. Special tax regulations also apply to non-resident alien students and may require withholding of taxes at the time of aid disbursement to these individuals. Information on the taxability of scholarships can be obtained from the following IRS publications and forms: Publication 970, Tax Benefits for Education, Pub 519 - U.S. Tax Guide for Aliens, Form 1040EZ and instructions - Income Tax Return for Single and Joint Filers with no dependents, Form 1040 NR and Instructions - U.S. Nonresident Alien Income Tax Return. These publications and forms can be obtained from the Internal Revenue Service at their toll free number 1.800.829.FORM. These publications and forms can also be obtained online at www.irs.gov.
Paying for Past Due Charges with Future Semesters Financial Aid
Federal Financial Aid will not pay prior year past due charges. To view your account charges and make a payment online, login to My ASU and select the "Finances" tab at the top of the page. Additional payment options are available through the Payment Options section.
Questions about unpaid balances should be directed to the Collections Office at 480.965.5220.
Financial Assistance Withdrawal Policy
Circumstances may necessitate complete withdrawal from the University. The outcome of complete withdrawal on your financial aid depends on when the complete withdrawal is initiated and the types of financial aid you received. In all cases, your financial aid must be recalculated.
Official Complete Withdrawal
Federal regulations require the recalculation of Title IV financial aid in cases where a student received financial aid and officially withdrew on or before the point at which 60% of the semester has lapsed. If a return of aid is required, ASU returns the unearned portion of Title IV financial aid funds to the Federal Programs on behalf of the student. Any return of financial aid funds made by the University will be charged to the student's University account. Payment to the University will be due on demand. Title IV funds (Federal Financial Aid) include the Federal Pell Grant, the Federal Supplemental Educational Opportunity Grant (FSEOG), the Federal Perkins loan, the Leveraging Educational Assistance Partnership (LEAP), the Academic Competitiveness Grant (ACG), the Science and Mathematics Access to Retain Talent Grant (SMART), the Federal Direct Subsidized and Unsubsidized Student Loans and the Federal PLUS Loan.
Students who withdraw prior to the first day of the semester and who have received a financial aid disbursement are not entitled to keep those funds. All (100%) of the funds disbursed must be returned to ASU and the student's University account will be charged.
For additional information, please visit http://students.asu.edu/policies/financial-aid.