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Understanding the terms of your financial aid

When a student accepts financial aid at ASU, he or she must agree to the following terms:

  1. All financial aid recipients are required to read the financial aid section of the University Graduate or Undergraduate Catalog. Students are responsible for understanding the information provided. Information that is unclear should be brought to the attention of a financial assistance office representative at any campus.
  2. General information is communicated to students through their student e-mail account, and financial aid information is communicated through their personal MyASU account. Students are responsible for reviewing this information. It is recommended that students review their accounts frequently for any updates
  3. Students are obligated to advise the Registrar's Office of any name, address, or phone number changes.
  4. Financial aid recipients are required to notify the Financial Aid and Scholarship Services (FASS) of any scholarships, loans, book allowances, or other forms of assistance awarded to them from sources outside the FASS.
  5. The FASS reserves the right, on behalf of the university, to review and cancel any award at any time because of changes in a student's financial status, academic status, or due to an awarding error. Changes reflected on MyASU will result in an e-mail to the student which serves as notification of the change.
  6. Financial aid is awarded contingent upon maintaining Title IV Satisfactory Academic Progress (SAP). Please refer to our Financial Aid Policies Web site for details on SAP. http://students.asu.edu/policies/financialaid
  7. Disbursement of a student's financial aid award (with the exception of Federal Work Study (FWS) will be in the form of a direct credit to the student's ASU account.
  8. Financial aid is initially awarded for full time enrollment and is pro-rated to actual enrollment where permissible. Should the student register for a different course load, the student must update his or her status either online at MyASU or by visiting the office. Costs and aid will be adjusted and email acknowledgment sent to the student.
  9. Financial aid is initially awarded for full time enrollment and is prorated to actual enrollment where permissible. Should the student fail to participate in a course or all courses, a grade of EN is assigned for those courses. Financial aid is recalculated and federal funds are returned to the U.S. Department of Education. Recalculation of financial aid results in a charge to the ASU student account.
  10. It is the student's responsibility to ensure that his or her tuition is paid in full by the fee due date, either by financial aid, payment plan, cash, or other resources. Students can check their payment status via MyASU.
  11. A student receiving federal financial aid earns his or her aid based on the number of days in which he or she attends class. A recipient who fully withdraws from ASU before 60 percent of the term is completed will have his or her aid recalculated based on the number of days attended. The unearned aid will be refunded to the appropriate federal financial aid program. A student earns Title IV funds in direct proportion to the length of term he or she is enrolled.
  12. A student who fully withdraws from the university during the 100 percent refund period will be subject to a Title IV refund calculation that will determine the amount of aid the students must repay. 
  13. A student may be awarded employment under the Federal Work Study program (FWS). The amount of FWS aid shown on the award letter is the maximum amount of money the student can expect to earn during the academic year as a result of work performed. The student will only be paid for hours worked and obtaining work is contingent on finding campus employment. Work-study earnings are paid directly to the student on a bi-weekly basis via direct deposit or check.
  14. Financial aid awards are made for one academic year only. One half of the award will be applied each semester. Students are responsible for applying annually. Renewal of aid depends upon the student maintaining Title IV Satisfactory Academic Progress, continued need for financial aid assistance, and the availability of funds. FAFSA applications submitted by March 1 of each year will receive priority consideration.
  15. Students planning to attend two schools in the same semester should inform FASS and be sure to know the rules pertaining to this choice. In general, it is a violation of federal law to receive aid at two different schools during the same period of enrollment. A Consortium Agreement between the two schools is required for you to receive aid. You may receive financial aid from your home school only, that is the school at which you are pursuing your degree.
  16. Students who are incarcerated in a state or federal correctional institution are not eligible for aid and are required by federal law to inform the SFAO of their incarceration.
  17. The Department of Education sets annual and aggregate (i.e. lifetime) limits of the amount of debt a student can obtain from the federal government. The chart at http://students.asu.edu/loans/staffordlimits summarizes the current limits for the Federal Stafford Loan. It is your responsibility to monitor your federal loan limits. If you reach your undergraduate or total Federal Stafford Loan limits, you will not be eligible to receive additional Federal Stafford loans. If Financial Aid and Scholarship Services determines you have exceeded your limit, we will reduce or cancel your Federal Stafford Loan, and if the loan has been disbursed to you, you will be billed for any amount disbursed beyond your allowable loan limit. Be sure to borrow only what you need for educational purposes and monitor your cumulative debt. You can review your student loan balances at the National Student Loan Data System www.nslds.ed.gov. You will need your federal PIN to access your information.