Financial Aid Checklist

Welcome to the Federal Financial Aid checklist. Below is the general process of receiving federal financial aid at BYU and we'll provide a personalized experience in My Financial Center after you've got started.

Complete the FAFSA

Begin by completing your FAFSA for the appropriate school year. You'll need your federal tax returns and possibly those of your parents or spouse. Once submitted, it takes 2-3 business days for BYU to receive it.

Read more about what you'll need to complete the FAFSA.

FAFSA

Complete Tasks and Check Messages

Once BYU receives your FAFSA, you may be assigned tasks to complete and receive YMessages through My Financial Center. These items have to be completed in order to resume the financial aid process, so take care of them as soon as you can.My Financial Center

Complete Verification

If you are selected for verification, it is required that you complete the process in order for federal aid to be awarded (Pell Grant/Direct Loans). Verification is used to prove the accuracy of FAFSA data. It's highly recommended you use the IRS Retrieval Tool to complete your FAFSA or submit a Tax Return Transcript you can request from the IRS.

Allow 2 weeks for processing. If anything else is needed, you'll get a new task or YMessage.
FAFSA (using the IRS Retrieval Tool)

Request a Tax Return Transcript (if you can't use the IRS Retrieval Tool)

Accept or Decline your Awards

Once all tasks are complete, you will receive a YMessage outlining your award eligibility. Pell Grants are automatically accepted for you. Loans must be accepted.

If you are a first time loan borrower you will be assigned two additional tasks (Promissory Note and Entrance Counseling) that must be done prior to receiving the loan.Award Summary

Disbursement to My Financial Center

Once you are awarded, have completed all required tasks, and meet all eligibility requirements, your federal aid is applied to your student account. Federal financial aid funds go directly to your student account and will only pay for current tuition, program fees (like Study Abroad), housing, meal plans, and the excess will be refunded.

Aid posts to your student account 7-10 days prior to the beginning of a semester or term.

Part-Time Student Refund Hold

Financial aid refunds are not issued to part-time students until after the add/drop deadline. This is because adding additional credit hours before the add/drop deadline may increase your tuition charges, which may also change the amount of your refund. Your refund will be sent after certain conditions are met or you notify the university that your schedule is set.

Release Part-time Hold

Receive your Refund with Direct Deposit

If you have excess financial aid money, we'll refund you beginning on the 3rd day of classes. 

Using direct deposit you are likely to receive your excess financial aid money 1-3 days after the refund process begins. Without direct deposit a check will be mailed which is likely to take 10 business days to arrive at your mailing address. If it has been more than 10 days for either your direct deposit or a physical check to arrive send us a YMessage.

Direct Deposit*

*Direct deposit for your student account is separate and different than for payroll.

 

Questions