Confused About Your Financial Aid? 

Try finding your question* in the list below,
and we may be able to give you a quick answer!

If you have further questions, please contact the Office of Student Financial Assistance at 786-1480, or just stop by the One Stop Kiosk at the University Center!
 

General Financial Aid Questions

What kinds of financial aid are available?

The Office of Student Financial Assistance processes a wide variety of federal, state, institutional, and private financial aid. For a complete list, see our Types of Aid page.

Do I qualify for financial aid?

Check here to make sure you meet the admissions requirements of the Office of Student Financial Assistance.

The basic requirements for all federal aid programs can be found on the the studentaid.ed.gov Eligibility page.

If you receive aid, you must maintain Satisfactory Academic Progress to qualify for further aid.

The deadline to establish Financial Aid eligibility in a specific academic year is the last day of August.

How do I apply for financial aid?

To apply for financial aid at UAA, see our Financial Aid Checklist!

How do I transfer financial aid?

Strictly speaking, Financial Aid does not transfer from one school to another. Federal Pell Grant eligibility is largely constant, but all other awards must be re-evaluated at the new school. First, you must send your FAFSA information to the new school. You can do this by logging on to the FAFSA website, and adding the school's information. Alternatively, if you have your Student Aid Report (SAR) you can call 1-800-4-FED-AID and tell them where you want the information sent. You will need the Data Release Number (DRN) from the upper right corner of the SAR.

After you have sent your information to the new school, contact them and find out what other documents they will need. Make sure you disclose to both schools that you have studied elsewhere, especially if you were disbursed any financial aid during that award year.

Is there financial aid available for the summer semester?

To request summer financial aid, please complete a Summer Revision Request form, shortly after Summer registration is made available. Do not submit a Summer Revision form if you are not registered in the classes for which you are requesting aid. The amount of aid offered, the budget, and the eligibility for additional funding are based on your summer credit load, your living arrangements, as well as other variables including residency, aggregate loan limit, and grade level.

When UAA students apply for financial aid, most are awarded financial aid for the Fall and Spring semesters only. If you plan to attend school in the summer, it is important to budget your aid at the beginning of the academic year. If you need any guidance planning your summer aid, please contact the Office of Student Financial Assistance.


FAFSA Questions

Do I need to report my parents information on the FAFSA?

This question can cause a great deal of confusion. The simplest answer is "yes" if you are 24 years of age or younger by December 31 of the award year. Click here for a more detailed answer.

Note: parental Free Application for Financial Student Aid (FAFSA) information only affects your student financial aid. Official IRS definitions have no bearing on your FAFSA.

When is the deadline to fill out my FAFSA?

The simple answer is that there is no deadline to fill out the FAFSA. However, since the FAFSA is the most important requirement for Financial Aid at UAA, filling out the FAFSA early in the year is important for these two reasons:

  1. The University of Alaska uses the FAFSA to determine eligibility for some of our institutional scholarships. You should therefore complete the FAFSA and the UAOnline Scholarship Application by February 15th prior to the start of the academic year.

  2. The State of Alaska uses your FAFSA to determine eligibility for the AlaskAdvantage Education Grant and the Alaska Performance Scholarship (APS) if you complete it before June 30th.

The FAFSA requires much of the same information as your taxes, so we suggest that you fill out both your taxes and your FAFSA early in the year, and before February 15th, so that you can apply for UAA scholarships. If you aren't able to complete your FAFSA with current tax information, remember that the IRS data retrieval tool lets you use estimates of your tax information from the previous year, and correct your FAFSA later, when you do your taxes. Completing your FAFSA early will prepare you for many wonderful Financial Aid opportunities!

How can I avoid making mistakes on my FAFSA?

Making mistakes on your FAFSA can delay your application or even prevent you from receiving financial aid. The most common errors people make are listed below. As you complete the FAFSA, try to avoid:

  • Leaving blank fields: Please enter a "0," "NA," or "not applicable" instead of leaving a field blank. Too many blanks may cause miscalculations and an application rejection.

  • Using commas or decimal points in numeric fields: Always round to the nearest dollar.

  • Listing incorrect Social Security Number or Driver's license number: Double-check these entries and have someone else check them, too. If your parent is completing the FAFSA for you, make sure they do not enter their own SSN when the application is asking for your (the student’s) SSN.

  • Entering the wrong federal income tax paid amount: Obtain your federal income paid amount from your income tax return forms, not your W-2 form(s). Use the IRS Data Retrieval Tool when possible.

  • Listing Adjusted Gross Income (AGI) as equal to total income: These are not the same figure. In most cases, the AGI is larger than the total income. This mistake is particularly common.

  • Listing marital status incorrectly: Only write "yes" if you are currently married. They want to know what your marital status is on the day you sign the FAFSA, or Renewal FAFSA.

  • Listing parent marital status incorrectly: The custodial parent's marital status is needed; if they've remarried, you'll need the stepparent's information too.

  • Forgetting to list the college: UAA’s federal school code is 011462.

  • Forgetting to sign and date: If you're filling out the paper FAFSA, be sure to sign it. If you're filing electronically, be sure to obtain your PIN from www.pin.ed.gov. Your PIN is your electronic signature and will always be assigned to you only. If you are dependent, your parent must also have a PIN to sign your FAFSA electronically.

  • Entering the wrong address: Your permanent address is not your campus or summer address.

  • Sending in a copy of your income tax returns: You will be contacted if your information needs verification; you don't need to send a copy of your tax returns in with your application.

What is verification?

Verification is a process that the Department of Education uses to ensure that FAFSA applications are accurate. Approximately 30% of all applications are selected for verification. If you are selected, we may require submission of:

  • A signed, completed Verification Worksheet
  • Copies of your tax return transcripts
  • Information related to untaxed benefits such as social security or military housing (for those who are active duty only)
  • Documentation of family size
  • Receipt of Food Stamps and child support paid
  • Any other documents that may be needed for your specific situation.

We compare this information with the data you reported on the FAFSA. If there are discrepancies, we must then correct the data and transmit it to the Department of Education.

What should I do if I am selected for verification?

  1. Check UAOnline.

  2. Collect the requested documents relating to your and your spouse’s or parents’ finances. The Office of Student Financial Assistance cannot accept copies of tax returns. Students selected for verification must submit IRS Tax return transcripts, or use the IRS data retrieval tool.

  3. Complete the verification form. Read the instructions carefully and complete all sections that apply to you. If a section does not apply to you, make sure you indicate so; do not leave it blank. Make sure you collect all required signatures.

  4. Fax, email, mail, or physically drop off completed worksheet, tax return transcripts (if needed), and any other documents to the UAA Financial Assistance Office.

  5. Your financial aid administrator will compare information on these documents and make corrections to your FAFSA as necessary.

  6. Check your Financial Aid Status on UAOnline and UAA email frequently. After reviewing your verification paperwork, we may request additional information in order to resolve conflicting information or other issues with your FAFSA.

Deadline:

For priority processing and to ensure awards will be packaged before the payment deadline, students must submit all pertinent verification documents prior to July 1 of the academic year in which they are applying. You may still turn in documents after July 1, but we cannot guarantee they will be processed before the payment deadline. The deadline to submit completed verification documents is 30 days from the last date of enrollment, or the last business day in August - whichever come first. The deadline for all Financial Aid eligibility for a specific academic year is also the last day of August.

Failure to submit all required documents will cause processing delays. Not only will it delay all disbursements of federal aid but it will also prevent disbursement of several types of state and institutional aid. Lastly, Students are required to put their UAA ID number on each page of all documents submitted to the Office of Student Financial Assistance.


Award Questions

I have received an award letter, and I have accepted my award... Now what?

Financial Aid awards are disbursed approximately ten days prior to the start of the semester. The actual date that you receive your check/direct deposit can vary.

If you have accepted Federal Stafford loans you will need to go to the Direct Loans website and complete a Master Promissory Note (MPN). You must complete a separate MPN for each of the following loan-types you borrow:

  • Subsidized and Unsubsidized Federal Loans
  • Graduate PLUS loans
  • Parents PLUS loans

For more information on loans, see our Student Loans page. Also, see our list of Loan Vocabulary.

What are the differences between grants, scholarships, and loans?

Grants and scholarships are both "Gift Aid" — money that you do not have to earn by working and generally does not need to be repaid.

  • A grant is primarily based on financial need

  • A scholarship is usually based, at least in part, on merit.

    • A tuition waiver is a specific type of scholarship that only pays for tuition — not fees or any other student expenses.

  • A loan is a type of financial aid that must be repaid with interest by the student. The repayment is usually after the student leaves school or drops below half-time enrollment.

Where can I get information about scholarships?

The best source for information on UAA scholarships is the UAA Scholarship website. The deadline for application to UAA and UA Statewide Scholarships is February 15th before the start of the academic year. The main scholarship application is available via UAOnline. If you are an Alaskan Native, check with your corporation for more information about specific scholarships they may offer. If you are Native American from outside Alaska, check with your Tribal Government. You can also look in the local areas such as your high school counselor, Rotary, Kiwanis and Lions Clubs. Be aware of deadlines when you are applying for scholarships.

I submitted my FAFSA, so why haven't I been awarded yet?

There are many possible reasons. Some of the most common are:

  • Forgetting to list UAA's Federal Title IV code (011462) on the FAFSA
  • Not responding to requests for information. Generally all work stops on your file until the requested information is received
  • Lack of an Admissions Application
  • Insufficient Academic Progress (SAP)

Loan Questions

What are the differences between Subsidized and Unsubsidized loans?

The federal government pays the interest of Subsidized Loans while you are enrolled in school at least half-time or during other approved deferment periods.

An Unsubsidized Loan begins accumulating interest from the time the loan is disbursed. Students have the option of paying the unsubsidized interest before they enter repayment, otherwise the interest will be capitalized.

What is Loan Entrance Counseling?

Loan Entrance Counseling is designed to inform you of the rights and responsibilities associated with your student loan. All first-time borrowers at UAA are required to complete Direct Loan Entrance Counseling before their loan can be disbursed. This process can be completed online in about 20 minutes.

Why has the Financial Aid Office decreased my loan due to grade level?

The Financial Aid Office packages loan amounts/limits based on the grade level you have indicated on your FAFSA (i.e. Freshman, Sophomore, Junior, Senior). If we determine that your actual grade level differs from what you have reported, the Financial Aid Office must revise your loans accordingly. Students who have a Junior/Senior standing but are admitted into a two year/associates' degree program can only receive loans at a Sophomore level.


Refund and Disbursement Questions

My financial aid is more than my tuition bill, so what happens to the extra money?

If the total of your financial aid is greater than the amount of your bill, you will receive a refund. You may select to have your refunds sent to your bank account by setting up a direct deposit via UAOnline. Otherwise, we will mail a refund check to the permanent address you have given UAA. It is therefore very important to keep your address up to date on UAOnline. Excess financial aid can not typically be used to pay for previous balances, according to Federal Regulations. If you owe an outstanding balance, contact the Office of Student Financial Assistance for the best advice on your available options.

How do I know if my refund has been direct deposited?

You can check to see if your financial aid refund has been direct deposited via UAOnline. To do so:

  • Log in to UAOnline.
  • Select the "Personal Information" Tab. 
  • Select "Financial Information"
  • Select "Direct Deposit Services"
  • Select "Review your direct deposits"
  • Select the fiscal year from the drop down menu that you wish to view and then hit "Display"
  • Each direct deposit that has been applied to your bank account will be listed.  The "Process Date" is the date the money was deposited.

Where's my refund? I was told my financial aid would disburse today but I don't have my check or a direct deposit.

First of all, the disbursement date for financial aid is the date that UAA can request the money and apply it to your student account. It is not the day that you should expect to receive a refund. The earliest that UAA can legally request a disbursement of your financial aid is ten days before the start of each semester. After that, the Disbursement Office must generate a check or direct deposit. This generally takes between 5 and 7 business days.

Therefore, if your financial aid is in order before the scheduled and published disbursement date (i.e. you have no outstanding paperwork to be completed, you are admitted, in good SAP, etc.), you should expect to see your refund no earlier than the first day of class.


Cost of Attendance Questions

Some of my funding was returned because I "received additional resources"... Why?

"Additional resources" are any sources of money that you have received which were not factored into your cost of attendance estimate. If additional resources become available to you, the Office of Financial Aid may reduce previously paid or anticipated awards in order to keep the student's aid package within the estimated cost. If additional resources become available to you at any time during the enrollment period that exceed your eligibility for assistance, federal regulations require the Office of Financial Aid to reduce previous awards that have been previously offered and or disbursed (this does include grants, scholarships, and loan funding).

All or part of any loan funds may be returned to the lender if additional resources become available to you that were not originally considered when eligibility for the loan was determined. Returned funds will therefore be applied to reduce your loan debt. Undisbursed, anticipated loan funds may also be canceled or reduced prior to disbursement, if these resources exceed the need calculation.

What if my income has been reduced due to life circumstances, or I've lost my job?

  • If you have already completed the FAFSA and your income has been reduced due to life circumstances or because you have lost your job, you can complete the Request for Income Override Form.

  • Make sure you complete the FAFSA and answer all the questions prior to submitting your Request for Income Override Form. Remember that a blank field is not automatically counted as 0 when entering dollar amounts into your FAFSA.


*For any questions regarding Satisfactory Academic Progress, please see our SAP webpage