Information in this page is designed to help you obtain federal financial aid as a student at BYU. Besides our MSS Enriched Environment Scholarship, as a student you can be considered to receive financial aid from the government.
Please read carefully the following information and consider applying to the different options.
Federal Financial Aid OptionsFederal Grants:
-Pell Grant: F ree money. A Pell Grant is not a loan and does not need to be repaid. To receive a Pell Grant students must meet the eligibility requirements. For more information see http://saas.byu.edu/financialAid/finaid/grants/pell.php?box=two
-Academic Competitiveness Grant (ACG): awarded to first and second year students based on financial need and a set of academic qualification criteria. These grants are not loans and do not need to be repaid. For more information see http://saas.byu.edu/financialAid/finaid/grants/acg.php?box=two
-Science and Mathematics Access to Retain Talent (SMART) Grant: awarded to third and fourth year students based on financial need and a set of academic qualification criteria. These grants are not loans and do not need to be repaid. For more information see http://saas.byu.edu/financialAid/finaid/grants/smart.php?box=two
Federal Loans:
Stafford Loans are low-interest loans backed by the federal government. Stafford Loans are less expensive than for-profit bank loans, (a.k.a. private or alternative loans) which should be avoided, except in extreme circumstances. Stafford loans have a 6.8% fixed APR. Alternative loans have variable interest rates which changes over time. They typically begin between 12% APR and 15% APR and may reach as high as 25% APR. Stafford loans come in two types: subsidized and unsubsidized. For more information see http://saas.byu.edu/financialAid/finaid/grants/stafford.php?box=two
-Subsidized Stafford Loans: Subsidized Stafford Loans are preferable, because they grow no interest and require no payment while students are enrolled in school at least half-time and during a six-month grace period thereafter.
-Unsubsidized Stafford Loans: Unsubsidized Stafford Loans, on the other hand, begin to grow interest 60 days after disbursement. Students may choose to make monthly payments on unsubsidized loans while they are in school, or they may choose not to pay and let the interest accrue. High income does not prevent students from qualifying for Unsubsidized Stafford Loan (or PLUS, or Grad PLUS loans).
-Parent Loan for Undergraduate Students (PLUS) Loans: a loan that a parent may obtain on behalf of a dependent undergraduate student. PLUS loans have a fixed 8.5% annual percentage rate (APR). Repayment of this loan starts and interest begins to grow 60 days after the loan is fully disbursed. For more information see http://saas.byu.edu/financialAid/finaid/grants/plus.php?box=two
The above federal financial aid options, except for the PLUS Loans, require the student to annually submit the Free Application for Federal Student Aid (FAFSA).
To be considered for federal financial aid (excluding PLUS Loans), you must complete the Free Application for Federal Student Aid (FAFSA). Information provided about the FAFSA is found at www.fafsa.ed.gov . You can also visit the BYU Financial Aid Website and click under Application Checklist for more information about the specific FAFSA process for BYU. After completing the FAFSA you are not done with the process to be awarded federal financial aid. Please pay special attention to the Student Aid Report (SAR) and the Verification process.
After completing the FAFSA, the government sends the results to the school(s) you have indicated and in the case of BYU, you need to provide some additional information. This additional information is provided on Virtual Immediate Processing (VIP) on Route Y under the ‘School’ tab. You must sign in to Route Y with your net ID and password to be able to access your own personal VIP.
Under VIP you can do the following things:
1. Apply for different types of Financial Aid. These include:
- Pell Grants
Pell Grants are awarded by the U.S. Department of Education based on financial need. They are not loans and do not need to be repaid.
- Stafford Loans
Federal subsidized Stafford Loans are low-interest, federally subsidized loans made available to eligible students from lending institutions to assist in paying educational expenses.
Students who do not qualify for a full federal subsidized Stafford Loan may borrow an unsubsidized loan under the Federal Stafford Loan Program. The government will not pay the interest on your unsubsidized Stafford Loan.
- Plus Loans
The PLUS Federal Parent Loan is a loan that a parent may obtain on behalf of a dependent undergraduate student.
The PLUS Federal Loan for Graduate or Professional students (GRAD PLUS) is a loan available for Graduate or Professional students in addition to Stafford loan eligibilities.
-BYU Loans (Short-term Loans, Wooley Law Loans, and MSM Loans). (Please refer to the "Other Loans Available at BYU" link).
(Please read information about completion of the FAFSA in order to apply for Financial Aid)
1. Submit data, monitor your financial aid process and communicate with the processing team.
2. Find detailed information about the process of each type of Federal Financial Aid.
3. You can also find information about how and when funds will be disbursed.
For more information about VIP please refer to the VIP tab under the Financial Aid Website.
BYU Loans (Short-term Loans, Wooley Law Loans, and MSM Loans)
Short Term Loans
The Short Term Loan is a means to temporarily pay for tuition by the deadline and it must be repaid within the semester or term for which it is used. There is a $20 processing fee. For more information see http://saas.byu.edu/financialAid/finaid/grants/shorTermLoan.php?box=two
Woolley Law School Loan
The Woolley Law School Loan is a loan sponsored by the BYU J. Reuben Clark Law School. No interest accrues while a student is enrolled full-time in law school and the interest rate thereafter is 7.5% APR, which makes these loans much less expensive than private or alternative loans. For more information see http://saas.byu.edu/financialAid/finaid/grants/woolley.php?box=two
Marriott School of Management (MSM) Loans
The Marriott School of Mangement (MSM Loan is a loan sponsored by the MSM for students enrolled in its graduate programs, except for the Executibe MBA and Executive MPA programs. No interest accrues on MSM Loans while a student is enrolled full-time in the MSM and the interest rate thereafter is 7.5% APR, which make these loans much less expensive than private or alternative loans. For more information see http://saas.byu.edu/financialAid/finaid/grants/marriott.php?box=two