Financial Aid Frequently Asked Questions

Q: How will taking all of my classes online impact my financial aid?
A: Financial aid eligibility is not impacted by the location of classes.

Q: When will my awards disburse?
A: Information about disbursements, payment and refunds can be found on our disbursement page.

Q: Can my current financial aid pay for a balance I still owe from the summer or last spring?
A: Federal regulations prohibit the release of funds to your student account when a balance over $200 from any previous academic year is present. Financial aid awarded to you will not be disbursed to your student account until the outstanding balance is resolved. Do not delay in resolving this issue so that we may deliver your financial aid to you in a timely manner.

Q: There has been a change in my household and/or income. How can I update my Free Application for Federal Student Aid (FAFSA)?
A: After you submit your FAFSA, all changes should be facilitated through our office. The Office of Financial Aid and Scholarships can take special circumstances into consideration as decisions are begin made about financial aid award packages.

Q: When should I complete the FAFSA?
A: It is recommended to complete the FAFSA for each year you attend. New applications can be completed each year you attend and wish to receive financial assistance. This form is available each October 1st and is used for the next academic year. Other forms pertinent to your situation (i.e. Hazlewood, Special Circumstance, Scholarships, etc.) must be re-submitted annually as well.

Q: Can I use financial aid to pay for off campus living expenses?
A: Yes. When we award a student financial aid, we take living expenses into consideration.

Q: How do I apply for financial aid?
A: Please visit our how to apply page for detailed information.

Q: How much does it cost to attend UTPB?
A: Please visit our costs page for more information. 

Q: How do I check on my financial aid awards?
A: Award information will be posted on MyUTPB. Click the Financial Aid tile, click on change award year. Select the correct award year, select Accept/Decline, click on pencil icon or “Edit” button, select from drop down menu, “Accept, Decline or Reset,” if adjusting an award check the reduce box under the column to adjust the accepting amount, and click submit.

Q: What is financial need?
A: Financial need is determined by a simple formula: Student’s Cost of Attendance (budget) – Student Aid Index (SAI) = Financial Need
Your established financial need is used to determine what financial aid you are eligible to receive. Grants, work-study, and subsidized loans require that students demonstrate financial need, while unsubsidized loans and PLUS loans do not.

Q: What is a Federal Student Summary(FSS)?
A: The FSS summarizes the information included in your FAFSA. To request a duplicate copy of a FSS, call 1-800-433-3243.

Q: Why was my aid cancelled?
A: Financial aid can be cancelled because of a request from you or because your eligibility changed.

Q: When will my financial aid disburse?
A: Most fall/spring financial aid will disburse ten days prior to the first day of classes. After the semester starts, we disburse aid daily. Once your financial aid and scholarships disburse, the funds will pay your tuition and fee bill and any on-campus housing charges before a refund is released to you. 

Q: What is the difference between a disbursement and a financial aid refund?
A: A disbursement is when your financial aid is transferred to Student Accounting to pay your bill. A refund is any aid that exceeds your bill and is released to you.

Q: How do I apply my Texas Guaranteed Tuition Plan to my bill?
A: Students need to submit a Texas Guaranteed Tuition request form with supporting documents every semester. The request form is found in our library.

Q: What is the difference between a dependent and independent student?
A: Your dependency status is determined by your answers to the dependency status questions on the FAFSA. This can change from year to year depending on your responses. For more information visit the Department of Ed’s Website. 

Q: Where can I find more information on the verification process?
A: General Information 

Q: how do I request a tax return transcript for verification?
A: Please visit click here for transcript types and ways to order them.

Q: Why was I selected for Verification?
A: People are selected for verification at random by the department of Education.

Q: Will I be selected for verification every year?
A: Their is a possibility of being selected more than one academic year. Some students are selected every year while some are never selected.

Q:How long does verification take?
A:The average processing time for verification is two weeks from the date we receive all of the requested documents. Incomplete submissions will delay the processing time.

Q: What happens if I do not complete the verification process?
A: If a student who is selected for verification does not complete the verification process, federal aid cannot be offered to the student.

Q: What do I have to do to get my loan funds?
A: You must complete the FAFSA, monitor MyUTPB To Do List for updates and requirements. Once you are awarded, you must accept your loan awards via MyUTPB. 

Q: Can I go ahead and complete the loan counseling now?
A: Yes. This can be done online. You will need your FSA ID and enter the University of Texas Permian Basin as the school to receive the results.

Q: If I borrowed loans through the Federal Family Education Loan (FFEL) Program and Direct Loans, will I have two different servicers to repay now?
A: Possibly. It depends which servicer your FFEL Program loan was through. You can have your loans consolidated to have only one servicer if you prefer. 

Q: Where can I find information about deferments and forbearance request?
A: Direct Loan Deferment and Forbearance

Q: What is required for my loans when I leave UTPB?
A: Loan borrowers are required to complete Student Exit Counseling online shortly before completing a degree leaving UTPB (i.e., withdrawing, graduation) or ceasing half-time enrollment. Be sure to select the University of Texas Permian Basin as a school to receive notification of completion. You will not be able to receive a transcript, sign up for classes, or see your grades until this is completed.

Q: How do my parents apply for a Federal Direct PLUS loan?
A: For undergraduate students only, you and your parents must complete the FAFSA. Once the estimated Parent PLUS loan is awarded, the parent must log onto StudentAid.gov to submit the Direct Parent PLUS request. 

Q: What if my parent is not eligible for the Federal Direct PLUS Loan?
A: The Department of Education will run a credit history check to determine eligibility for a Federal Direct PLUS loan. The department will provide additional information to parents about other options (i.e. pursue a co-signer/endorser or appeal the denial) if there is adverse credit history. Students can request Additional Unsubsidized Loan once the denial has been processed. 

Q: How do I repay my loans?
A: Review repayment plans 

Q: What is a Master Promissory Note?
A: The Master Promissory Note is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the Department. It also explains the terms and conditions of your loan(s). 

Q: What is an origination fee?
A: An origination fee is used by the federal government to offset the administrative costs of the loan. Origination fees are charged as the loan is disbursed.

Q. What is the interest rate?
A: The interest rate for federal student loans can be found at Federal Student Aid.

Q: Why did my Pell Grant amount change?
A: Your Pell Grant amount can change based on any change you made on your FAFSA, enrollment status, or attendance. Lifetime Eligibility Used (LEU) may also impact Pell Grant amounts.

Q: Can I get more grant money?
A: You are considered for your maximum grant eligibility at the time you are awarded. If additional funds are available, you will automatically be considered.

Q: I got X grant last year, but not this year. Why?
A: Your grant eligibility can change from year to year based on your FAFSA, enrollment status, or available funding. Lifetime limits on some programs may also impact grant eligibility.

Q: When will the General Scholarship Application be available?
A: The annual application opens in February or March and closes in April for aid in the upcoming academic year. If funds are available a Spring only application will open in October and close in November. All active and admitted students will be notified by email when the scholarship application is open.

Q: Will I be notified whether or not I was selected as a General Scholarship recipient?
A: Yes, you will receive an email from Awardspring to inform you if you have been accepted or denied as a recipient.

Q: Do I need to complete a thank you letter if I am a General Scholarship recipient?
A: Yes, you will need to submit a thank you letter for each donor before your aid can be disbursed.