Circumstances That Affect Your Aid
The amount of financial aid that is initially awarded to your account is based on full-time enrollment, and it is the maximum amount possible after reviewing your Cost of Attendance (COA) Budget, financial need, and the availability of funds. If your financial aid is not enough to cover your costs, you will need to make payment arrangements through your WeevilNet account or with the Cashier’s Office. In addition, this financial aid may not be used for deposits, standardized testing, physical examinations, or any other fees that you must pay prior to registration. You must be fully admitted, enrolled, and attending/participating in the classes you are enrolled in before your financial aid will be disbursed and paid to your account. It is your responsibility to notify the Office of Financial Aid of any change in your enrollment. If you do not notify our office, your aid will be adjusted on or shortly after the Census Date (11th class day for Fall and Spring, 5th class day for Summer). If you finalized/confirmed your bill and your aid is adjusted after the Census Date, you may be responsible to pay for the balance that is no longer covered. Changes in enrollment may reduce, eliminate, or add aid eligibility. Eligibility for Financial Aid must be re-established each year by renewing your Free Application for Federal Student Aid (FAFSA) at fafsa.ed.gov.
What is financial aid?
- Any money received to help pay for your bill at UAM and includes, but is not limited to:
- Pell Grant
- Any other Federal or State grant
- UAM Institutional, Private, or Foundation scholarships or grants
- Private scholarships from external organizations
- Loan, federal or private
- Work-Study, federal or institutional
- Veterans Affairs Benefits
- Third Party money such as El Dorado Promise, Workforce, or Rehabilitation Services
What is the Priority Deadline?
- This deadline is only for those planning to receive Federal Financial Aid from their Free Application for Federal Student Aid (FAFSA).
- If you meet this deadline, your Federal Financial Aid Package will be awarded, if eligible (e.g.: meet Satisfactory Academic Progress, not have loans in Default, still have remaining eligibility, etc.), before any student who does not meet this deadline.
- By this deadline, we must receive your FAFSA with an Official EFC and our school code of 001085 (FAFSA can take up to two weeks to process and be sent to our school) and all required documentation has been received, if selected for verification (for Fall 2019, we have extended receiving Priority Deadline Verification documents to April 15, 2019).
- If your Federal Financial Aid Package does not cover all of your charges, you may need to set up a payment plan through your WeevilNet to confirm/finalize. If you have issues doing this, contact the Cashier’s Office.
What If I miss the Priority Deadline?
- Your Federal Financial Aid Package MAY not be awarded by the first day of classes for the semester.
- You will still have the opportunity to turn in your FAFSA and required documentation, if selected for verification, by the Final Deadline.
What If I miss the Final Deadline?
- We will continue to process FAFSA applications after this deadline, but students who turned in their FAFSA before the Priority and Final Deadlines will be given preference.
- You will need to be prepared to set up a payment plan through our Cashier’s Office via WeevilNet to confirm/finalize until your federal aid has been awarded, if eligible. (e.g.: meet Satisfactory Academic Progress, not have loans in Default, still have remaining eligibility, etc.).
How was the amount of my financial aid determined?
- The amounts and types of your aid were determined on the basis of your enrollment and the financial aid information given in your FAFSA, or assumed if no FAFSA is submitted.
- Your awarded financial aid cannot exceed the Cost of Attendance (COA) Budget for the semester. This is an expected cost of all of your expenses by the average student in your categories (e.g.: enrollment status, undergrad or graduate, in-state or out-of-state, on-campus or off-campus, etc.).
- One-half of the total aid for the school year will be made available to you for the fall semester and one-half for the spring semester, unless the award is specified otherwise and is allowable.
- Summer financial aid eligibility is not calculated and only applied, if eligible, if you enroll and apply for summer financial aid through your WeevilNet account. If you have questions of your remaining eligibility for the summer semester, please contact the Financial Aid Office.
What is SAP/Satisfactory Academic Progress?
- Satisfactory Academic Progress (SAP) is the policy that all UAM students must follow in order to continue to be eligible for most forms of financial aid.
- SAP and Academic Standing are two different policies.
- You may meet SAP, but not be in good Academic Standing with Academic Affairs. Also, you may be in good Academic Standing, but not meet SAP with Financial Aid.
- You are still responsible for meeting SAP even if you do not have any financial aid.
- There are five SAP statuses
- Meets – You are meeting SAP.
- Warning – You have not met SAP for one semester.
- Probation – You appealed your SAP status due to extenuating circumstances and it was approved for the following semester you attend at UAM.
- Academic Plan – You appealed your SAP status due to extenuating circumstances and it was approved as long as you follow an assigned academic plan.
- Not Meets – You are not meeting SAP. This occurs after two semesters of not meeting SAP or by earning a W,F, or I grade in all classes for one semester.
- There are two standards you must meet to meet SAP
- The Qualitative Standard is a minimum 2.0 cumulative GPA.
- The Quantitative Standard is successfully completing at least 67% of your total attempted hours (includes all attempted, remedial, repeated, transfer classes and classes you’ve earned a W,F,AU, or I grade), and being able to complete your program within the Maximum Time Frame allowable.
- For an explanation of these standards and more, please click here UAM SAP Policy or contact the Financial Aid Office.
- If you do not meet these standards, if you have extenuating circumstances, you will be given an opportunity to appeal at the end of the semester you go on Financial Aid Denial.
- If approved, you will be able to continue to receive financial aid if you continue to Meet the SAP Policy by the end of the following semester you attend at UAM.
- If denied, you will have to come back into compliance with the SAP Policy before eligibility will be reviewed again.
Where is my Scholarship?
- You may not have met the renewal requirements for your scholarship, please contact the Financial Aid Office or the organization granting the scholarship for renewal requirements on your specific scholarship.
- Scholarships from outside orgainizations not shown on your WeevilNet Financial Aid section have either not been received or we are having to send verification of enrollment before a check is sent to us. Please contact our office and ask for our Scholarship Coordinator for further questions.
- State Scholarships from the Arkansas Department of Higher Education (ADHE) (i.e. Arkansas Academic Challenge, ArFuture, Military Dependent, Dependents of Law Enforcement Officers, National Guard Tuition Assistance, etc.), are sent to the Financial Aid Office in rosters as ADHE processes applications. These rosters do not usually get to us until the few weeks before classes start. If you have accepted a scholarship with ADHE and it is not on your account by the first day of classes, please contact the Financial Aid Office.
- You may need to endorse a scholarship check. If so, an e-mail will be sent to your student e-mail account stating that we have a scholarship check that needs to be endorsed by you before we can apply it to your account.
When will I get my refund? / Why did I not get a refund?
- Refunds are scheduled for specific calendar weeks for each semester depending on the types of aid you are receiving, the time period in which you are expected to receive that aid, and if you are a first-time borrower for loans. Dates are posted here Important Financial Aid Links under Refunds.
- You may need to complete Entrance Counseling and a Master Promissory Note at www.studentloans.gov before any loan money will be disbursed.
- If you still need to complete one of these, there will be an item on your WeevilNet ToDo List
- It can take up to 48 hours for these items to be processed with the U.S. Department of Education and sent to us.
- If you previously completed Entrance Counseling at a different school already, it will not automatically be sent to us. Please contact the Financial Aid Office to ensure we clear that
requirement sooner than it would be through normal business.
- If you completed a MPN, but you still have the item on your WeevilNet ToDo List, there may be other issues. Please contact the Financial Aid Office.
Why was my aid changed after it was awarded?
- If you do not enroll for the fall semester, your award will be cancelled for the entire year. You may request financial aid for the spring when you re-enroll (or are readmitted) for spring. This will be done if you still meet all eligibility requirements and funds are available for the spring semester.
- Your aid may be adjusted if information submitted on your FAFSA or other documents are found to be incorrect.
- Also, the university reserves the right to adjust your award if:
- your family conditions change during the year;
- you receive financial support from a source other than the aid listed on your award letter;
- you do not maintain enrollment and attendance in hours you registered in at the beginning of the semester;
- human or computer error that was made.
How is my bill paid with financial aid?
- All financial aid on your account will go to pay for your financial obligations to the university for the current term before cash disbursements (refunds) are made to the students, unless the award specifies otherwise.
- If a prior term balance is owed, it is the student’s responsibility to make the necessary payment arrangements with the Cashier’s Office. Current year federal financial aid can pay no more than $200 for a balance due from a prior year.
What happens if I withdraw?
- There are two types of withdrawal: Official and Unofficial
- An Official Withdrawal is when you complete a withdrawal or drop form and return it to the Registrar’s Office
- An Unofficial Withdrawal is when you stop attending class without completing a withdrawal or drop form.
- You will have to meet with a financial aid analyst when you officially withdraw from a class to go over how it will affect your financial aid package and borrowing history if you have borrowed loans.
- If a student completely withdraws from the university, Officially or Unofficially, all or part of financial aid award may have to be repaid.
I withdrew from classes, why do I now owe a balance?
- If withdrawal, Officially or Unofficially (explained under What happens if I Withdraw?) occurs BEFORE classes begin, all of the financial aid awarded must be returned.
- Please refer to Tuition and Fees Refund Dates or contact the Registrar’s Office for information regarding being repaid for Tuition and Fees during the first week of classes.
- If withdrawal, Officially or Unofficially, occurs AFTER classes begin, a portion of the aid may need to be repaid by the student or to the University to the U.S. Department of Education.
- This may result in owing a balance to the University for the portion of your bill that financial aid was covering, as well as any refunded credit balance the University paid you out of that financial aid.
- Please contact the Office of Financial Aid if you are thinking about withdrawing. Note that simply contact our office is not Officially withdrawing.
- Future eligibility for aid may be suspended if arrangements are not made for repayment with the consent of the Financial Aid Office and the Cashier's Office.
- The calculation of your repayment will be made on the basis of University and/or federal regulations at the time of your withdrawal. More information is on our Satisfactory Academic Progress Policy here UAM SAP Policy.
How does Work-Study work?
- For job openings and completing applications, please contact the office of Career Services at 870-460-1453 or visit their office on the 2nd Floor of Harris Hall.
- There are two types of Work-Study, Federal and Institutional.
- Federal is awarded based on your FAFSA application. Not everyone is eligible for Federal Work-Study.
- Institutional does not affect financial aid; therefore, all students are eligible for Institutional Work-Study as long as they meet SAP (even if a FAFSA is not filed) and a job is found by the student.
- Financial Aid offered as Federal Work-Study is an estimation of the amount you may expect to earn during the term(s) indicated based on your FAFSA information.
- A work study award does NOT guarantee the student’s employment on campus.
- The awarding of Federal Work-Study is done for those who have applied through the Office of Carrer Services, have been hired, and have had a Work-Study Transmittal turned in to the Financial Aid Office.
- Students are allowed to work up to a maximum of 20 hours a week, but is not guaranteed based off of the hiring department’s needs and budget.
- Students are paid the 10th of every month (or next business day if on a weekend or holiday).
- If employment is found and you choose not to work, for any reason, the University will assume no obligation to substitute other types of aid.
How do I know if my application was chosen for verification?
- Your Student Aid Report (SAR) that can be viewed after completing your FAFSA at the FAFSA.gov website will tell you if your application was selected for verification by the U.S. Department of Education. There may be circumstances where you are not selected by the U.S. Department of Education, but still may be selected by the Financial Aid Office.
- You will receive a verification letter from the Financial Aid Office at your home address listed on your WeevilNet. It will include the forms to be completed and a list of additional financial documents if required.
- You can also see this information on your WeevilNet To-Do list and print any needed forms from the UAM Financial Aid webpage under Financial Aid Forms.
How long do I have to turn in verification documents?
- Verification letters have a "due date" listed beside each document required. We cannot award your federal financial aid until verification has been completed, so please provide the required documents as soon as possible.
- Pay attention to the posted Priority and Final Deadlines and consequences of turning in required documents after those dates.
- Other limitations may apply. Contact the Financial Aid Office if you have any questions.
What types of documents could be needed for verification?
- IRS Tax Return Transcript (not a tax return)
- 1040X (if amended tax)
- Child support documentation
- High school transcript
- The U.S. Department of Education gives the University the authority to request any additional documentation deemed necessary to verify information believed to be inaccurate.
Do I need to link my taxes to the FAFSA?
- We encourage all FAFSA applicants to use the IRS Data Retrieval Tool (IRS DRT) to transfer official IRS tax return information into their FAFSA on the web application. This is the most efficient way to complete the verification process.
- We cannot accept 1040, 1040A, 1040 EZ forms as proof of filing.
- The only exception is for the 2017-2018 FAFSA when the IRS DRT was not available. Starting with the 2018-2019 FAFSA, we are required to request the Tax Return Transcript rather than copies of tax returns.
- If, however, you were unable to use the IRS DRT, applicants are asked to submit an IRS Tax Return Transcript. IRS Transcripts are usually available within 3 weeks of e-filing or 11 weeks after submitting a paper return.
- It can take up 10 business days or longer in some cases to receive a Tax Return Transcript (TRT) by requesting it to be mailed if you are not able to request one online. This may affect turning in documents by our posted Priority or Final Deadlines.
How Can I Obtain a Free IRS Tax Return Transcript?
- Go to www.irs.gov/Individuals/Get-Transcript. Click “Get Transcrpt Online” or “Get Transcript by Mail”. Choose “RETURN TRANSCRIPT”.
- Tax Transcripts may also be requested using the IRS Automated Phone Tool at 800-908-9946, by mail using the IRS paper form 4506 or 4506T or the IRS2Go App.
- Though it is discouraged by the IRS, in certain circumstances you can have it faxed to our office, but they will not fax it unless you are present at the location it is being faxed to, so you would need to be at our office when they fax it.
What if I'm not attending UAM?
- If you decide not to attend UAM, please sign the Verification Letter giving permission for your file to be closed.
- If you are planning to transfer to another school and currently have financial aid awarded for another semester, please complete a Request to Cancel Financial Aid form so that your new school can award a financial aid package.
UAM Financial Aid Office
P.O. Box 3470
Monticello, AR 71655