FINANCIAL AID AND SCHOLARSHIPS

Financial Need, Application Procedure and Academic Progress | Scholarships | Veterans Benefits

The University of Arkansas annually awards over $80 million of financial aid and scholarships to her students. Financial aid is divided into categories of grants, work, loans, and scholarships. Unless otherwise specified, a student needs to complete only two forms to apply for all four basic types of assistance: The Free Application for Federal Student Aid (FAFSA), which analyzes the ability of the student's family to pay for college; and the University's Application for Admission. These forms collect information used by the Office of Financial Aid and the University's scholarship committees in determining awards. In some cases, copies of the parents' and/or student's tax returns are needed.

DETERMINING FINANCIAL NEED

To determine financial need a student needs to complete the FAFSA. Students release their information to the University of Arkansas by completing the college release section with the University of Arkansas Title IV Code of 001108.

There is a priority date of March 1 for the submission of the FAFSA for the approaching school year for new students. Federally funded financial aid will be awarded on the basis of need as reflected by the FAFSA.

The Student Aid Report from the FAFSA (consisting of several pages) will be sent directly to the student by the Central Processing Service. A student needs to be enrolled or accepted for enrollment before a financial aid award can be generated. To continue receiving financial aid, the student needs to be making satisfactory progress toward a degree, as defined by the University of Arkansas. (See Satisfactory Academic Progress, below.)

APPLICATION PROCEDURE

1. Apply for admission to the University, if not currently enrolled or admitted.

2. Complete the Free Application for Federal Student Aid (FAFSA) and submit it to the federal processor by mail or online. You may submit the FAFSA on the Web at <http://www.fafsa.ed.gov>.

Students hoping to be considered for scholarships need to have their application for admission submitted by February 15 to the University for priority consideration. However, please check with your department for earlier deadlines and additional forms.

To receive priority consideration for financial aid, all forms and applications need to be submitted by March 1. Students are encouraged to apply even if they miss this priority date. Funds will be available after the priority date.

A student has a couple of choices concerning processing his or her FAFSA. These include mailing the form to the Federal Student Aid Programs or submitting it electronically on the Web at <http://www.FAFSA.ed.gov>. The processing time for electronic applications is three weeks, and processing time for mailed applications is four to six weeks.

SATISFACTORY ACADEMIC PROGRESS

Federal regulation requires that a student must be making satisfactory academic progress regardless of whether he or she has previously received Title IV aid. All students enrolled at the University of Arkansas who receive financial aid through the Title IV Assistance Programs must meet satisfactory academic progress requirements as defined below to be eligible for further aid. Satisfactory academic progress is deemed to have been made by any undergraduate student who meets both the quantitative and qualitative requirements indicated below.

Quantitative Requirements

There are two quantitative requirements that the undergraduate student must meet to remain eligible to apply for financial assistance. First, the student must pass, at a minimum, 67% of the credits attempted while attending the University. Also, the student will remain eligible to apply for aid as long as the number of credits attempted is not more than 150% of the number of credits required for the student's undergraduate degree.

A transfer student may have earned credits at another school that will count toward his or her undergraduate degree at the University of Arkansas. Only transferable credits will count as part of the 150% maximum.

The determination of each student's meeting the quantitative requirements for satisfactory academic progress will be made annually following the conclusion of the spring semester. If a student fails to pass at least 67% of the credits attempted or has attempted more than 150% of the number of credits required for graduation, then the student must appeal for reinstatement of financial aid eligibility.

Qualitative Requirements

An undergraduate student is deemed to have met the qualitative requirements for satisfactory academic progress for financial aid purposes provided the student's academic status is not one of Academic Dismissal.

Graduate and Law Students

Satisfactory academic progress for graduate and law students is determined as described above with one exception. To meet the quantitative requirement, the student must pass with at least a grade of C, at a minimum, 67% of the credits attempted while attending the University at the graduate level.

Financial Need, Application Procedure and Academic Progress | Scholarships | Veterans Benefits