Graduate Financial Aid Forms and Policies

Why do I fill out the same forms every year?

Financial assistance from both federal and state sources is based on your financial and resident situation from the previous year. If you are applying for any Federal Aid you must complete the FAFSA each year.

When does my financial aid get paid?

Most graduate programs the first disbursement is made two to three weeks once classes begin, if your file is complete. The second disbursement is made past the half point of the semester.

Law students disbursements are made 3-5 days after the term begins, if your file is complete.

How is my financial aid paid?

All aid, whether grants, scholarships, or loans, is credited to your account in the Student Accounts Office. Once your university charges are paid, any credit balance is yours to (1) leave on your account for the next term; (2) request part and leave part on your account; or (3) request the entire balance.

How do I apply for a student loan?

Faulkner University acts as an agent for the Direct Loan Program. For that reason, the first time you apply for a loan through our university, you must complete the Free Application for Federal Student Aid (FAFSA), (2) Master Promissory Note, (3) Faulkner University Loan Information Sheet, and (4) Loan Entrance Interview.

For subsequent loans during the same financial aid year, you complete only the Loan Information Sheet.

How are my loan disbursement rates determined?

The disbursement dates are determined by the individual programs and the start dates. However, if you have not completed your academic file with the Admissions Office, your loan will be delayed until it is completed. After your financial aid has been processed, an award letter will be mailed to you. Do not lose this letter as this information will be not be given over the phone.

My loan is for one term only. Why do I have 2 disbursements?

Federal regulations require two disbursements. The first disbursement can be scheduled on the normal disbursement date, but the second disbursement must be after the mid point of the term.

Why do I have to wait 10 days for my credit balance from my loans?

Stricter federal regulations have prompted the university to check students’ attendance to verify who has “earned” their aid by attending all classes for which they are registered. Loan money is transferred to the university electronically with the recipients listed on a roster. These rosters are often very large especially at the beginning of each term. Verification of each student’s status is time consuming. For this reason federal regulations state that universities have 14 days in which to pay credit balances. Our business office has been able to provide credit balance checks within 10 days.

When do I need to re-apply for financial aid?

Students in all programs need to re-apply by May 1 of each year in order to establish eligibility for the next school year.

How do I purchase books and other supplies?

Financial Aid funds will not be available early enough each term to purchase books and supplies or make required down payments. Be prepared to make these purchases through other sources. If your financial aid is complete 10 days before the start of classes, then you can request a book voucher up to the 7th day of classes.

I am eligible for Veteran’s Benefits. How do I apply?

Students in an associate degree program in the Birmingham, Mobile, or Huntsville center are to check with the center registrar. All other students should contact the Military and Veteran Services Department located on the Montgomery campus at (334) 386-7146 for information.