How much money will I receive?
- Most financial aid fund are awarded for the Academic Year, the fall and spring semesters.
- In most cases, you will receive one half of the award in the fall term, and the second half in the spring term.
- The actual amount of your award depends on your financial need, cost of attendance, year in school, and availability of funds
- Your federal and/or state awards may be reduced if you receive other sources of assistance that exceed your financial need and/or cost of attendance
- Federal loan awards are a gross amount. The disbursement amount (net payment amount you receive from your lender) is the gross amount less required federal fees
- Federal regulations require that all federal student and parent loans be disbursed in two disbursements, regardless of the length of the loan period.
- The second disbursement cannot occur until the mid-point of the loan period.
- For example, if your loan is for the period of enrollment covered by the fall and spring semesters, then you will receive one-half of the loan at the beginning of the fall term and the second half at the beginning of the spring term.
- The two-disbursement requirement also applies to student and parent loans processed with a ‘single term’ enrollment period. This means the student will receive one-half of the loan funds at the beginning of the term, and the second half at the mid-point.
How will I receive the funds from my financial aid award?
- The majority of financial aid awards are credited directly to your UA Little Rock Student Account
- Scholarships (Academic Scholarships, Private Scholarships, Scholarships from the state of Arkansas)
- Grants (Pell Grant, SEOG)
- Federal Loans funds
- Alternative Loan funds (private education loan funds) received via Electronic Funds Transfer (EFT)
- Awards that do not credit “automatically”, but require you to endorse the check at the UA Little Rock Cashier’s Office:
- Student loan funds received by hard copy check
- Scholarship checks that are payable to you
- Federal Work Study funds are paid as an hourly wage, and do not credit your UA Little Rock Student Account.
When will I receive my financial aid funds?
- Financial Aid funds will credit your UA Little Rock Student Account at the beginning of the semester. The date that disbursement will begin for each term is determined by federal regulation. No funds will be disbursed early.
- The earliest date that any loan funds will credit your UA Little Rock Student Account is the first day of classes.
- NOTE: Entering freshmen will not receive student loan funds until 30 days after the first day of class. This restriction applies to the student’s first term of enrollment at UA Little Rock.
- Federal regulations require that all federal student and parent loans be disbursed in two disbursements, regardless of the length of the loan period. The second disbursement cannot occur until the mid-point of the loan period.
- For example, if your loan is for the period of enrollment covered by the fall and spring semesters, then you will receive one-half of the loan at the beginning of the fall term and the second half at the beginning of the spring term.
- The two-disbursement requirement also applies to some student and parent loans processed with a ‘single term’ enrollment period. This means the student will receive one-half of the loan funds at the beginning of the term, and the second half at the mid-point.
- Some private scholarship donors require verification of enrollment before they will send funds to UA Little Rock. If your scholarship has this requirement, UA Little Rock will not be able to verify enrollment and request funds from the donor until registration has ended for the term.
- Scholarships from the Arkansas Department of Higher Education (ADHE) do not disburse until after the 11th class day for the fall or spring term. UA Little Rock verifies enrollment as of the 11th class day and requests funds from ADHE. Payment does not occur until funds are received from ADHE.
Do I have to be registered for classes to receive financial aid funds?
You must be registered in the term in order for funds to credit your UA Little Rock Student Account.
- The actual dollar amount paid to your UA Little Rock Student Account depends upon the number of hours in which you are enrolled.
- Hours taken for Audit, College Level Examinations Programs (CLEP), Department Credit, Proficiency Examination Program, or Advanced Placement are not counted when determining enrollment for financial aid purposes. Repeat coursework may not count when determining enrollment for financial aid purposes.
- Most Title IV financial aid programs require a minimum of half-time enrollment.
- Some programs require full-time enrollment.
- UA Little Rock Academic Scholarships
- Athletic Awards
- Awards from the Arkansas Department of Higher Education
- Programs from the State of Arkansas which require a minimum enrollment of 15 hours:
- Arkansas Challenge Scholarship (The student may receive funds for enrollment in 12 hours for the first semester of award)
- Arkansas Governor’s Scholarship
- Arkansas Distinguished Governor’s Scholarship
What if my financial aid application is incomplete?
- Financial aid funds cannot credit your UA Little Rock Student Account until all financial aid requirements and/or missing items are complete:
- Fully admitted as a degree-seeking student http://boss.ualr.edu
- All admission requirements must be complete.
- All transcripts from all previously attended schools must be received and evaluated.
- Must be making Satisfactory Academic Progress
- If required, verification must be complete
- Requirements for receiving loan funds
- Loan Entrance Counseling complete: https://studentaid.gov/entrance-counseling/
- Master Promissory Note (MPN) complete: https://studentaid.gov/mpn/
- At least half-time enrollment
- Check the status of your financial aid requirements http://boss.ualr.edu
