Frequently Asked Questions

What forms are needed to apply for Financial Aid?

I probably don't qualify for aid. Why should I apply?

Do I need to be admitted before I can apply for financial aid?

I sent in my FAFSA over four weeks ago, but haven't heard anything. What should I do?

What is the difference between a subsidized and an unsubsidized loan?

What is "loan counseling," an "entrance interview" or "entrance counseling session"?

Can I cancel my loan if I change my mind?

My application has been selected for verification, what does that mean?

What forms are needed to apply for Financial Aid?   

The Free Application for Federal Student Aid (FAFSA) must be completed each year.  Students can submit their application electronically at www.fafsa.ed.gov. 

In addition, students will need to complete a UAMS Student Data Form.

I probably don't qualify for aid.  Why should I apply?   

Many families mistakenly believe they don't qualify for aid, preventing themselves from receiving aid for which they may be eligible simply because they fail to apply.  In addition, there are sources of aid, such as Unsubsidized Loans and Parent Loans for Undergraduate Students (PLUS), available regardless of need. The FAFSA form is free.  It does not obligate the student or the parent in any way.  There is no reason not to apply.

Do I need to be admitted before I can apply for financial aid?   

No, students can apply for financial aid at any time after January 1^st.  To be awarded and receive federal aid, students must be admitted to a degree seeking program. To receive funds, you must be admitted and enrolled at UAMS.

I sent in my FAFSA over four weeks ago, but haven't heard anything.  What should I do?   

Students who haven't received a Student Aid Report (SAR) should call the Federal Processor at 319.337.5665 or 800.433.3243.  Students can also check the status of their application online at www.fafsa.ed.gov.  If you do not receive a Student Data Form from our office within two weeks of completing your FASFA, please contact our office.

What is the difference between a subsidized and an unsubsidized loan?   

For both loans, the principal (the original amount a student borrows) is deferred until six months after the student graduates or stops attending school at least half-time.  A SUBSIDIZED loan is one where the government pays the interest on the loan while the student is in school.  An UNSUBSIDIZED loan is one where the student is responsible for paying the interest.

What is "loan counseling," an "entrance interview" or "entrance counseling session"?  

All of these terms refer to the same thing: loan counseling.  The federal government requires all first-time student loan borrowers to participate in loan counseling prior to receiving a Federal Student Loan.  During this online session, students will review basic facts about loans, managing their education expenses, and their rights/responsibilities as a student loan borrower.

Can I cancel my loan if I change my mind?   

Yes, prior to receipt of funds students may cancel all or a portion of their loan by informing the Student Financial Services/Awards Division office in writing.

My application has been selected for verification, what does that mean?  

The US Department of Education randomly selects FAFSA’s for a review process called “verification”.  This means UAMS must compare the information from your FAFSA with financial documents that you must provide to our office. You will be required to submit a signed copy of your federal tax forms and verification work sheet. If you are a dependant student, you will also be required to submit a copy of your parent’s federal tax forms. You may also be asked to submit other documents, such as proof of the amount of untaxed income you or your parents receive, or verification of the family’s assets.