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Federal Loan Application Process
STEP 1. Complete your Free Application for Federal Student Aid (FAFSA) available either online at www.fafsa.ed.gov or from the External Resources page under Financial Aid.
Complete the application online and submit it to the Federal Processor as soon as possible after completing your federal tax return for the applicable tax year. You may expect to receive an electronic Student Aid Report (SAR) in about two days. Review the report and your responses carefully.
If any responses are questioned, follow the instructions provided to correct them. If you don't know how to proceed, contact the Financial Aid Office. Keep all SARs for your records. Thunderbird receives all information electronically as long as our school code (G01070) is listed. If you do not receive your SAR within two weeks, call 1-800-4FEDAID (1-800-433-3243) or check the status online at www.fafsa.ed.gov.
STEP 2. Complete the financial aid data form (available on the External Resources page).
To meet the priority filing date, the financial aid data form must be received by:
- Fall Trimester - February 15
- Spring Trimester - September 1
Submitting your financial aid forms by the priority filing date ensures consideration for the Federal Perkins loan and federal work-study programs (funds are limited under these programs), adequate time to process your financial aid award package and receipt of funding by the first day of classes. However, you may apply for aid after the priority filing date, as well as during the trimester for which funds are needed.
Note: You do not need to be admitted to Thunderbird to begin the financial aid process.
STEP 3. Follow Up
All discrepancies or conflicting data indicated on your SAR must be resolved in order to continue the financial assistance process and receive your financial aid eligibility letter. This may include verification documents. The Financial Aid Office tells you what information and documents are required to resolve any issues. If the SAR does not find any discrepancies or conflicting data, this step may be skipped and your file is considered complete for the award period.
STEP 4. Receive Welcome E-mails
This series of e-mails will provide introductions to staff and provide helpful links and tips to help you with your preparations for returning to life as a student.
STEP 5. Loan Counseling
You must complete an entrance counseling session prior to receiving funds.
STEP 6. Receive "File Complete" E-mail/Lender Selection
This e-mail will outline tasks that you may wish to do in preparation for receiving your aid eligibility letter, such as researching and selecting your lender.
STEP 7. Receive Award Notification E-mail
When you receive notification that your Financial Aid Award Letter is available, it describes the assistance for which you are eligible. You will be asked to review the award information online. Follow the instructions in the notification e-mail, such as accepting or rejecting the aid offered to you. To ensure you receive funds by the first day of classes, you must accept your awards within two weeks of receipt. If, after you receive your award information, you no longer need financial aid, please reject the awards listed.
STEP 8. Loan Application Certification/Processing
When the Financial Aid Office receives the results of your awards through the online award process and a Lender Selection form (from you) or certification request from your lender(s), the Financial Aid Office certifies your loan and sends it to the lender. The lender certifies the loan and sends the loan information to the guaranty agency who acts on behalf of the federal government. Once the guaranty agency approves the loan, it informs the lender who then sends the funds electronically to Thunderbird for Stafford, Grad PLUS and Private Education loans. Perkins loans are handled internally.
STEP 9. Funds Receipt
When the funds are received from the lender, your eligibility is reconfirmed (enrollment, etc.) and the Finance and Accounting Office is informed. Funds are then electronically transmitted to your student account from the financial aid system. You are sent an e-mail notification from financial aid indicating which funds have been received and the amount applied to your account. A hold on these funds may occur if there are any discrepancies including, but not limited to, changes in credit hours, new financial aid or an updated SAR. If this happens, we contact you to resolve the discrepancies and handling of the funds.
If financial aid posted to your student account creates a credit balance, a refund is processed at the end of the second week of classes. If financial aid does not cover all charges, you must make arrangements to pay the balance due. Payment is required on the first day of classes or your account is subject to finance charges until the account is paid.