Understanding Your Aid
After you’ve received your financial aid offer, it’s time to use your awarded funds to help pay for your education.
Accepting, Reducing, Declining or Canceling Aid Through My Financial Aid
Review your Financial Aid Summary
Go to My Financial Aid and click on the Financial tab in the menu bar to review your financial aid summary.
Decide
If you have been awarded loans, decide whether to accept your loans in full or reduce them accordingly. To decline the Subsidized and Unsubsidized loans, reduced the award amount you will receive to $0. Applying for a Direct PLUS Loan is the only way to accept it; it cannot be declined. Pending loan actions may remain visible on your portal home page whether or not you accept the loans and will not affect the disbursement of other financial aid. Grants and scholarships do not have to be accepted.
Make Changes
To reduce, decline or cancel your aid later, select “Adjust My Funding” and follow the prompts as needed.
Release of Financial Aid
Financial aid funds will be released on a rolling basis about a week before the first day of class each semester.
Make sure your financial aid releases on time by taking care of outstanding requirements or document requests on the My Financial Aid portal.
Proof of Identity
To conduct University business online you must have an upgraded UT EID. To upgrade your EID, visit the ID Center in the Flawn Academic Center to sign the Electronic Agreement Form. You will need to present a valid, current government-issued ID. New and transfer students will have the opportunity to upgrade their EIDs during Orientation.
Paying with Financial Aid
Once your funds are released, financial aid will automatically be applied to your UT debts, such as tuition and housing.
To use financial aid to pay your tuition, on My Tuition Bill, click View Bill and, if your financial aid fully covers your tuition and fees, click Pay with Financial Aid. The Pay with Financial Aid button will not be available if your financial aid does not cover all of your tuition and fees.
Because financial aid funds are not released until after the tuition deadline, your tuition bill will state a balance due until the funds are released.
If your financial aid does not fully cover your bill, you will need to pay the remaining balance by the tuition bill deadline.
More information on paying tuition
Refunds
After your UT debts are paid, any excess financial aid will be refunded to you to help pay for books, transportation and other miscellaneous costs.
If you signed up for direct deposit, your refund will appear in your bank account in two to three business days.* If you did not sign up for direct deposit, a paper check will be sent to the address we have on file in five business days. Direct deposit can be set up in UT Direct. For instructions and additional information, visit Set up Direct Deposit for Your Refunds.
If excess financial aid funds are sent to an account that has been closed or is no longer valid, contact Payment Information at 512-471-1083 for assistance. This is also the number to call if you believe your financial aid check has been lost in the mail.
*In rare cases, financial aid funds are handled differently than above. If you choose an alternative loan lender that does not participate in UT’s electronic processes, a paper check will be mailed to the University. These checks will be made available for you to pick up at the Cashier’s Office.
Education Abroad
UT encourages students to experience different parts of the world through study abroad programs. The Office of Scholarships and Financial Aid office works closely with Texas Global to coordinate the financial aspect of studying abroad. Financial aid can be used to help pay for your study abroad programs, but only if you participate in a University-affiliated study abroad program.
Summer Sessions
The summer semester is attached as a “trailer” to the proceeding academic year. Financial aid eligibility for summer is determined based on the information from the current year’s FAFSA, which must be submitted by June 30 of the year in which the summer term takes place. To receive a summer financial aid offer, you also need to be registered for the minimum number of hours required:
- Undergraduate: 6 hours.
- Graduate: 3 hours.
- Law: 3 hours.
Please note that most summer aid packages include loans, not grants or scholarships. Loan amounts are based on your remaining aid eligibility from the preceding spring and fall semesters. If you received your full allotment of federal loans during the fall and spring semesters, we will not be able to offer you any additional loan funding for the summer. Find out the annual and total loan limits on the Federal Student Aid website.
FERPA Release for Financial Aid Information
If you would like your parent or guardian’s help with the financial aid process, or your parent or guardian wants information about your financial aid, you will need to first complete and submit a release form to the Office of Scholarships and Financial Aid to grant your parent or guardian access.
You must provide a password on the release form that will authorize your parent or guardian to access your financial aid information. Please share this password with your parent or guardian. They must provide the correct password to Texas One Stop to be able to discuss your financial aid information.
This release only allows Texas One Stop and Financial Aid staff to discuss your financial aid with your parent or guardian. It does not allow your parent or guardian access to your My Financial Aid portal. Also, this release does not give your parent or guardian access to other FERPA-protected information such as grades or class schedules. Follow these steps to sign your FERPA form and provide consent.
For more information about the Family Educational Rights and Privacy Act (FERPA), visit the Privacy page.
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