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Alternative Loan Applications
In order for Utah Valley University to certify an alternative loan, you must be an admitted, registered, and degree-seeking student. You must be registered at least half-time (6 credits) to be eligible for a loan. Completion of the lender’s application is by far the most important phase of applying for an alternative loan. The information recorded on the application must be accurate and complete. Erroneous information will result in denial of the applicant’s loan request. The application can be submitted once it has been completely filled out and dated. The application and promissory note must be submitted to the lender, not to UVU. You may apply to any lender of your choice.
Loan Certification and Disbursement
Once a student is approved for a loan by the lender, the lender will request that UVU certify the loan. When UVU certifies the loan, we are confirming for the lender that the loan applicant meets all eligibility requirements.
The maximum amount a student may have certified per year in alternative loans is your cost of attendance minus federal aid. Your cost of attendance is federally mandated and includes your costs of attending and pursuing a degree at UVU. Your cost of attendance is calculated every academic year. Loan requests for more than the cost of attendance will be reduced or denied certification by UVU. Loans are disbursed in two or three equal installments, usually at the beginning of each semester. You can only receive the amount that you are eligible for, regardless of what you request.
Alternative loan funds will be disbursed from your lender to UVU in the form of a check. This check cannot be released to you until your tuition has been paid in full. If you are receiving federal financial aid (which we strongly encourage you do), make sure all requirements have been completed so your federal funds can disburse to pay your tuition by the due date. If you are not receiving federal funds, or your federal funds are not enough to pay the entire amount of your tuition, please make arrangements to pay your balance. This can be done through the Cashier's office or you can submit payment through your UV Link account. Note: If you are a local student flying at the UVU flight school, your alternative loan disbursement will be deposited into your flight account. If you withdraw from flight training or transfer to another flight school, any remaining funds in your flight account must be sent back to your lender. Please contact Aviation Financial Aid if you have questions regarding your disbursement.
Satisfactory Academic Progress
To receive alternative loan funds, a student must be an active student in a degree-seeking program who is making satisfactory academic progress. If a student fails to maintain satisfactory progress, future loan disbursements will be delayed and possibly cancelled. UV institutional policy requires students receiving financial aid to complete 75% of their credits per semester to remain eligible. Students are also required to maintain a minimum Grade Point Average (GPA) of 2.0 each semester. Students must also be making progress towards a degree or certificate. A student becomes ineligible after they have attempted 150% of the number of credits required for their program. Please see the Financial Aid Handbook for further details. If a student’s GPA goes below 2.0, their course completion rate is less than 75%, or they have attempted more than 150% of the number of credits required for their program, they will need to go through the appeals process. If an appeal is approved, the student may be able to receive their remaining federal and alternative loan funds.
Safeguarding Your Investment
UVU Aviation has been instrumental in providing students all over the world with an opportunity to receive their college degrees, an investment that should be highly guarded. Alternative student loans have made this possible and should be equally valued. To protect your investment, every student applying for assistance needs to be aware of the potential hazards related to borrowing large sums of money to obtain a degree.
BE CAUTIOUS OF WHERE YOU INVEST YOUR FUTURE!
Being Responsible
Students Beware! The money you borrow MUST be repaid! We encourage students to budget wisely. Know what kind of expenses you will incur on a monthly basis. Pay off as much debt as you can when funds allow. Think of how you can cut expenses and keep your cost of living down. Make choices to live within your means. Limit your credit card use. Poor credit can greatly affect future loan opportunities and major purchases such as a house or a car. Keep track of your loan debt. Know how much you are in debt from year to year so that you do not overextend your credit. Be familiar with the repayment schedule provided by your lender. Know the total amount of your loans and the monthly payment schedule required to pay off the loan.
Repayment Terms
Most lending institutions do not require repayment of alternative loans while a student is actively enrolled in a degree-seeking program and registers for a minimum of six credit hours. If a student fails to maintain active enrollment for a period of longer than six months, their loan will come out of deferment and repayment terms will be instituted. All repayment terms have been determined by the individual lending institutions providing alternative funding, not by UVU. The student agrees to these terms when signing the lender’s promissory note. All repayment inquiries pertaining to student alternative loans should be directed to the individual lenders. It is up to the student to find out when repayment on their alternative loan begins.
Alternative Loan Counseling Verification
Please complete the
Aviation Information Form
and fax it to 801-863-8448.
If you have not done so already, apply for your loan with the lender of your choice. Your lender will notify UVU to certify the loan when you have been approved.
In order for UVU to certify your loan, please complete the short quiz which will be submitted to the Aviation Financial Aid Office.
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