Deferring Financial Aid
Deferment Information for Financial Aid
If you have received any kind of financial aid and you will be deferring, please read the following carefully:
- Student Loans: If you have received a student loan, (Stafford or Alternative) and you will now be out of school for six months in a row, you will have used up your six-month grace period and will be required to begin making payments on your loan(s). Any loan funds set to arrive for the deferred semester will be cancelled. You are also required to complete loan exit counseling at: www.studentloans.gov. (The pin requested is the pin you used to sign your FAFSA originally) If you have questions about repaying your loan please contact your loan servicer.
- Students deferring to go on a mission should go to the following link for additional information: www.studentloans.gov. Click on “Repayment plans & Calculators” and the “Income Based Repayment Plan”
- PLUS Loans: PLUS Loan disbursements for the semester you are going to defer will be cancelled. Loan repayment will begin when you have been out of school for 60 days in a row.
- Pell Grants, Smart Grants, and Academic Competitiveness Grants: All grants for the semester you are deferring will be cancelled. If you return to school during the same school year, you may be eligible to receive the grant at that time. Report to the Financial Aid office upon your return to see if your aid can be reinstated. If you do not return to school until a subsequent school year, you will be required to re-apply for financial aid for that year to see if you qualify for a grant at that time.
- BYU-Idaho Scholarships: Any BYU-Idaho scholarships for the semester you are deferring can be deferred until the semester you return. When you return to school following your deferment period, report to the Financial Aid office to have the scholarship reinstated.
- BYU-Idaho Grants: Any BYU-Idaho grants for the semester you are deferring will be cancelled. You may reapply for a grant upon your return to BYU-Idaho.
- Other Scholarships: Any disbursements for the semester that you are deferring will be cancelled and returned to the agency who disbursed the money. It is your responsibility to verify if the agency will defer the scholarship.
- Idaho Promise Scholarship: This scholarship has a time limit of four academic years to complete. If you exceed four academic years before receiving the four disbursements, you will no longer be eligible to receive this scholarship.