COVID-19 (Coronavirus) Financial Aid Frequently Asked Questions (FAQ)
This information will be updated regularly as it becomes available to inform our students, faculty, and staff regarding any potential financial aid implications related to the COVID-19 (coronavirus) pandemic. Updated 7/1/2020
Current Students FAQ
I currently have outstanding federal student loans. Do I still have to continue making payments?
Future/Prospective Students FAQ
Is the Student Financial Aid Office still open?
I am currently on a Satisfactory Academic Progress (SAP) Academic Plan which has certain requirements relating to my GPA, courses attempted/completed, etc. COVID-19 may cause me to not meet the terms of the academic plan I signed. Will I be able to appeal again?
The standard University of Memphis Satisfactory Academic Progress (SAP) policy allows students to receive aid under three separate approved SAP appeals. If circumstances surrounding COVID-19 cause you to not meet the terms of your academic plan, you may submit a SAP Appeal with a detailed explanation and supporting documentation. As of 3/30/2020, the Student Financial Aid Office has amended its SAP Policy to make a one-time exception to the rule limiting students to three separate appeals. Under the amended policy, students who do not meet the SAP standards or the terms of their academic plan due to circumstances surrounding COVID-19 can appeal without the appeal counting toward the three appeal limit.
The University of Memphis has decided to allow students to choose between receiving traditional grades (e.g. A, B, C, D, F, & I) or receiving a 'grade' of credit/no credit. How will this impact my financial aid?
For students meeting the University of Memphis Satisfactory Academic Progress (SAP) policy, this will have no impact. For students who are currently receiving financial aid under an approved appeal and academic plan due to not meeting the GPA criteria of the SAP policy, choosing the credit/no credit option will not have a positive or negative impact on your SAP standing. Essentially, you will earn credit for courses that you passed and no credit for any courses that you failed. This might be beneficial for someone who is already failing SAP due to GPA and is expecting to earn less than a 2.1 GPA (3.1 for graduate students) for spring 2020. However, if you are expecting to earn above a 2.1 GPA (3.1 for graduate students) for spring 2020, choosing the traditional grading method would improve your GPA and bring you closer to complying with the SAP policy. The Student Financial Aid Office will be communicating directly with students who may be impacted by this decision in April and again in May when final grades are posted with more guidance.
I am considering withdrawing from the semester completely. How will this impact my federal financial aid?
The latest guidance from the U.S. Department of Education indicates that schools must determine the amount of federal financial aid a student has "earned" through the Return of Title IV funds process. Any "unearned" federal financial aid would be returned to the U.S. Department of Education which would likely create a balance owed to the University of Memphis. Students who have federal funds returned will be sent a letter via the U.S. Postal Service to the address on record with instructions on what to do if your withdrawal was due to COVID-19. Students are considered to have "earned" their entire federal financial aid for the term after attending beyond the 60% point of the semester.
I need to submit documents from the Internal Revenue Service (e.g. W2s, tax return transcripts, verification of non-filing letter, etc.) to complete my financial aid file and am concerned that the COVID-19 pandemic may delay/impact my ability to get those documents. Is there anything I can do?
Current guidance from the U.S. Department of Education (as of 3/26/2020) does not provide for any exceptions to required IRS documents posted on your myMemphis account. Most IRS documents can be requested online via the IRS Get Transcript tool. You can also request IRS documents by mail, but this is a slower option. We encourage you to request your IRS documents online as many students/families are able to instantly access their needed documentation.
I am a student employee (regular and Federal Work-Study) whose job has been impacted by COVID-19. Am I able to continue working?
Based on guidance from President Rudd, student employees (both regular and Federal Work-Study) should contact their supervisor and inquire about options. Departments may be able to provide options that would allow you to work remotely.
My spring 2020 study abroad program was disrupted and I started but was unable to complete the program. Will this impact my federal financial aid?
Possibly. If your entire spring 2020 enrollment consisted of a study abroad program which is not able to continue, you should enroll in at least one spring 2020 course at the University of Memphis that will satisfy a requirement of your academic program. Spring 2nd Part of Term courses are a very good option for those in this scenario. If only part of your spring 2020 enrollment consisted of a study abroad program and you remain enrolled in other courses at the University of Memphis, your federal financial aid will not be impacted.
I currently have outstanding federal student loans. Do I still have to continue making payments?
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on 3/27/2020 which suspends payments for all federal Direct Loans and Federal Family Education Loans (FFEL) held by the Department of Education until 9/30/2020. However, we recommend contacting your loan servicer for more specific information regarding your loans and obligations. If you don't know your federal loan servicer or how to contact them, visit www.studentaid.gov/login or call 1.800.4.FED.AID (1.800.433.3243) for assistance. Additional information about federal student loans that you have already received can be found on the U.S. Department of Education's coronavirus page.
If I take online classes, will that impact the amount of federal financial aid that I am eligible to receive?
No. The delivery method of your class is not a factor in determining the amount of federal financial aid you can receive.
I need to submit documents from the Internal Revenue Service (e.g. W2s, tax return transcripts, verification of non-filing letter, etc.) to complete my financial aid file and am concerned that the COVID-19 pandemic may delay/impact my ability to get those documents. Is there anything I can do?
Current guidance from the U.S. Department of Education (as of 3/26/2020) does not provide for any exceptions to required IRS documents posted on your myMemphis account. We have not been informed of any mass IRS service disruptions. Most IRS documents can be requested online via the IRS Get Transcript tool. You can also request IRS documents by mail, but this is a slower option. We encourage you to request your IRS documents online as many students/families are able to instantly access their needed documentation.
Is the Student Financial Aid Office still open?
Yes. Our office is not accepting face-to-face meetings at this time, but we are still ready and willing to assist you. If you have questions about your financial aid, please email financialaid@memphis.edu or call 901.678.4825. If you need to submit documents to our office, we strongly encourage you to submit them to financialaid@memphis.edu. Documents submitted via postal mail and fax are experiencing significant delays in logging/processing since our staff are working remotely. Please make sure that any documents you submit are clear and that your UID# is included on every page.
If I take online classes, will that impact the amount of federal financial aid that I am eligible to receive?
No. The delivery method of your class is not a factor in determining the amount of federal financial aid you can receive.