 FAFSA must be completed, preferably by February 15 th  University receives results within 3 to 5 business days  If no additional requirements, aid is processed; if additional documents needed, they will be listed in Spectrum/myMemphis  Aid is processed for 2 semesters – Fall and Spring  If eligible, student is awarded grants and scholarships first  Award is based on interested in being considered for work study or student loans  Funds sit in the system until fee payment period  Financial Aid Office releases aid to the Bursar's Office for fee payment  Bursar's Office will deduct what student owes for tuition/fees and/or dorm  Bursar's Office will release excess funds to student, if any
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