Award Letter Types

Your first award letter is marked as Official. If you wish to make any changes, please use the Financial Aid Change Form.  Any changes after the Official letter will come to you on a Revised award letter.  All awards are based on full-time attendance.

Determination of Need

Your eligibility for assistance is determined by using information from the Free Application for Federal Student Aid (FAFSA) and the University of Virginia’s Financial Aid Application.  The information for Parent and Student contribution comes from the FAFSA.  Independent students will not have a Parent contribution.  Other Resources include room rent and meal values for Resident Staff participation, ROTC scholarships, VPEP payments, direct outside awards, etc.

Loans

Our preferred lender for Federal Stafford loans is Bank of America.  We will certify your loan amount through Bank of America unless you tell us otherwise.  Use the enclosed Change form to make a change to your loan amount or to change your lender.

These loan funds will be disbursed to your university ISIS student account after you have (1) final registered, (2) submitted a signed Master Promissory Note (MPN), if you are a first-time borrower with Bank of America and the University of Virginia, and (3) completed on-line entrance counseling if you are a first-time borrower.  The MPN and on-line entrance counseling information is available at www.bankofamerica.com/uvafinaid.

You may also be eligible for additional funds through the Parent Loan for Undergraduate Students (PLUS) program.  A separate PLUS application is available on our website.

2006-2007 PLUS Loan Application

Our preferred alternative loan is the GATE (Guaranteed Access to Education) loan from Bank of America.  The rates, loan limits and application can be found at www.bankofamerica.com/uvafinaid.

Financial Aid Account Information

Loan funds will be applied first to your university ISIS student account to pay any existing charges such as tuition and fees, etc.  All remaining funds will be sent to the student via electronic transfer (Direct Deposit, http://www.virginia.edu/studentaccounts/direct_deposit.html) or paper check mailed to the local address listed with the university.   You may update your local address with the University Registrar at www.virginia.edu/ISIS.   Since remaining funds will not be available until after final registration, students need to be prepared to cover early semester expenses with other funds.

OUTSIDE SCHOLARSHIPS
If you receive outside scholarships or other non-University awards after your Federal funds have been awarded, your eligibility for aid will be reassessed.  When your Federal aid is reduced by other awards, you will receive written notice of which funds have been reduced and by how much.  You may be required to pay back disbursed funds for which you are no longer eligible.

ISIS ON-LINE
The Integrated Student Information System (ISIS) is available on-line at:  http://www.virginia.edu/isis. You can view your financial aid information as it is awarded and all current billing information.