The University helps many graduate students with limited funds
meet their college expenses through a variety of programs. Student Financial
Services, under the direction of the Financial Aid Committee, administers only
Federal loan and employment programs for graduate students. Student awards,
including Federal Family Education Loan Program (Stafford) Loans, Federal Perkins
loans, and/or Federal Work-Study funds, are based on a careful assessment of
the applicants ability to meet educational expenses. Students must apply
directly to their academic departments or professional schools for other kinds
of financial assistance.
Estimated Costs The estimated average costs for self-supporting
graduate students at the University for the 2004-2005 academic year are:
(1) Includes room, board, transportation, and personal expenses.
Books and Supplies
Tuition and Fees(2)
(2) Refer to chapter 2 for appropriate school tuition and fees.
Financial Need Financial aid funds are limited; therefore,
all assistance offered through Student Financial Services is based on an estimate
of financial need. Need is determined by comparing the students budget
with his or her resources from income and savings. If the resources are less
than the sum needed to meet academic year expenses, the difference becomes the
students financial need.
Funds available to applicants from other sources (e.g., veterans
benefits, gifts, scholarships, grants, assistantships, graderships, or fellowships
from either outside organizations or the students academic department)
are considered resources in determining financial need. If any such resources
become available after an award has been made or received, the student must
notify Student Financial Services. Receiving such assistance may necessitate
a reduction in the applicants University awarded aid so that no applicant
receives funds in excess of demonstrated financial need.
Student budgets listed in this chapter are based on approved
allowances for tuition and fees, books, and living expenses for the academic
year, with concessions for such factors as child care and medical expenses.
The Aid Package for graduate students is normally a
combination of assistance from the graduate school or department (which may
include scholarship, fellowship, or assistantship funds) and loan or employment
funding administered by Student Financial Services. Department funds are always
awarded by the students school or department. Funds administered by Student
Financial Services are awarded to supplement department assistance or to provide
financial support to the extent of student need. Need will be met to the extent
of available funds.
Payment and Refund Inquiries For questions or concerns
regarding semester bills or expected refunds that have not yet been received,
please check your account in ISIS (www.virginia.edu/isis) or e-mail email@example.com.
Student Financial Services
University of Virginia
P.O. Box 400204
Charlottesville, VA 22904-4204
Office Hours: 8:00 A.M. to 5:00 P.M., Monday - Friday
Regulations for Title IV Funds Available online at www.virginia.edu/financialaid/withdrawal.html.
Leave of Absence If a student who has received Title
IV loans (i.e., Perkins Loans and Federal Stafford Subsidized or Unsubsidized
Loans) does not return from an approved leave of absence, some or all of the
repayment deferral period may be exhausted. For purposes of the Title IV programs,
the date of withdrawal is backdated to the first day of the approved leave of
Withdrawal If a student leaves the University prior
to completing 61% of a semester, the financial aid office recalculates eligibility
for Title IV funds (i.e., Pell Grants, FSEOGs, Perkins Loans, Federal Stafford
Subsidized and Unsubsidized Loans, and PLUS Loans). Recalculation is based on
the percent of earned aid using the following formula: Percent of aid earned
= the number of days completed up to the withdrawal date, divided by the total
days in the semester.
Funds are returned to the appropriate federal program based
on the percent of unearned aid using the following formula: Aid to be returned
= (100% minus the percent earned) multiplied by the amount of aid disbursed
toward institutional charges.
When Title IV funds are returned, the borrower may owe a debit
balance to the University. Examples of refund calculations are available at
the Student Financial Services office.
UVa FAFSA code = 003745
In order to apply for financial assistance through Student
Financial Services, graduate students should submit a University Graduate Application
for Financial Aid to that office. Students must also forward the Free Application
for Federal Student Aid (FAFSA) to the Federal Student Aid Programs Office by
March 31, indicating the University of Virginia code number (003745). Applicants
will be notified of their eligibility for financial assistance in July.
In the case of marriage, where both husband and wife are enrolled
in the University, both students must apply separately for financial assistance.
All assistantships, graderships, fellowships, grants, scholarships,
or other funds available to graduate students are administered by the various
University academic departments or professional schools. Students must apply
directly to their departments or schools for financial assistance before applications
for federal funds will be considered. It is the applicants responsibility
to provide the financial aid office with an official department letter indicating
the award or denial of funding.
Federal Eligibility Requirements
Enrollment Applicants must be enrolled at least half-time.
In addition, they must be in "good standing" and making satisfactory
academic progress, as defined by the graduate school in which they are enrolled.
Only students registered in formal University graduate degree or certificate
programs are eligible to receive financial assistance through Student Financial
Citizenship All citizens and permanent residents of
the United States are eligible to apply for financial assistance through Student
Selective Service Students required to register for
the draft under the Military Selective Service Act must sign a statement of
compliance before they may receive any federal financial assistance.
Drug Conviction The 1998 Higher Education Amendment
Act states that students who are convicted of violating any federal or state
drug possession or sale laws are not eligible to receive financial aid and may
be required to repay any aid received prior to their conviction. In completing
the Free Application for Federal Student Aid (FAFSA) form, students are specifically
instructed to contact the U.S. Department of Education at (800) 433-3243, or
www.fafsa.ed.gov/q35 for assistance.
Default Status To receive financial assistance through
any federal program, students cannot be in default on previous Federal Perkins,
Federal Stafford, Federal Supplemental, or Ford Federal Direct Loans. Furthermore,
financial aid recipients cannot owe refunds on Pell or Supplemental Educational
Opportunity Grants received for undergraduate study at any institution.
Entrance Interviews All first-time borrowers of Stafford
or Perkins Student Loans must be informed of their borrower obligations before
their first loan disbursement will be credited. Loan entrance interview materials
can be accessed at www.collegexit.com.
Exit Interviews All Federal Stafford or Perkins Loan
recipients are required to complete exit interviews prior to either leaving
the University or registering for less than half-time credits. Ordinarily, borrowers
of Stafford Federal Loans are provided loan repayment information by the lender
at the end of the semester in which they plan to graduate. If this office fails
to contact the borrower, it is his or her responsibility to contact the lender
to obtain loan repayment information.
Non-University Awards If a student receives assistance
from a non-University source (scholarship or loan), University-awarded financial
aid will usually be reduced. It is the students responsibility to notify
Student Financial Services of any outside award received.
IRS Forms Graduate applicants for financial assistance
through Student Financial Services may be asked to provide a copy of their federal
income tax return (1040, 1040A, or 1040EZ) and W2 forms for the previous tax
year before they will be considered for financial assistance.
Reapplication Requirement Financial assistance is not
automatically renewed each year. The amount of financial aid awarded is based
on the availability of funds and the evaluation of financial statements submitted
each spring by the applicant. Should unusual circumstances occur that necessitate
an immediate review, the facts should be brought to the attention of the aid
administrator. Necessary adjustments will be made where justified.
Change in Financial Situation Students are encouraged
to notify Student Financial Services of any changes in their financial situation
during the year.
Summer Financial Aid Summer session applications are
limited to federal loans and should be submitted to Student Financial Services
by May 1. The same FAFSA may be used to determine eligibility for both summer
school and academic year financial assistance.
Year-Round Support Graduate students requiring Federal
Direct Loan support year-round (including summer session) must enroll as full-time
students every loan period to avoid jeopardizing maximum loan eligibility. Full-time
enrollment is defined as enrolling in at least nine credits per semester (including
summer session) or twelve credits per semester with a minimum of six credits
in the summer. In short, federal regulation requires that students complete
no less than eighteen credits over two consecutive enrollment periods (e.g.,
two semesters or one semester and one summer session) before obtaining
loans in the Federal Direct Program at the successive annual maximum, which
is currently set at $18,500. There are no exceptions to this rule.
Financial Aid Programs
Long-term loans are available to graduate students who demonstrate
financial need. They are used to supplement department and non-University awards,
as well as to provide assistance when employment is neither feasible nor sufficient.
Federal Stafford Subsidized Loan The Federal Stafford
Subsidized Loan Program enables graduate students to borrow up to $8,500 each
For students who demonstrate financial need, the federal government
pays the interest while the student is enrolled in college. In some cases, only
a portion of the loan may be eligible for the federal interest subsidy. Students
who do not demonstrate financial need may still borrow these funds but will
be required to pay the interest at a rate not to exceed 8.25 percent. Including
previous subsidized Stafford or Ford Federal Direct loans, graduate students
may borrow up to $65,500 total for all academic years. Ordinarily, repayment
begins six months after discontinuing formal education.
Federal Stafford Unsubsidized Loan The Federal Stafford
Unsubsidized Loan Program enables graduate students enrolled at least half-time
to borrow up to $10,000 each year. Including previous unsubsidized Stafford,
Ford Federal Direct, and SLS loans, graduate students may borrow up to $65,500
total for all academic years. The interest rate is variable, but will not exceed
8.25 percent. Repayment ordinarily begins 60 days after disbursement of the
loan, unless the borrower requests capitalization of interest.
Master Promissory Note Students who received Ford Federal
Direct Loans at the University of Virginia for the 2004-2005 academic year will
be required to sign a new promissory note with their Stafford Loan Lender. Once
the lender has received the Master Promissory Note, the students University
account will be credited the amount noted on the financial aid award letter,
less the 3% loan fee. Students must contact the financial aid office if they
wish to reduce or decline their loan(s).
For each new loan borrowed, students receive disclosure statements
from the Lender. Because these statements provide information about the types
and amounts of loans borrowed, as well as the loan period and anticipated disbursements,
students should be sure to keep them for their personal records.
Disbursement Procedure Federal Stafford Loans are payable
in two disbursements of one-half each semester, less the 3 percent loan fee.
Disbursements are credited to the students account by Student Financial
Services after the promissory note has been signed and returned.
Failure to register for the required number of credits, as
indicated by full- or half-time enrollment status on the FAFSA, results in cancellation
of the loans within thirty days of the date of registration. Full-time students
must register for a minimum of 9 course credits or 12 non-topical research credits
per semester. Half-time students must register for a minimum of six course credits
or non-topical research credits.
Short Term Loans Under the terms of the Lee Emergency
Loan, a graduate student enrolled in any of the University schools may borrow
up to $750 once each semester. Lee Loans are interest free and are available
during the academic year through early March. Lee Loans are not available during
the summer session. Students must apply in person at Student Financial Services.
Federal Work-Study Program Student Financial Services
will make available to all eligible students all Federal Work-Study (FWS) job
listings on the Financial aid website through monster traks electronic
student employment program. With this electronic process, students can search
for their own FWS job based on their own interests and class schedule. Hourly
wages and weekly schedules are based on the students financial need and
General Assembly Nursing Program Virginia residents
enrolled in the Graduate School of Nursing may apply for this state-funded,
need-based program. These funds must be reimbursed either by working as a nurse
in Virginia or by repayment with interest. Application deadlines are April 30
for currently enrolled nursing students and June 30 for students who have completed
only one semester. Students must allow a minimum of two months for application
processing in order to meet the designated deadlines. Award amount: $2,000 maximum.
Veterans Educational Benefits Students eligible
to receive educational benefits through the G.I. Bill or the V.A. Contributory
or Non-Contributory Benefit Programs should contact the Veterans Affairs
Coordinator, Office of the University Registrar, Carruthers Hall, (434) 924-4138.
Virginia War Orphans Program Under this program, a child
(aged 25 or younger) of either a deceased veteran or a veteran with total disability
resulting from wartime service may receive a waiver of tuition and fees to attend
a Virginia state-supported institution of higher education. Students who believe
they qualify for this program should contact the Division of War Veterans Claims
at the Commonwealth of Virginia, Department of Law, 210 Franklin Road SW, Roanoke,
University Tuition Payment Plan In conjunction with
a private vendor, the University has developed an installment payment plan.
For an annual fee of $60, University tuition, fees, housing, and dining charges
may be paid in ten monthly installments. The final date to enroll in the payment
plan is July 31, 2004. For complete details, contact Tuition Management Systems
at (800) 722-4867 or www.afford.com.
Student Rights and Responsibilities
Students have the right to:
- know what financial aid programs are available (see Financial Aid
- know the deadlines for submitting financial aid applications (see Application
Procedures and General Assembly Nursing Program);
- know how financial aid will be distributed, and on what basis those
decisions are made (see General Information);
- know how their financial need was determined, including how costs for
tuition and fees, room and board, travel, books and supplies, and personal
and miscellaneous expenses are considered in their budgets (see General
Information and the students award letter);
- know what resources (e.g., parental contribution, other financial aid,
and individual assets) were considered in calculating their need (see the
students award letter);
- know how much of their financial need, as determined by the institution,
has been met (see the students award letter);
- request an explanation of the various programs in their financial aid
package (see Financial Aid Programs);
- know the schools refund policy (see General Information and
- know what portion of financial aid must be repaid and what portion is
grant aid. If the aid is a loan, students have the right to know the interest
rate, the total repayment amount and procedures, the length of time allotted
for repayment, and when repayment is to begin (see the students award
letter and Financial Aid Programs);
- know how the school determines whether the student is making satisfactory
progress, and the consequences of unsatisfactory progress (see General Requirements);
- decline having Title IV aid credited to institutional or prior year
Students are required to:
- complete all application forms accurately and submit them to the appropriate
office by the deadline;
- provide correct information. Misreporting information on financial aid
application forms is a violation of the law. Such action may be considered
a criminal offense and could result in indictment under the U.S. Criminal
- return all additional documentation, verification, corrections, and new
information requested by either Student Financial Services or the agency
to which the application was submitted;
- read, understand, and maintain copies of all forms requiring their signature;
- accept responsibility for all signed agreements;
- perform the work agreed upon in accepting a federal work-study award;
- be aware of, and comply with, the deadlines for financial assistance application
- be aware of the schools refund procedures;
- complete an exit interview if they have borrowed loans and are terminating
student status or registering for less than half-time credits;
- maintain current and correct addresses with the registrars office;
- complete registration at the prescribed time in order to receive disbursements
on a timely basis.