Estimated Costs The average costs for self-supporting graduate students at the University for academic year 1995-96 are estimated to be: Living Expenses (room, board, transportation, personal) - $9,435; Books and Supplies - $600; Tuition and Fees assessed by School (see Chapter 2).
How Need is Determined Each graduate applicant for Ford Federal Direct Loans or Federal Work-Study funds is required to submit to the Federal Student Aid Programs Office a detailed financial statement. Because financial aid funds are limited, all assistance offered through the Office of Financial Aid is based on an estimate of financial need. Need is determined by comparing the student budget with student resources from savings, summer earnings, session earnings, or any combination thereof. If the resources are less than the sum needed to meet academic year expenses, the difference becomes the student's financial need. Need will be met to the extent of available funds.
Student budgets listed in this chapter are based on approved allowances for tuition and fees, books and living expenses for the academic year, with allowances for such factors as child care and medical expenses.
Money available to applicants from other sources, such as veteran's benefits, gifts, scholarships, grants, assistantships, graderships or fellowships through outside organizations, or through the academic department in which the student is enrolled is considered a resource when the applicant's financial need is determined. If any such resources become available after an award offer has been made or received, it is the responsibility of the applicant to notify the Office of Financial Aid. Receiving such assistance may necessitate a reduction in the financial assistance awarded the applicant by the University so that no applicant will receive funds in excess of the demonstrated financial need.
Enrollment Applicants must be enrolled at least half-time, be in academic "good standing," and be 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 the Office of Financial Aid.
Financial Aid Transcripts Receipt of a Financial Aid Transcript is required from each post-secondary school attended by graduate aid applicants before financial assistance can be awarded.
Citizenship All citizens and permanent residents of the United States are eligible to apply for financial assistance through the Office of Financial Aid.
Default Status To receive financial assistance through any federal programs, students cannot be in default on Federal Perkins, Federal Stafford or Federal Supplemental Loan payments for funds received during previous years of study. Furthermore, financial aid recipients cannot owe refunds on Pell or Supplemental Educational Opportunity Grant funds previously received for undergraduate study at any institution.
In the case of marriage in which both husband and wife are enrolled in the University, the Office of Financial Aid requires that both students apply separately for financial assistance.
All assistantships, graderships, fellowships, grants, scholarships or other "free" monies available to graduate students are administered by the various University academic departments or professional schools. Before applications for federal funds will be considered, students should apply directly to their departments or schools for financial assistance. It is the applicant's responsibility to provide the Office of Financial Aid with an official department letter indicating the applicant's award or denial status.
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 free tuition and fees, board, room rent, books and supplies 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 following address: Commonwealth of Virginia, Department of Law, Division of War Veterans Claims, 210 Franklin Road S.W., Roanoke, VA 24011.
University Tuition Payment Plan For students not wishing to file for financial aid, but who would like a convenient way to pay their University charges for the 1995-96 academic year, the University offers a ten-month installment payment plan. For a participation fee of $50, students can enroll in this plan in late spring, 1995. The monthly payments would begin in May or June. Detailed information about this plan is available through the Office of the Bursar.
General Assembly Nursing Program Virginia residents enrolled in the Graduate School of Nursing may apply for this state-funded, need-based program. Any funds awarded must be repaid either by working as a nurse in Virginia, or by payment 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.
Ford Federal Direct Subsidized Loan The Ford Federal Direct Subsidized Loan Program enables graduate students to borrow up to $8,500 each year. For students who demonstrate financial need, the federal government pays the interest while the student is enrolled in college. Students who do not demonstrate financial need may still borrow these funds, however, they will be required to pay the interest which is variable, but will not exceed eight and one-quarter percent. In some cases, only a portion of the loan may be eligible for the federal interest subsidy. The borrower would be responsible for paying the interest on the remainder. Including previous subsidized Stafford loans, graduate students may borrow up to $65,500 total for all academic years. Ordinarily, repayment begins six months after discontinuing formal education. These loans are payable in two disbursements one-half of the total loan amount in each, less the four percent loan fee charged to the borrower.
Ford Federal Direct Unsubsidized Loan The Ford Federal Direct Unsubsidized Loan Program enables graduate students enrolled at least half-time to borrow up to $10,000 each year. Including previous unsubsidized Stafford and SLS loans, graduate students may borrow up to $73,000 total for all academic years. The interest rate is variable, but will not exceed eight and one-quarter percent; repayment ordinarily begins 60 days after disbursement of the loan unless the borrower requests capitalization of interest. Loans are payable in two disbursements, one-half of the total loan amount in each, less the four percent loan fee charged to the borrower.
Edvantage Loan This loan program is designed for credit-worthy student borrowers who require additional loan funds to meet their approved University budgets. Edvantage loans are available in amounts from $1,000 to $15,000 per year, the annual maximum level being determined by the cost of attendance minus other financial aid awarded. The interest rate is variable at Prime plus one and one-half percent and is set on the first day of every month. Ordinarily, monthly payments begin 60 days after disbursement of the loan. Interested borrowers should obtain information from V.S.A.A., the Virginia Student Assistance Authorities.
Short Term Loans Under the terms of the Lee Emergency Loan, a graduate student enrolled in any of the University schools may borrow from $30 to $300 once each semester. Lee Loans are interest free and are available only during the academic year. Students must apply in person at the Office of Financial Aid.
Failure to enroll in credits sufficient to permit crediting of loan funds to the student's account results in cancellation of the loan(s) within thirty days of the date of registration.
If applications for loans indicated full-time enrollment of the applicant, the loans were approved by the Office of Financial Aid accordingly. Therefore, the Office of the Bursar will be unable to credit funds to the student's account until the official University registration record lists the borrower as enrolled full-time in a minimum of 9 course credits or 12 non-topical research credits per semester. Loans for students enrolled half-time require that borrowers be enrolled in a minimum of six course credits or six non-topical research credits.
Students are normally restricted to 20 hours of work per week while classes are in progress and to a maximum of 40 hours per week during vacation periods. The hourly rate and number of weekly work hours assigned are based upon the applicant's financial need and work experience. Students must be enrolled full-time and are paid weekly.
Exit Interviews All Ford Federal Direct Loan recipients are required to complete exit interviews prior to leaving the University or to registering as less than half-time students. Ordinarily, borrowers of Ford Federal Direct Loans are provided loan repayment information by the Office of the Bursar during registration for the semester in which they plan to graduate. If this office fails to contact a borrower prior to the borrower's leaving the University or enrolling as less than a half-time student, it is the loan recipient's responsibility to contact the Office of the Bursar to schedule an exit interview and obtain loan repayment information. If a borrower fails to complete an exit interview, a hold will be placed on the borrower's official transcripts.
Department Award Information It is the applicant's responsibility to provide the Office of Financial Aid with an official department letter indicating the applicant's award or denial status with regard to department funding through assistantships, graderships, fellowships, grants, scholarships or traineeships.
Non-University Awards Applicants receiving financial assistance from non-University sources are required to notify the Office of Financial Aid about being awarded this assistance. If the applicant has previously accepted a financial aid package sufficient to meet demonstrated financial need, the Office of Financial Aid may be required to reduce the amount of the initial award package.
IRS Forms All graduate applicants for financial assistance through the Office of Financial Aid must provide a copy of their Federal Income Tax Return (1040, 1040A, or 1040EZ) for the previous tax year before they can be considered for financial assistance.
Change in Financial Situation Money available to applicants from any source including veteran's benefits, gifts, scholarships, grants, assistantships, graderships, or fellowships through outside organizations or through the academic department in which the student is enrolled is considered a resource when the applicant's financial need is determined. If any such resources become available after an award offer has been made or received, or if any of these presumed resources were not received, it is the responsibility of the applicant to notify the Office of Financial Aid. Receiving such assistance may necessitate a reduction in the financial assistance awarded the applicant by the University so that no applicant will receive funds in excess of demonstrated financial need. Conversely, losing such assistance may result in an award increase up to the level of demonstrated financial need.
Reapplication Requirement Financial assistance is NOT automatically renewed from year to year. The amount of financial aid awarded each year is based on the evaluation of financial statements submitted each spring by the applicant and on the availability of funds. Should unusual circumstances occur which necessitate an immediate review, the facts should be brought to the attention of the aid administrator. Necessary adjustments will be made where justified.
Summer Financial Aid Summer session applications are separate, are limited to federal loans and should be submitted to the Office of Financial Aid by April 15. The same FAFSA may be used to determine eligibility for both summer school and academic year financial assistance.
The Responsibilities of Federal Aid Recipients Include:
All inquiries concerning financial assistance for graduate students through either federal loan or employment programs should be directed to:
Office of Financial Aid to StudentsOffice Hours: 8:00 to 5:00, Monday through Friday
University of Virginia
918 N. Emmet Street
P.O. Box 9021
Charlottesville, VA 22906-9021
Telephone: (804) 982-6000; (804) 982-HEAR V/TDD