Estimated Costs The average costs (excluding travel expenses) for an undergraduate student at the University of Virginia for the academic year l996-97 are estimated to be:
|Tuition and Fees||$4,650||$14,440|
|Books and Supplies||700||700|
|Room and Board||4,520||4,520|
Financial Need The primary responsibility for financing a college education rests with the student and parents. A portion of the parents' and student's resources is expected to be available for college expenses.
All financial aid applicants are required to submit the Free Application for Federal Student Aid (FAFSA), completing all appropriate sections. The FAFSA secures family income and asset information. A detailed analysis produces an estimate of the funds that the student and parents can reasonably be expected to provide for college expenses. This estimate is known as the estimatedfamily contribution (EFC). The difference between the estimated family contribution and the cost of attendance (which includes tuition, fees, room, board, books, personal expenses and travel) is defined as the student's financial need. Students who demonstrate financial need are eligible for need-based financial aid.
Only students who are over twenty-four, married, veterans, or wards of the court will be considered for financial aid without regard to their parents' ability to contribute to their education. Except in such circumstances, parental financial information will be required of all aid applicants under 24.
The Financial Aid Award Financial aid is normally a combination of gift assistance, loan funds, and/or employment. The financial aid "package" is determined by the availability of the various types of financial aid and the individual circumstances of the student. The application for University-based grants, loans and employment is the FAFSA. Students must be United States citizens or permanent residents to receive financial aid. Additionally, students must be full-time (registered for at least 12 credits each semester) in order to receive their financial aid award. About 35 percent of all undergraduate students receive financial assistance each year.
The FAFSA may be obtained from any college or university or any secondary school guidance office. Applicants must indicate the University of Virginia (Code 003745) in the appropriate section of the FAFSA.
The FAFSA and institutional Financial Aid Statement must be mailed after January 1, 1997 and before March 1, 1997. Students will be notified about their financial aid eligibility shortly after being notified about the admissions decision. Students must not wait until being notified of the admissions decision to apply for financial aid. Students who apply after the March 1 deadline will probably receive very limited financial aid.
Early Decision students must meet the March 1, 1997 deadline and will be considered for aid at the same time as other entering students. The Financial Aid Office cannot accept the Financial Aid Profile.
Transfer students should follow the same application procedures as entering students. In addition, a Financial Aid Transcript is required from each post-secondary school attended by the transfer student.
Readmitted students must follow the same procedures and deadlines as returning students. Copies of official letters of readmission must be submitted to the Financial Aid Office before a readmitted student can be considered for financial assistance.
University Grants The University has a number of need-based grants available for undergraduate students. Financial aid applicants are automatically considered for any grants for which they qualify. There are no academic or merit scholarships available through the Financial Aid office. Award amounts for University grants vary, but all awards are made on a need basis.
Virginia College Scholarship Assistance Program (CSAP) The College Scholarship Assistance Program is a need-based program of grants to Virginia residents attending colleges and universities in Virginia. The FAFSA constitutes an application for the CSAP Grant. Funds for this program are made available by the Commonwealth of Virginia. The Financial Aid Office makes the award determination. Students with exceptional need may receive up to $2,000 per year.
Other State Scholarship Programs Several states have scholarship and grant programs which permit the student to use a state scholarship or grant at an out-of-state institution. For further information on these state programs contact the state awarding agency or your secondary school guidance counselor.
Federal Supplemental Educational Opportunity Grant (FSEOG) This federal program is administered by the University and provides grants to students who have exceptional financial need. Awards are determined by the Financial Aid Office, and may vary between $100 and $4,000 per year.
Federal Pell Grant This federal aid program is for all students who need financial assistance to attend post-secondary educational institutions. The maximum award is $2,440, but actual grants may be less. The award is based on the expected family contribution.
Athletic Grant-in-Aid Students who want information about Athletic Grants- in-Aid should contact the Department of Athletics, P.O. Box 3785, University of Virginia, Charlottesville, VA 22903.
Federal Perkins Loan Under this federal program administered by the University, a student may borrow up to a maximum of $3,000 for each undergraduate year. The maximum for all undergraduate years is $15,000. Repayment, at an interest rate of 5 percent, begins six months after a student graduates, withdraws, or drops below half-time status.
Federal Nursing Loan Students enrolled in the University School of Nursing are eligible to be considered for the Federal Nursing Loan Program. The conditions are similar to those of the Perkins Loan.
Ford Federal Direct Loan Program (Formerly Stafford Loan) Students may borrow funds up to the following amounts: first year, $2,625; second year, $3,500; third, fourth, fifth years, $5,500 each. Undergraduates may borrow no more than $23,000 total. For students who demonstrate financial need, the federal government will pay the interest while the student is enrolled at least half-time (the Subsidized Loan). 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. In some cases only a portion of the loan may be eligible for the federal interest subsidy. Repayment begins six months after leaving school (the Subsidized Loan). Repayment of the Unsubsidized Loan begins 60 days after disbursement unless interest capitalization is requested. Independent students may borrow up to the following additional amounts through the Unsubsidized Loan program: first and second year, $4,000 each; third, fourth, fifth years $5,000 each. As above, repayment begins 60 days after disbursement unless interest capitalization is requested. Through the Ford Federal Direct Loan Program, the lender is the federal government. Application materials are available from the Financial Aid Office.
Ford Federal Direct PLUS Loan Program These non-need-based loans are available to parents of dependent students. The maximum that parents of dependent students may borrow in a year is the cost of attendance minus any financial aid awarded to the student. The interest rate is variable but will not exceed 9%. Repayment begins 60 days after disbursement. Through the Ford Federal Direct PLUS Loan Program, the lender is the federal government. Application materials are available from the Financial Aid Office. PLUS proceeds are applied to tuition charges first, before calculating any credit balances. Credit balances are refunded to the student unless the parent requests otherwise.
Edvantage Loan This non-need-based loan allows the student or parent to borrow from $1,000 to $15,000 per year, up to a total of $60,000. The variable interest rate is currently 1.5 percent above the Prime Rate. Repayment begins 60 days after the loan is disbursed. Information and application material may be obtained by contacting the University or the Virginia Student Assistance Authorities at (800) 792-LOAN.
Short Term Loan Under the terms of the Lee Emergency Loan, a student enrolled in any of the University Schools may borrow from $30 to $500 cash for a period of approximately 30 days. 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 the Financial Aid Office.
Federal Work-Study Program Under the Federal Work-Study Program, students with demonstrated need may be assigned a part-time position in one of the various participating departments or offices within the University community. The hourly rate and number of weekly work-hours assigned are based on a student's financial need and background in a particular area.
University Achievement Awards The Office of Admission selects 50 entering African-American students each year to receive University Achievement Awards which cover full tuition and fees for all four years of attendance at the University. The awards are made on a competitive basis to students who are Virginia residents. Consideration for the Achievement Award is automatic; no specific application is required.
Jerome H. Holland Scholarship The Office of Admission selects recipients of the Jerome H. Holland Scholarship to recognize outstanding African-American students from across the country. Awards, which are renewable, are offered on a competitive basis to entering students and are normally in the amount of $10,000 each. Consideration for the Jerome H. Holland Scholarship is automatic; no specific application is required.
General Assembly Nursing Program Virginia residents enrolled in the 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 repayment with interest. Applications and guidelines are available upon request from the Office of Financial Aid.
Virginia War Orphans Educational Benefits Program Under this program, a child of either a deceased veteran or a veteran who is totally disabled from wartime service may receive free tuition 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, 2l0 Franklin Road S.W., Roanoke, VA 24004.
Citizenship Status Students must be United States citizens or permanent residents in order to be eligible for Federal, State, or University financial assistance.
IRS Forms Students awarded financial assistance are required to provide the Financial Aid Office with a signed copy of their own and their parents' Federal Income Tax Return (1040, 1040A or 1040EZ) before the award is considered final.
Selective Service Students required under the Military Selective Service Act to register for the draft are required to sign a statement indicating that they have registered before they can receive any federal financial assistance.
Reapplication Requirement No form of assistance is automatically renewed from year to year but may be reawarded upon reapplication by the appropriate deadline. Students must demonstrate continued financial need and maintain satisfactory academic progress.
Satisfactory Academic Progress Standards In order to receive any grant, loan, or work assistance, a student must be maintaining satisfactory academic progress in the course of study the student is pursuing according to the standards and practices of the University. Students who fail to maintain satisfactory progress may not receive the following types of financial aid: University Scholarships and Grants, Federal Pell Grants, Federal Supplemental Educational Opportunity Grants, College Scholarship Assistance Program Grants, Federal Work-Study Employment, Federal Perkins Loans, Ford Federal Direct Subsidized, Unsubsidized, or PLUS Loans.
An undergraduate student is considered to have made satisfactory academic progress if the following schedule is maintained.
|Before Receiving Financial Aid for the:||A Student Must Complete:||With a Cum. GPA of:|
|third semester||21 credits||1.5|
|fifth semester||54 credits||1.6|
|seventh semester||84 credits||1.8|
This schedule excludes Summer Session attendance. A student who fails to satisfy the minimum standards at a preliminary progress check in May has the opportunity to earn credits and meet the requirements in the following summer session.
Except when there are mitigating circumstances no undergraduate will be eligible to receive financial assistance for more than eight semesters.
Satisfactory academic progress will be reviewed annually prior to the beginning of each academic year. Maintaining satisfactory academic progress is not the same as remaining "in good standing"according to the standards of the individual schools of the University. Each school will have additional conditions (such as area requirements and major requirements) which must also be fulfilled to remain "in good standing." As a result, even though an undergraduate may meet the minimum requirements for continued receipt of financial aid, the student may not be permitted to continue enrollment because of failure to remain in good standing according to conditions established by the Dean of the student's school.
Any student receiving financial aid who does not meet the satisfactory progress requirements and whose aid must be withdrawn will be given written notice. The student is responsible for seeing that the Office of the Registrar has a correct mailing address at all times.
Right of Appeal Any student whose financial aid has been terminated may submit a written appeal to the Office of Financial Aid, explaining why satisfactory progress was not maintained and giving any reason why aid should not be terminated. Accompanying documentation from the student's dean is recommended.
Re-establishing Satisfactory Progress After financial aid has been withdrawn, students may re-establish satisfactory academic progress by either of the following methods:
Eligibility for Federal Aid To receive federal financial aid you cannot be in default on a Federal Perkins Loan, a Federal Stafford Student Loan, a Supplemental Loan for Students (SLS) or a Ford Federal Direct Loan received for study at any post-secondary institution nor can you owe any refund on a Federal Pell Grant or Federal Supplemental Educational Opportunity Grant previously awarded at any post-secondary institution.
Refunds for Students who Receive Federal Assistance Through Any Program Although the Refund Policy stated in Chapter 4 is the official University policy, federal regulations may dictate a different refund policy for students receiving assistance from any federal grant or loan programs. In making refunds to these students, the University must compare the refund amount made available to the student through the University policy and the federal refund calculation. In general, the federal calculation requires a specified percentage of refund determined by the elapsed percentage of the term in question.
|Elapsed % of term||Refund %|
The refund to the student will be determined using the formula providing the greater refund amount.
Refunds for Students who Receive Federal Aid and Withdraw During Their First Semester The procedure for refunds to students attending the University for the first time is different, and must be pro rata for any date of withdrawal prior to the sixty percent point in the semester. In this instance, the refund to the student must be a "pro rata refund"of all tuition, fees, room, and board charges as determined by the last recorded date of attendance.
Receiving a Non-University Award In the event that you receive assistance from a non-University source (scholarship or loan), the University will normally reduce University-awarded financial aid. In any case, it is your responsibility to notify the Office of Financial Aid of this outside award.
Change in Financial Situation It is your responsibility to notify the Financial Aid Office of any changes in your financial situation during the year.
If you do not complete the semester, a grant award will be prorated and the unused portion cancelled.
Student's Responsibility If you do not receive your payment, it is your responsibility to obtain from the Office of the Bursar any amount due as a result of an award balance remaining after payment of University charges.
Payment Inquiries All inquiries regarding semester bills and balance-of-award checks should be made at the Office of the Bursar, Carruthers Hall (924-4265).
Federal Perkins Loan No interest is charged while you are attending school (graduate or undergraduate) on at least a half-time basis. Repayment begins six or nine months after you leave school. At that time, interest will begin to accrue at a rate of 5 percent each year with a minimum yearly payment of $360. Repayment may be spread over a 10-year period from the date of the first payment.
Federal Nursing Student Loan No interest is charged while you are attending school (graduate or undergraduate) on at least a half- time basis. Repayment begins nine months after you leave school. At that time, interest will begin to accrue at the rate of 5 percent each year with a minimum yearly payment of $180. Repayment may be spread over a 10-year period from the date of the first payment.
Disbursement Procedure One-half of your loan will be applied directly to your university account each semester as soon as you register as a full-time student. You will be required to sign a promissory note each semester at the Student Loan Section, Carruthers Hall.
Failure to Sign Promissory Note If you fail to sign your promissory note by October 15, your loan for the entire academic year will be cancelled. If you fail to sign your second semester promissory note by February 15, your loan for that semester will be cancelled. If your loan is cancelled, you will be billed by the Bursar for the balance due to the University.
Exit Interviews It is your responsibility to have an exit interview for these loans prior to leaving the University or in the event you register as less than a half-time student. As a degree applicant you should be contacted by the Student Loan Section of the Bursar's Office prior to graduation to schedule an exit interview. If you are not contacted, if you withdraw, or if you register as less than a half-time student, it is your responsibility to contact the Student Loan Section to schedule an exit interview. During the exit interview you will be advised of your rights and responsibilities, given the opportunity to ask questions, and provided a repayment schedule. If you fail to complete an exit interview, a hold will be placed on your official grade transcript record.
If a student receives other financial aid after the promissory note has been signed and returned, the loan amount will be reevaluated for loan eligibility by the Financial Aid Office. In the case of an "overaward" one or both of the loan disbursements may be reduced or canceled. If a student fails to enroll in credits sufficient to permit the Office of the Bursar to credit funds to the student's university account, the loan will be cancelled within 30 days of registration.
Entrance and Exit Interviews
Employment Regulations Students normally work between eight and fifteen hours per week when classes are in session and, in some instances, may elect to work up to 40 hours per week during vacation periods. No student will be paid less than the federal minimum wage.