• Applying for Financial Aid
  • Applications from Entering Students
  • Applications from Returning Students
  • Grant and Scholarship Programs
• Loans
• Student Employment
• Special Scholarships and Programs
• General Requirements for All Forms of Aid
• University and Federal Grants
  • Federal Perkins and Federal Nursing Student Loans
  • Ford Federal Direct Loans
• Employment Under the Federal Work-Study Program
• Student Rights and Responsibilities Regarding Financial Aid

Applying for Financial Aid

Estimated Costs   The average costs (excluding travel expenses) for an undergraduate student at the University of Virginia for the academic year l997-98 are estimated to be:

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 estimated family 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.

Applications from Entering Students

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, 1998 and before March 1, 1998. 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, 1998 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.

Applications from Returning Students

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.

Grant and Scholarship Programs

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 from $400 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 students who need financial assistance to attend post-secondary educational institutions. The maximum award is $2,700, 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.

Loans

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). Payment of the interest on 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, payment of the interest 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.

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.

Student Employment

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.

Special Scholarships and Programs

University Achievement Awards  The Office of Admission selects 50 entering students each year to receive University Achievement Awards, designed to attract exceptional in-state students who will add diversity to the University community. The awards cover full tuition and fees for all four years of attendance at the University and 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.

General Requirements for All Forms of Aid

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:

1. Attending Summer Sessions at their own expense and improving their credits and cumulative grade point averages to meet the required satisfactory academic progress standards, or
2. Attending subsequent semesters at their own expense and improving their credits and cumulative grade point averages to meet the required academic progress standards.

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.

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. It is your responsibility to notify the Office of Financial Aid of all outside awards you receive.

Change in Financial Situation  It is your responsibility to notify the Financial Aid Office of any changes in your financial situation during the year.

University and Federal Grants

If you do not complete the semester, a grant award will be prorated and the unused portion cancelled.

Student's Responsibility   If you are expecting a refund after your financial aid has been credited to your account and you do not receive it, contact the Office of the Bursar.

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 and Federal Nursing Student Loans

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 $480. Repayment may be spread over a 10-year period from the date of the first payment. Loans can be consolidated for repayment. You do not have to accept a Federal Perkins Loan in order to receive other federal funds. Origination fees are not deducted from Perkins Loans.

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 year at the Student Loan Section of the Bursar's Office, Carruthers Hall.

Failure to Sign Promissory Note   If you fail to sign your promissory note by October 1, your loan for the entire academic year 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.

Ford Federal Direct Loans

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 cancelled. If a student fails to enroll in the sufficient number of credits, the loan can be cancelled within 30 days of registration.

Entrance and Exit Interviews

1. Entrance Interviews All first-time borrowers of Federal Direct Loans must be informed of their borrower obligations before their first loan disbursement can be credited to their University account. Loan entrance interview materials will be mailed to the borrower at the local address on file with the Office of the Registrar.

2. Exit Interviews It is the student's responsibility to have an exit interview prior to leaving the University or in the event of registration as less than a half-time student. Borrowers of any Federal Direct Loan are provided loan repayment information by the Financial Aid Office during the semester in which they plan to graduate. This information is mailed to the student. If a student does not receive this information prior to leaving, it is the student's responsibility to contact the Direct Loan Servicer.

Employment Under the Federal Work-Study Program

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.

Student Rights And Responsibilities Regarding Financial Aid

Student Rights

1. You have the right to know what financial aid programs are available. (See section on Applying for Financial Aid.)
2. You have the right to know the deadlines for submitting applications for each of the financial aid programs available. (See section on Applying for Financial Aid.)
3. You have the right to know how financial aid will be distributed, how decisions on that distribution are made, and the basis for these decisions. (See section on Applying for Financial Aid.)
4. You have the right to know how your financial need was determined. This includes how costs for tuition and fees, room and board, travel, books and supplies, personal and miscellaneous expenses, and the like are considered in your budget. (See section on Applying for Financial Aid and your award letter.)
5. You have the right to know what resources (such as parental contribution, other financial aid, your assets, etc.) were considered in the calculation of your need. (See your award letter.)
6. You have the right to know how much of your financial need as determined by the institution has been met. (See your award letter.)
7. You have the right to request an explanation of the various programs in your financial aid package. (See sections above.)
8. You have the right to know the school's refund policy. (See chapter on tuition and fees and sections above).
9. You have the right to know what portion of the financial aid you receive must be repaid, and what portion is grant aid. If the aid is a loan, you have the right to know what the interest rate is, the total amount that must be repaid, the repayment procedures, the length of time you have to repay the loan, and when repayment is to begin. (See your award letter and section above).
10. You have the right to know how the school determines whether you are making satisfactory progress, and what happens if you are not. (See section above.)

Student Responsibilities

1. You must complete all application forms accurately and submit them by the deadline date to the appropriate office.
2. You must provide correct information. In most instances, misreporting information on financial aid application forms is a violation of law and may be considered a criminal offense which could result in indictment under the U.S. Criminal Code.
3. You must return all additional documentation, verification, corrections, and/or new information requested by either the financial aid office or the agency to which you submitted your application.
4. You are responsible for reading and understanding all forms that you are asked to sign and for keeping copies of them.
5. You must accept responsibility for all agreements that you sign.
6. You must perform the work that is agreed upon in accepting a Federal Work-Study award.
7. You must be aware of and comply with the deadlines for application or reapplication for aid.
8. You should be aware of the school's refund procedures.
9. You must complete an exit interview if you are a loan borrower and are terminating student status or registering as less than a half-time student.
10. You must maintain current and correct addresses with the Office of the Registrar.
11. You must complete registration at the prescribed time in order to receive your stipend on a timely basis.

• Continue to Chapter 4: Tuition, Fees, Housing, and Dining.
• Return to the Undergraduate Record Table of Contents.
• Visit the Office of Financial Aid on-line site