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Student Financial Services at the University of Virginia provides funds for students who cannot attend the University without financial assistance. Except for Athletic Grants-in-Aid, non-need-based loan programs, and a limited number of special scholarships, students must demonstrate financial need to receive assistance.
Estimated Costs The estimated average costs (excluding travel expenses) for an undergraduate student at the University of Virginia for the academic year are available at http://sfs.virginia.edu/cost/18-19.
Note: For fall semester only, all first-year undergraduate students will be assessed a $214 orientation fee and transfer students will be assessed a $130 orientation fee. International students will also be charged an additional $80 per semester.
Financial Need The primary responsibility for financing a college education rests with the student and parents. Thus, a portion of the parents’ and student’s resources, the expected family contribution (EFC), is anticipated to be available for college expenses. Need is determined by comparing the student’s budget with his or her family resources from income and savings. The resources are determined by a review of FAFSA and University Financial Aid Application or CSS/PROFILE data. If the resources are less than the sum needed to meet academic year expenses, the difference becomes the student’s financial need.
Funds available to applicants from other sources (e.g., veteran’s benefits, gifts, scholarships, or grants) are considered resources in determining financial need. If any such resources become available after a federal aid award has been made or received, the student must notify Student Financial Services. Receiving such assistance may necessitate a reduction in the applicant’s University-awarded aid so that no applicant receives funds in excess of demonstrated financial need or the total cost of attendance. If a refund of excess financial aid has already been made, the student will be required to repay the University the overage.
All financial aid applicants are required to complete and submit the Free Application for Federal Student Aid (FAFSA). Entering and transfer students are also required to submit the CSS/PROFILE to be eligible for University-based grant aid. The FAFSA and CSS/PROFILE secure family income and asset information, which is analyzed to produce an estimate of the funds that the student and parents can reasonably be expected to provide for college expenses. This is known as the expected family contribution (EFC). The difference between the expected 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 such need are eligible for need-based financial aid if all applications are submitted by the published deadline.
Returning students are required to complete the University Financial Aid application, which is available on-line in the Student Information System. Students must complete the two applications by the published deadline to be considered for eligibility for institutional aid.
The Aid Package Financial aid is normally a combination of gift assistance, loan funds, and employment. The financial aid package is determined by the availability of the various forms of financial aid and the individual circumstances of the student. Students must be United States citizens or eligible non-citizens to receive financial aid awards. For 2018-2019, approximately 50% of all undergraduate students received grant and/or scholarship aid.
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 SIS or contact us directly at:
Student Financial Services
University of Virginia
P.O. Box 400204
Charlottesville, VA 22904-4204
(phone) 434-982-6000 (fax) 434-924-7636
Office Hours: 9:00 a.m. to 5:00 p.m., Monday, Wednesday - Friday: 10:00 a.m. to 5:00 p.m. Tuesday
Refunds of excess financial aid or other awards are generally processed within 3-5 business days of disbursement at the start of a term. Once processed, the refund should arrive within 7-10 days, much faster, though, if the student has signed up for direct deposit.
Regulations for Withdrawal and Return of Title IV Funds is available on-line at http://sfs.virginia.edu/changes/withdrawal.
Leave of Absence If a student who has received Title IV loans (i.e., Perkins Loans, PLUS Loans, and Federal Direct 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 the first day of the approved leave of absence.
Withdrawal If a student leaves the University prior to completing 60% of a semester (as calculated by SFS), SFS recalculates eligibility for Title IV funds (i.e., Pell Grants, FSEOGs, Perkins Loans, Federal Stafford Subsidized and Unsubsidized Loans, and Parent 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 balance to the University. Your SIS Student Center will reflect balances due to the University if they are owed.
Students and applicants should pay close attention to posted due dates for applying for need-based financial aid. Deadlines arrive prior to the release of admission decisions for applicants, so do not delay in completing your application. Late applicants will not be eligible for state and University forms of need-based aid but will still qualify for federal aid.
Entering First-Year and Returning Undergraduate Students should submit by the March 1 deadline:
- The Free Application for Federal Student Aid (FAFSA). The Univeristy’s FAFSA code is 003745
- The CSS/PROFILE. The University’s PROFILE code is 5820.
Entering First-Year Undergraduates should refer to the the SFS website for additional documents that are required in order for SFS to provide a financial aid award. Go to https://sfs.virginia.edu/new/undergrad/.
New Undergraduate Transfer Students should submit by the April 1 deadline (November 1 for Spring 2019 transfer students):
- The Free Application for Federal Student Aid (FAFSA). The University’s FAFSA code is 003745.
- The CSS/PROFILE. The University’s PROFILE code is 5820.
New BIS and New BPHM Students should submit by the May 15 deadline:
- The Free Application for Federal Student Aid (FAFSA). The University’s FAFSA code is 003745.
- The CSS/PROFILE. The University’s PROFILE code is 5820.
Readmitted Students should follow the guidance on the page at https://sfs.virginia.edu/undergrad/apply/2020.
Federal Eligibility Requirements
Enrollment Unless prior approval for a reduced course load has been obtained from the dean, students must register for at least 12 credits each semester in order to receive the full financial aid award.
Citizenship Students must be either United States citizens or eligible non-citizens in order to be eligible for federal, state, and University financial assistance.
Selective Service Students required to register for the selective service 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), students are specifically instructed to contact the U.S. Department of Education at (800) 433-3243 or http://www.fafsa.ed.gov/help/drugelig.htm for assistance.
Default Status To receive federal financial aid, students 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 they owe any refund on a Federal Pell Grant or Federal Supplemental Educational Opportunity Grant previously awarded at any post-secondary institution.
Entrance Counseling All first-time borrowers of Federal Direct must complete entrance counseling through www.studentloans.gov before their first loan disbursement will be credited. Those borrowing a Perkins Loan should visit ipromise.campuspartners.com to complete entrance counseling.
Exit Counseling All Federal Direct or Perkins Loan recipients are required to complete exit counseling prior to either leaving the University or registering for less than half-time credits. Ordinarily, borrowers of Federal Direct Loans are provided loan repayment information 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.
Student Financial Services will contact degree candidates by e-mail prior to graduation regarding exit counseling. If the student withdraws, or registers for less than half-time credits, she or he must complete the counseling on-line. If the student fails to complete exit counseling, a hold will be placed on the student’s official grade transcript record.
During exit counseling, students will be advised of their rights and responsibilities, given the opportunity to ask questions, and provided a repayment schedule.
Non-University Awards If a student receives assistance from a non-University source (scholarship or loan), University-awarded financial aid may be reduced. It is the student’s responsibility to notify Student Financial Services of any outside award received.
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 the financial aid office of any changes in their financial situation during the year.
Summer Financial Aid Consideration for financial aid for Summer session requires that students complete a separate application located in the directory at http://sfs.virginia.edu/forms. Even if a student has enrolled in summer session classes, no aid will be awarded without the separate financial aid applicaion on file with Student Financial Services. Consideration is based upon full-time enrollment and submission of an application for Summer financial aid. Once you have enrolled in at least 6 hours (combined, either within a single session or across sessions), your award will be created. If you fall below the minimum required hours, your aid will be canceled, and if it had already disbursed, will be required to be repaid if a balance remains due to the University. All hours must be taken either on-Grounds or through an approved UVA-sponsored study abroad program. The University will not award UVA students who take courses at other Universities during the summer outside of an approved study abroad program. Also, grant funding for study abroad during the summer is not available, and to qualify for any grant funding for on-Grounds summer sessions, students must be enrolled in 6 hours on-Grounds.
Students must complete the FAFSA to be considered for the Federal Perkins Loan, Federal Nursing Loan, and the Federal Direct Loans (Subsidized and Unsubsidized).
Federal Direct Loan Program The federal government allows dependent undergraduate students to borrow a maximum of the following: first year, $5,500; second year, $6,500; third, fourth, and fifth years, $7,500 each.
All borrowers are required to complete a Master Promissory Note (MPN) and entrance counseling the first time they borrow as a University of Virginia student. The MPN does not show loan amounts because it can serve as the student’s promissory note for future years. The amount of the subsidized and unsubsidized loans will be included in the student’s financial aid award notification. To complete the MPN, go to studentloans.gov.
Students will receive their Loan Disclosure Statement for each new loan borrowed. The disclosure statements provide information about the types and amounts of loans borrowed, the loan period, and the anticipated disbursement dates. Students should maintain the statements for their records.
Students initially accept, decline, or reduce loan amounts in the Student Information System (SIS). After a loan is accepted in SIS, any other changes require completion of a Financial Aid Change Form Increase or a Financial Aid Change Form Decrease. Note that increases are subject to annual maximums. If you have borrowed more than you need, excess funds must be returned to UVA within 120 days of disbursement. The loan fee will be reduced or eliminated in proportion to the amount of the disbursement returned. Students have 14 days from the time of disbursement to cancel their loan(s).
Disbursement Procedure: The financial aid award indicates the total loan amount of the Direct Loan the student is awarded. The net amount disbursed will be the gross amount of the loan less fees.
The Direct Student Loan is normally payable in two disbursements, one-half of the total in each semester. Loan funds cannot be credited to the student’s account until approved by the Lender and the student has enrolled in sufficient credit hours.
Students will receive an email once their loan has been disbursed to their University Student Account (billing account statement). The disbursement will first pay outstanding tuition, fees, and room and board due to the University of Virginia for the current semester, and the remaining funds will be sent to the student by check to their local address or direct deposit to their own personal bank account.
In the case of an over-award, one or both of the loan disbursements may be reduced or canceled. Similarly, if tuition charges are reduced because of a change in enrollment or additional departmental or non-university awards, one or both of the loan disbursements may need to be adjusted or canceled.
If a student fails to enroll in sufficient credit hours, their loan will be canceled, typically within 30 days of the start of classes.
Repayment Borrowers of any Federal Direct Loan are mailed loan repayment information by the lender during the semester in which they plan to graduate. If the student does not receive this information prior to leaving, it is his or her responsibility to contact studentloans.gov.
Direct Subsidized Loan Students who demonstrate financial need are eligible for the Direct Subsidized Loan. The federal government will pay the interest while the student is enrolled in a degree seeking program at least half-time (minimum of six credit hours). Repayment of the loan principal begins six months after the student leaves school or is enrolled less than half-time (fewer than six credit hours). At that time, interest will begin to accrue at a fixed rate with a minimum monthly payment of $50. The interest rate for Subsidized and Loans for undergraduate students for 2019-2020 is 4.53%. There is also an origination fee of 1.062% for loans first disbursed before October 1, 2019. The origination fee for loans disbursed on or after October 1, 2019 has not been determined at this time. In some cases, only a portion of the loan may be eligible for the federal interest subsidy.
Direct Unsubsidized Loan Students who do not demonstrate financial need, in whole or in part, are eligible for the Direct Unsubsidized Loan. Under this program, students may still borrow, but will be required to pay all the interest on the loan. Repayment of the interest on the unsubsidized loan begins within 60 days after disbursement unless interest capitalization is requested. The interest rate for Unsubsidized Loans for undergraduate students for 2019-2020 is 4.53%. There is also an origination fee of 1.062% for loans first disbursed before October 1, 2019. The origination fee for loans disbursed on or after October 1, 2019 has not been determined at this time. Students whose parents are unwilling to provide information to complete the FAFSA can apply for unsubsidized loans with the proper supporting documentation.
Independent students may borrow up to the following additional amounts per year through the unsubsidized loan program: first and second year, $4,000; third, fourth, and fifth years, $5,000. Payment of the interest on any unsubsidized loan begins 60 days after disbursement, unless interest capitalization is requested.
Federal Direct PLUS Loan Program The Direct PLUS (Parent PLUS) Program is a loan made to parents of dependent undergraduate students enrolled in school at least half-time (minimum six credit hours per semester). Parents must be U.S. citizens or registered permanent residents to apply for the PLUS. Eligibility for the PLUS is not based on demonstrated financial need. Parents with adverse credit history or who have filed bankruptcy in the past may be denied the PLUS. Students whose parents have been denied the PLUS loan may receive an additional unsubsidized Direct loan.
Eligible parents may borrow up to the cost of attendance less any financial assistance. The interest rate for 2019-2020 is 7.08%. There is also a 4.248% origination fee for loans first disbursed before October 1, 2019. The origination fee for loans disbursed on or after October 1, 2019 has not been determined at this time. Repayment begins within 60 days after the full disbursement of the loan, but parents may request a deferment while the student is in school.
Please note that PLUS proceeds are applied to tuition charges before any other financial assistance. Unless parents request otherwise, credit balances are refunded to them rather than to the student.
PLUS Application and Promissory Note: All parent borrowers will be required to complete the Direct PLUS Loan Application and sign a Master Promissory Note (MPN) at studentloans.gov. Current regulations allow a parent to sign one promissory note (Master Promissory Note) that will be used for future PLUS loans borrowed. The PLUS MPN does not show loan amounts because it can serve as a parent’s promissory note for future years. The amount of the PLUS loan eligibility will be included in the most recent financial aid award notification. Please note that every application for the PLUS loan will result in a credit history inquiry.
Parent borrowers will receive their PLUS Disclosure Statement for each new loan borrowed. The disclosure statements provide information about the amount of money borrowed, the loan period, and the anticipated disbursement dates. Parents should maintain the statements for their records.
Parents may decline or reduce the amount of their loan(s) by completing a Financial Aid Change Form Decrease and submitting it to Student Financial Services. If you have borrowed more than you need, excess funds must be returned to UVA within 120 days of disbursement. The loan fee will be reduced or eliminated in proportion to the amount of the disbursement returned.
Please note that parents who do not submit a signed promissory note by October 1 will have their loan canceled for the academic year. If your PLUS loan application is denied, you will receive information about the Endorser Plan from the federal government.
Disbursement Procedure: The PLUS is normally payable in two disbursements, one-half of the total in each semester. Loan funds cannot be credited to the student’s account until approved by the lender and the student has enrolled in sufficient credit hours. All undergraduates at the University must be enrolled full-time (at least 12 credit hours).
The total loan amount of the PLUS awarded can be found in the Finances section of the Student Center in the SIS. The actual amount disbursed will be less due to origination fees.
In the case of an over-award, one or both of the loan disbursements may be reduced or canceled. Similarly, if tuition charges are reduced because of a change in enrollment, one or both of the disbursements may need to be adjusted.
Repayment: Under the PLUS program, repayment must begin within 60 days after full disbursement of the loan. There is no grace period for the PLUS loan. Parents must repay both principal and interest on the loan even while the student is enrolled in school, or parents may request a deferment of principal as long as the student remains enrolled as a full-time student. Parents can choose the Standard, Extended, or Graduated Repayment Plan. The Income Contingent repayment plan is not an option for the PLUS.
Institutional and Federal Nursing Loans Students may be eligible to borrow up to a maximum of $3,500 for each undergraduate year in the form of an institutional or a Federal Nursing loan. Repayment for both, at an interest rate of 5 percent, begins nine months after the student graduates, withdraws, or drops below half-time status.
After you accept your institutional or Nursing loan, you must complete a master promissory note and entrance counseling at https://www.ecsi.net/promw28/ before your funds can be disbursed to your account.
No interest is charged while the student is attending school (undergraduate or graduate) on at least a half-time basis. Repayment begins nine months after the student leaves school or drops below half-time (six credit hours). At that time, interest will begin to accrue at a rate of 5% each year with a minimum yearly payment of $480 or minimum monthly payment of $40. The actual monthly repayment will depend on the amount of the student’s debt. Repayment may be spread over a ten-year period from the date of the first payment, and loans can be consolidated for repayment. Students do not have to accept a Federal Perkins Loan in order to receive other federal funds. Origination fees are not deducted from these loans.
Unless otherwise specified, Federal Nursing loans are awarded for the academic year, with one-half available each semester. All loans are automatically applied to the payment of tuition, fees, room rent, and meal plans approximately 10 days prior to the start of each term. After all eligible University charges have been satisfied, Student Financial Services will refund any remaining credit balance to the student. If the student has direct deposit, the balance will be deposited into his or her bank account, usually within 3-5 business days. Entrance counseling and completion of the master promissory note is done at https://www.ecsi.net/promw28/.
Short Term Loan Under the terms of the Lee Emergency Loan, students enrolled in a degree-seeking program at the University may borrow up to $500 for a period of approximately 30 days. Loans are interest free and are available during the academic year during terms in which the student is enrolled. Students may request one Lee loan per term of enrollment, and may not receive a Lee Loan if a prior Lee Loan has not been repaid. Students must apply in person at Student Financial Services. Summer Lee Loans are available only if the student is enrolled full time for the ensuing Fall term. Financial aid will not pay any outstanding Lee Loan.
To be considered for the work-study program, a completed FAFSA must be submitted.
Federal Work-Study Program Student Financial Services will make available to all eligible students all Federal Work-Study (FWS) job listings through University Career Services electronic student employment program (Handshake). 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 needs of the position, skills required and the student’s work experience.
Employment Regulations Students typically work between eight and fifteen hours per week when classes are in session. In some instances, students may elect to work up to 40 hours per week during vacation periods. No student will be paid less than the federal minimum wage.
Special Scholarships and Programs
For the latest information on University scholarships and University related scholarships, go to http://sfs.virginia.edu/scholarships.
University Achievement Awards are designed to attract exceptional in-state students who will add diversity to the University community. Each year, the Office of Admission selects approximately 50 entering Virginia students to receive the awards, which cover full tuition and fees for four years of University attendance. Selection is competitive, and consideration is automatic; no specific application is required.
Veteran’s Educational Benefits Students eligible to receive educational benefits through the GI Bill® or the V.A. Contributory or Non-Contributory Benefit Programs should contact the Veteran’s Affairs Coordinator, UREG (Office of the University Registrar), Carruthers Hall, (434) 924-4122 or visit http://www.virginia.edu/registrar/vabenefits.html.
Virginia War Orphans Program Under this program, a child (aged 25 years or younger) of either a deceased veteran or a veteran who is totally disabled 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, VA 24004.
University Tuition Payment Plan In conjunction with a private vendor, the University has developed an installment payment plan. For a fee of $45 per semester, University tuition, fees, housing, and dining charges may be paid in five (5) monthly installments each semester. You must sign up for each semester for which you intend to participate. The final date to enroll in the payment plan for the Fall 2019 term is August 4, 2019. For the Spring 2020 term, the last day to sign up is January 4, 2020. For complete details, visit http://sfs.virginia.edu/payplan.
University and Federal Grants
Consideration for any grant listed below, with the exception of Athletic Grants-in-Aid, requires completion of the FAFSA, and for entering and transfer students only, the CSS/PROFILE. Returning students should submit the University Financial Aid application. Eligibility requires submission by the published deadline.
Unless otherwise specified, University and federal grants are awarded for the academic year, with one-half available each semester. All awards are automatically applied to the payment of tuition, fees, room rent, and meal plans approximately 10 days prior to the start of each term. After all eligible University charges have been satisfied, Student Financial Services will refund any remaining credit balance to the student. If the student has direct deposit, the balance will be deposited into his or her bank account, usually within 3-5 business days.
If a student does not complete the semester, financial aid will be prorated, and the unused portion will be canceled according to Federal regulations.
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 Student Financial Services. Award amounts for University grants vary, but awards are made on a need basis. Summer Session and January Term have separate grant programs for students with financial need.
Other State Scholarship Programs Several states have scholarship and grant programs that permit the student to use a state scholarship or grant at an out-of-state institution. For further information on these programs, students should contact the state awarding agency or their secondary school guidance counselor.
Federal Supplemental Educational Opportunity Grant (FSEOG) The Federal Supplemental Educational Opportunity Grant is awarded to undergraduates who demonstrate exceptional financial need (i.e. they have a low EFC and are also Federal Pell Grant recipients). In order to be eligible, students must file the FAFSA and the University Financial Aid Application (or the CSS/PROFILE, for entering and transfer students) by the published deadline and must be enrolled in a minimum of twelve credit hours per semester. Students who have already earned a bachelor’s degree are NOT eligible for FSEOG assistance.
Federal Pell Grant The Federal Pell Grant is awarded to undergraduate students who have not previously earned a bachelor’s or professional degree. The size of the award is based on the student’s Expected Family Contribution (EFC) and their enrollment status. Students who are eligible for a full award must be enrolled in a minimum of twelve credit hours per semester; otherwise, they receive a prorated award when they are enrolled in fewer than twelve credit hours per semester.
Athletic Grant-in-Aid For information, contact the Department of Athletics, University of Virginia, P.O. Box 400821, Charlottesville, VA 22904-4821.
Satisfactory Academic Progress Standards
Maintaining Satisfactory Academic Progress is one of many federally mandated criteria viewed in determining a student’s eligibility for continued receipt of financial aid. In order to remain eligible, a student must meet both a quantitative (credit hours) and qualitative (grade point average) standard. Students must also demonstrate a progression toward completion of their degree program within an established time frame. Student Financial Services will conduct a review of Satisfactory Academic Progress at the end of each term. For more information about Satisfactory Academic Progress, please visit http://sfs.virginia.edu/SAP.
Financial Aid Programs Affected
Undergraduate Financial Aid programs which are affected by the Satisfactory Academic Progress policy include (but are not limited to) Federal Pell Grant, Federal SEOG, Federal TEACH Grant, Federal Perkins Loans, Federal Work Study, Federal Nursing loans, Federal Direct loans, Federal Parent Plus loans, Virginia state grants, and all institutional grants and scholarships.
Please refer to the complete Satisfactory Academic Progress policy which can be accessed from the page at http://sfs.virginia.edu/SAP.
Individual Schools’ Academic Progress Standards
In addition to the above Satisfactory Academic Progress standards, each school will have additional conditions (such as area requirements and major requirements) that must be fulfilled for the student to remain “in good standing.” As a result, even though a student 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 in their school.
Student Rights and Responsibilities
Students have the right to:
- know what financial aid programs are available (see Financial Aid Programs);
- 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 student’s award letter);
- know what resources (e.g., parental contribution, other financial aid, and individual assets) were considered in calculating their need (see the student’s award letter);
- know how much of their financial need, as determined by the institution, has been met (see the student’s award letter);
- request an explanation of the various programs in their financial aid package (see Financial Aid Programs);
- know the school’s refund policy (see General Information section above);
- 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 student’s 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 charges.
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 Code;
- 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 and reapplication;
- be aware of the school’s 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 UREG (Office of the University Registrar);
- complete registration at the prescribed time in order to receive disbursements on a timely basis.