Financial Aid

Can be based on need or merit. This is money that you do not have to pay back! Also called gift aid.

A type of financial aid which must be repaid, with interest. Students do not need to start paying back their loans until they are a part-time student, or have graduated or been out of school for six months. There are several types of federal loans:

• A subsidized loan does not to gather interest until 6-9 months after the student graduates college.

• An unsubsidized loan is not need-based, and starts to gather interest as soon as the student receives it.

• A “Stafford” or “Direct” loan is a federal loan. It can be subsidized or unsubsidized.

• A Parent PLUS Loan is one that your parents borrow. It has a high interest rate, and your parents must have a good credit rating in order to be eligible. A Parent PLUS loan can never be transferred to the student.

A federal program providing undergraduate and graduate students with part-time employment during the school year.

Aid given to the student by the federal government; may include both gift aid and loans

Aid given to you by your state of residence, often this does not carry across state lines; VGAP & VTAG are two common examples of Virginia financial aid.

Aid given on behalf of the college or university; amounts and type of aid varies from student to student and from one college to another.

Recognizes things you have done including academic achievements (like GPA, test scores), community service, and athletic performance.

Financial aid based on the student's financial circumstances. Often use measures such as the EFC you get from filing the FAFSA.

Federal grant that provides funds based on the student's financial need. This does not need to be repaid. The maximum amount for a Pell Grant is $6,195, and you can be awarded either the full or partial Pell Grant. This money is gift aid, which means it does not need to be paid back.

The amount a family is expected to contribute towards the cost of attendance as determined by the Federal Methodology need analysis formula. The EFC includes the parent contribution and the student contribution, and depends on the student's dependency status, family size, number of family members in school, taxable and nontaxable income and assets.

The SAR summarizes the information you included on the FAFSA. The SAR will tell you your EFC and whether you are eligible for a Pell Grant. You should receive your SAR 4-6 weeks after you mail your FAFSA to the processor.

Amount of money charged to students for instructional or other services. Tuition may be charged per term, per course, or per credit.

• Pell Grant (up to $6,345)

• Federal Work Study

• Federal Loans (subsidized, unsubsidized, “Stafford” or “Direct” loan)

• Virginia Grants/Scholarships

• Institutional Aid

• Scholarships

• The FAFSA uses three main factors to determine your aid: parent income, family size, and number of family members in college

• It calculates a number called the 'Estimated Family Contribution' or EFC which colleges and scholarships use to determine financial need. The lower your EFC, the more financial aid you should qualify for.

Colleges use the FAFSA information to determine if the student qualifies for state or institutional aid. Students will receive different “aid packages” depending on the school. The FAFSA is based on income eligibility and asks information based on the prior prior year parent and student taxes. The information you input in the FAFSA is then sent to your prospective colleges to determine your amount of aid.

The entire application is completed online and should take about 45 minutes with the proper tools. You know what would make it really easy? Asking your college adviser or career coach for help!

• FSA ID (scroll down to learn more about the FSA ID)

• Social security numbers for parent and student (both parents if parent is married or remarried)

• Marriage or divorce month and year for parents

• Copies of prior prior year tax forms for parent and student (if student filed)

• Email accounts and passwords to access email accounts

Many families choose not to file the FAFSA because they believe they will not receive financial aid. Though this may be true for some families, the FAFSA is an important application for several other reasons. The FAFSA allows the student to be considered for institutional aid, which is separate from federal money, and certain scholarships. Several local scholarships that become available in the spring will require that the student have already filed a FAFSA. Even if your results from the FAFSA do not qualify you for aid, the application is 100% free.

Dependency is when someone (typically your parents) provides 51% or more of your financial support. You are considered a "dependent" of this (these) individual(s).

General Description and Purpose

The purpose of the Virginia Commonwealth Award is to assist undergraduate students with financial need and graduate students to pay part of their college costs. The funds are appropriated directly to each state-supported institution. Funds may be used for need-based grants to Virginia resident undergraduates or for grants or assistantships to graduate students (both in-state and out-of-state). The law requires that the awards to undergraduates be proportional to need so that the students with the greatest need receive the largest awards.

Application Process

This program does not have a separate application; students must complete the FAFSA to be considered. The application and awarding processes are administered by the financial aid office at each Virginia public college or university. Contact the financial aid office at the college you plan to attend for application procedures and deadlines.

Eligibility

In order for an undergraduate student to be eligible for an award, a student must:

• Be admitted into a Virginia public two or four year college or university;

• Be enrolled at least half-time in an approved degree, certificate, or diploma program;

• Be a U.S. citizen or eligible non-citizen;

• Be a domiciliary resident of Virginia as defined by the Code of Virginia § 23.1-502; and

• Demonstrate financial need as determined by the institution.

In order for a graduate student to be eligible for an award, a student must:

• Be enrolled full-time in an approved graduate degree program at a participating public Virginia college or university; and

• Meet requirements established by the granting institution.

Awards

Undergraduate: The actual awards will vary by institution and are subject to available funding. The awards may not exceed tuition and required fees.

Graduate: The actual awards will vary by institution and are subject to available funding. The institution will determine the award.

Renewal

Pending the availability of funds, awards may be renewed provided that the student:

• Maintains satisfactory academic progress;

• Continues to meet all of the requirements of the Virginia Student Financial Aid Program regulations; and

• If a graduate student, meets the eligibility requirements for graduate students established by the granting institution.

https://www.schev.edu/index/tuition-aid/financialaid/state-student-aid/virginia-commonwealth-award-program

General Description and Purpose

The purpose of the Virginia Guaranteed Assistance Program (VGAP) is to provide an incentive to financially needy students now attending elementary and secondary school in Virginia to raise their expectations and their academic performance and to consider higher education an achievable objective in their future. The law requires that the awards to undergraduates be proportional to need so that the students with the greatest need receive the largest awards.

Application Process

This program does not have a separate application; students must complete the FAFSA to be considered. The application and awarding processes are administered by the financial aid office at each Virginia public college or university. Contact the financial aid office at the college you plan to attend for application procedures and deadlines.

Eligibility

In order for an undergraduate student to be eligible for an award, a student must:

• Be admitted into a Virginia public two-or four-year college or university;

• Be enrolled full-time in an approved degree, certificate, or diploma program;

• Be a domiciliary resident of Virginia as defined by the Code of Virginia §23.1-502;

• Demonstrate financial need as determined by the institution;

• Be a graduate from a Virginia high school or complete a program of home school instruction in accordance with §22.1-254.1 (students who obtain a GED are not eligible);

• Have at least a cumulative high school grade point average of 2.5 on a 4.0 scale (or its equivalent);

• If a home school completer: achieve a SAT verbal and math combined score of at least 980 or ACT Composite score of at least 19; and

• Have complied with federal selective service registration requirements, if applicable.

Awards

The actual awards will vary by institution; however, those students found to be in the neediest category will receive awards of at least tuition. The maximum award is the cost of tuition, required fees, and a book allowance. Limit of one year of award per class level.

Renewal

Awards may be renewed for up to three additional years provided that the student:

• Maintains continuous full-time enrollment;

• Maintains domiciliary residency in Virginia;

• Demonstrates continued financial need;

• Maintains a college grade point average of at least 2.0 on a 4.0 scale, or its equivalent;

• Maintains the satisfactory academic progress standards of the institution for federal student aid programs; and

• Has advanced class levels upon completion of each year of award received (VGAP is restricted to no more than one year - 12 months - per class level - FR, SO, JR, SR).

https://www.schev.edu/index/tuition-aid/financialaid/state-student-aid/virginia-guaranteed-assistance-program

THE COMPLETED VTAG APPLICATION MUST BE SUBMITTED TO YOUR INSTITUTION'S FINANCIAL AID OFFICE.

VTAG Application (Virginia Private Schools)

Beginning with the fall of 2020, new incoming students enrolled in an online education or distance learning program are not eligible to receive awards from the Tuition Assistance Grant Program. However, existing students enrolled in online education or distance learning programs as of the 2019-20 academic year shall remain eligible to receive awards of up to $3,400 for no more than four years from the Tuition Assistance Grant Program.

General Description and Purpose

Established in 1972, the Tuition Assistance Grant Program (VTAG) is designed to assist Virginia residents who attend accredited private, nonprofit colleges and universities in Virginia for other than religious training or theological education. The VTAG is authorized in § 23.1-628 of the Code of Virginia as the Tuition Assistance Grant Act.

Application Process

Applications may be acquired from the financial aid office of the private institution the student plans to attend. Completed applications must be submitted to the financial aid office of the institution on, or before, July 31 prior to the fall semester of enrollment. Applications submitted after July 31, but no later than December 1, will be considered for an award only if funds are available.

Eligibility

While this page does not cover all of the eligibility requirements, the basic criteria are:

• Be a domiciliary resident of Virginia as defined by the Code of Virginia § 23.1-502 and augmented by the Domicile Guidelines;

• Be enrolled full-time as an undergraduate, graduate, or professional student; and

• Be enrolled at an eligible institution pursuing an eligible degree that is not in religious training or theological education. Eligible graduate programs are limited to those in a health-related professional program, designated by the 51 series of programs under the NCES Classification of Instructional Programs.

• Beginning with the fall of 2020, new incoming students enrolled in an online education or distance learning program are not eligible to receive awards from the Tuition Assistance Grant Program.

Eligible Institutions

• Appalachian College of Pharmacy

• Averett University

• Bluefield College

• Bridgewater College

• Christendom College

• Eastern Mennonite University

• Edward Via Virginia College of Osteopathic Medicine

• Emory & Henry College

• Ferrum College

• George Washington University (VA campus only)

• Hampden-Sydney College

• Hampton University

• Hollins University

• Liberty University

• Mary Baldwin University

• Marymount University

• Randolph College

• Randolph-Macon College

• Regent University

• Roanoke College

• Shenandoah University

• Southern Virginia University

• Sweet Briar College

• University of Lynchburg

• University of Richmond

• Virginia Union University

• Virginia Wesleyan University

• Washington & Lee University

Awards

The award amount is based on the number of eligible students and the amount of funds appropriated by the General Assembly.

Maximum 2019-20 Annual Award: Undergraduate= $3,400 Graduate= $1,700

Renewal

Awards are renewed provided that the student continues to meet eligibility requirements and has not exceeded the maximum number of years of eligibility.

https://www.schev.edu/index/tuition-aid/financialaid/state-student-aid/tuition-assistance-grant-program

Established in 2007, the Two-Year College Transfer Grant Program (CTG) provides an incentive for students to first complete an associate degree at a Virginia public two-year college before transferring to a participating Virginia fouryear college or university as a means to reduce the overall cost towards completing a bachelor’s degree.

In addition to already paying lower tuition charges for their freshman and sophomore years while attending a two-year college, qualifying students may also receive a CTG award once they transfer to the participating four-year institution.

Student Eligibility

To be eligible, the student must:

• Be a first-time entering freshman (at any institution) no earlier than fall 2007.

• Be an undergraduate in-state student (Virginia domicile).

• Meet selective service requirements.

• Have received an associate degree at a Virginia two-year public institution.

• Have a cumulative Grade Point Average (GPA) of 3.0 on a scale of 4.0 for the associate degree.

• Enroll into a Virginia four-year public college or university or a Virginia four-year private nonprofit college or university by the fall or spring immediately following completion of an associate degree

• Enroll full-time into a degree program that is not for religious training or theological education.

• Have applied for financial aid by completing the federal Free Application for Federal Student Aid (FAFSA) by the four-year institution’s published deadline.

• Have financial need, defined as a federally calculated Expected Family Contribution (EFC) of 12,000 or less.

Participating Four-Year Institutions

To be eligible, institutions must meet the following definition:

"Institution of higher education" means a four-year public or private nonprofit educational institution within the Commonwealth whose primary purpose is to provide undergraduate collegiate education and not to provide religious training or theological education.

Institutions meeting the above definition but not on the list below must apply for participation as prescribed in program regulations.

Undergraduate students enrolled in the following institutions may be considered for the CTG:

PUBLIC INSTITUTIONS:

• Christopher Newport University

• College of William & Mary

• George Mason University

• James Madison University

• Longwood University

• Norfolk State University

• Old Dominion University

• Radford University

• University of Mary Washington

• University of Virginia

• University of Virginia's College at Wise

• Virginia Commonwealth University

• Virginia Military Institute

• Virginia State University

• Virginia Polytechnic/State University

PRIVATE NON-PROFIT INSTITUTIONS:

• Averett University

• Bluefield College

• Bridgewater College

• Christendom College

• Eastern Mennonite University

• Emory & Henry College

• Ferrum College

• George Washington University

• Hampden-Sydney College

• Hampton University

• Hollins University

• Jefferson College of Health Sciences

• Liberty University

• Mary Baldwin University

• Marymount University

• Randolph College

• Randolph Macon College

• Regent University

• Roanoke College

• Shenandoah University

• Southern Virginia University

• Sweet Briar College

• University of Lynchburg

• University of Richmond

• Virginia Union University

• Virginia Wesleyan University

• Washington & Lee

https://www.schev.edu/index/tuition-aid/financialaid/state-student-aid/two-year-college-transfer-grant-program

Facts Sheet: https://www.schev.edu/docs/default-source/tuition-aid-section/financial-aid/vmsdepfactsheet82019.pdf

Application Information: https://www.dvs.virginia.gov/education-employment/virginia-military-survivors-and-dependents-education-program-2-2-2

Source: https://www.schev.edu/index/tuition-aid/financialaid/state-student-aid

General Description and Purpose

The Workforce Credential Grant is designed to provide low-cost opportunities for students to receive training in a high demand field and receive an industry-based certification or state licensure. The program was initiated in 2016 by the General Assembly. Students pay only 1/3 of the cost of the program upon enrollment. Students must complete the training program in order to avoid paying an additional 1/3 of the cost.

Participating Institutions

Virginia community colleges across the state and the Southern Virginia Higher Education Center offer the program through their workforce development offices. Some additional higher education centers may offer programs at a later time.

For more information on these programs, please visit the workforce credential page of the Elevate Virginia website: www.elevatevirginia.org/wcg/

Eligibility and Application

In order for a student to be eligible for an award, a student must meet the requirements for domicile (in-state residency) in Virginia as defined by the Code of Virginia § 23.1-502. More information on Virginia domicile, please refer to in-state residency page on our website.

The application process is managed by the participating institutions. Please contact your local community college for more information on how to apply and who to contact or visit the VCCS website.

https://www.schev.edu/index/tuition-aid/financialaid/state-student-aid/workforce-credential-grant