Frequently Asked Questions | General Questions
When is Financial Aid open?
Why is it when I try calling I have a hard time
getting through?
Do I need to keep copies of paperwork?
How much money do I need for books?
What are some of the mistakes people make when
applying for financial aid?
I have a bachelor's degree. Am I completely out
of luck?
What happens when I reach my work-study maximum?
What is the difference between the Subsidized and
Unsubsidized Loan?
How is my financial aid disbursed to me?
It’s the beginning of the term and my financial
aid has not been applied to my account. Why?
When is Financial Aid
open?
Monroe Park Campus Office
Monday through Friday - 8 a.m. - 5 p.m.
Schools of Allied Health Professions, Nursing and Pharmacy
Office
Monday through Friday — 8 a.m. – 4:30 p.m.
School of Dentistry Office
September – March
Monday through Friday — 9 a.m.
– 6 p.m.
April – August
Monday through Friday — 8:30
a.m. – 5:30 p.m.
School of Medicine Office
Monday through Friday — 8 a.m. –
1p.m. ; 2 – 5 p.m.
(There may be exceptions to this schedule which will be posted
on the office door.)
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Why is it when I try
calling I have a hard time getting through?
Our office handles thousands of phone calls during peak times.
We have 5 incoming phone lines that usually stay constantly busy.
A good strategy if you are in the area is to stop by in person.
You may also try other means, such as using the fax at (804) 828-6187
or by emailing us at faidmail@vcu.edu
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Do I need to keep copies
of paperwork?
Yes! Keep copies of all forms completed and any materials used
to prepare the forms, such as tax returns.
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How much money do I
need for books?
You should always plan to have enough money from your own resources
to pay for books, supplies, and other expenses during the first
few weeks of each semester. On average, books and supplies cost
between $300 and $400 per semester.
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What are some of the
mistakes people make when applying for financial aid?
Four of the most common mistakes are:
- Not filing early enough
- Not reading the instructions
- Not fully completing the application
- Not using the correct Social Security number(s)
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I have a bachelor's
degree. Am I completely out of luck?
No. You are not eligible for a Pell Grant, Federal Supplemental
Education Opportunity Grant, or state aid but you are eligible
for Federal Work-Study and Federal Direct Loans.
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What happens when I
reach my work-study maximum?
Your department should notify you when you reach your award maximum.
The department has the option of continuing your assignment and
paying you 100% from their departmental budget or ending your
assignment altogether. Requests for an award increase are
made with financial aid counselors located in the Office of Financial
Aid. While all requests will be reviewed, there is no guarantee
that any increase in the FWS award will be made. All decisions
are rendered on a case-by-case basis, taking into consideration
student eligibility, appeal reasons, and the availability of program
funds.
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What is the difference
between the Federal Direct Subsidized and Unsubsidized Loan?
With the Federal Direct Subsidized Loan, the government pays
the interest while you are in school. The interest on the Federal
Direct Unsubsidized Loan is not paid while you are in school,
and you have the option of paying the interest or deferring it
until after you graduate at which time it will be added to the
principal of the loan.
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How is my financial
aid disbursed to me?
All federal and state financial aid except for Federal Work-Study,
most scholarships awarded through the university, and all fee
waivers awarded by university departments are applied directly
to your student account at the beginning of each term. After current
charges have been paid, any excess financial aid is disbursed
to the student in the form of a check sent through the mail unless
the student has set up direct deposit to a checking or savings
account. You receive money from Federal Work-Study as wages
for hours worked during the pay period. Paychecks are generally
available each week on Mondays.
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It’s the beginning
of the term and my financial aid has not been applied to my student
account. Why?
There could be several reasons your financial aid for the current
term has not passed to your student account:
You have not registered for enough credit hours. Your
financial aid awards were made based on full time enrollment
for the full year (12 credit hours per semester for undergraduates,
9 credit hours per semester for graduates). "Planning"
to enroll in more hours won't work; you must be officially registered
for enough credit hours. Only if you have previously arranged
with the Office of Financial Aid to receive aid for a semester
based on less than full-time enrollment will aid be disbursed
for less than full-time enrollment.
You did not complete enough credit hours the previous semester
or did not maintain Satisfactory Academic Progress for the previous
semester.
You have not completed some or all of the paperwork required
for the aid to be disbursed, such as your Award Acceptance Agreement,
promissory notes for loans, or other paperwork required by the
department issuing a fee waiver or scholarship. Or, the Office
of Financial Aid has not received paperwork or confirmations
needed from other sources, such as Pell Grant or PLUS Loan confirmations.
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VCU
TITLE IV CODE 003735
