Old Money and Cash Register

 

Congratulations and Best Wishes to the Class of 2017!

 

·         Remember to update your address with your loan servicers and on Hokie Spa.  If you have a Federal Perkins Loan, you will also need to update your address with Heartland ECSI.

·         Complete the required Exit Counseling.

·         Not sure who the federal servicer is for your federal loans?  Find this information by logging into the National Student Loan Data System

·         Learn the repayment option that might be best for you using the Department of Education’s loan repayment estimator or the Federal Student Aid Website.

·         Defaulting on you student loans can affect your eligibility for future student aid, credit ratings, and employment opportunities.  If you have difficulty paying for your loans, you could receive a deferment or forbearance that allows you to temporarily postpone or reduce payments.  Contact your loan servicer for more information. 

 

2017-2018 Financial Aid Notifications – awarded by May 31st

 

·         Notifications of financial aid awards and requested documents are going out to continuing students via their Virginia Tech email and Hokie SPA.  

·         All of the following can be found on Hokie SPA:

  Financial Aid Holds

  Award Information

  Eligibility Requirements

  FERPA Information

  Direct Deposit

  Academic Progress

·         Prospective students who have accepted admission and created their PID can access the above information on the Hokie SPA.

 

IRS Data Retrieval Tool (DRT) & IRS Transcripts Updates

 

Due to the IRS Data Retrieval Tool (DRT) for the Free Application for Federal Student Aid (FAFSA) experiencing technical difficulties, when completing the FAFSA, you must now manually enter your 2015 tax information.  If you application was selected for verification, please turn in all requested documents as soon as possible.  Please only send documents requested by our office.  Verification requirements were recently updated and we can accept the IRS 2015 Tax Return Transcript OR a signed copy of the IRS 2015 Tax Return.   Verification requirements were recently updated and we no longer need a Verification of Non-filing from the IRS as previously requested however W-2 forms should still be sent.    

 

Financial Aid Frequently Asked Questions and Answers

 

1. Where is your office and do I need an appointment to speak with someone?

Answer: We are located at 800 Washington Street in the Student Services Building suite 200. We always have staff on hand to help you between 8am and 5pm, Monday through Friday.

 

2. I did my FAFSA when do I receive my Award Letter?

Answer: We will begin mailing the prospective freshman and transfer students award packages the end of February. Returning students will begin receiving award notifications in May, after spring grades have posted.

 

3. What do I do if my family’s income has changed since the 2015 taxes were filed?

Answer: There is an appeal process in which we will evaluate the difference of income from your 2015 tax return and your current income from 2016. Please go to our website for more details.

http://finaid.vt.edu/appeals/fafsa-data-appeal.html

 

4. I received a notice that I need to turn in tax documents but I did not work, what do I turn in?

Answer: If you did not work you will need to complete the 4506-T form and send to the IRS. The IRS will mail you a Verification of Non filing, which is proof that you did not file a return for the year. If you did work, but did not file a return, we will also need this verification letter from the IRS along with copies of your W2’s or 1099 forms. Below is the website for the IRS so you can obtain the 4506-T form.

https://www.irs.gov/individuals/get-transcript. Please have the IRS mail YOU a copy and then YOU return to our office.

 

5. I am thinking of attending Summer School will I have financial aid?

Answer: If you have any remaining Direct Loans you can use this pay for summer school. If these loans are already depleted, you can apply for a Parent Plus loan or an alternative loan. For more information please review our website at http://www.finaid.vt.edu/