1. Where is your office and do I need an appointment to speak with someone?
Answer: We are located at 800 Washington Street SW 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: a. Early Decision, Early Action, and Regular Admission students will receive an award letter shortly after receiving an Acceptance letter.
b. Returning students will receive an award letter after the Spring term is complete and Satisfactory Academic Progress is evaluated.
3. What do I do if my family’s income has changed since the 2016 taxes were filed?
Answer: Please call our office and speak to an advisor to see if your situation is something that can be appealed. Please visit our Appeals page for more information.
4. I am thinking of attending Summer School. Will I have financial aid?
Answer: Financial aid may be available for summer classes. Read more on our Summer page.
5. Can the financial aid office cancel my loan if I decide I don't need it?
Answer: Yes we can. You must submit your request no later than 30 days after the disbursement. If the loan has already paid or you have received a refund, the loan amount will have to be paid back to the Bursar's office immediately.
6. I have an outside scholarship. Do I need to notify you of this?
Answer: Yes. You will need to complete the scholarship reporting form and return it to the Bursar. Scholarships Reporting Form.
7. I have financial aid. So, why do I have a balance?
Answer: One reason is that you may have outstanding documents or requirements to complete. Please make sure to check your VT email for any requested documents. This can delay your aid. Example: To receive a loan, you must complete the Master Promissory Note (MPN) and the entrance counseling on http://studentloans.gov . Another example: Verification forms may need to be submitted. On http://finaid.vt.edu/forms.html you may find and complete necessary forms.
8. What is the difference between Unsubsidized and Subsidized Direct loans?
Answer: a. The Subsidized loan is only available to undergraduate students and eligibility is based on demonstrated financial need. The Federal Government pays the interest while enrolled in school at least half-time, during the grace period and during periods of authorized deferment.
b. Unsubsidized loans are available to undergraduate and graduate students. Eligibility is not based on financial need and the borrower is responsible for paying all interest. Interest accrues after the loan first disburses.
Both loans have a 6-months grace period after graduation or going below half-time enrollment before repayment begins.
9. Where do my parents apply for the Parent Plus loan?
Answer: The parent PLUS application is available at www.studentloans.gov. The decision is based on past credit and parents will know if they are approved or denied usually at the end of the application.
10. How long does it take for a Parent Plus to be processed?
Answer: Immediately following applying for a Parent Plus you are informed of approval or denial. The next step is to complete a Master Promissory Note. Your loan will be processed in about two weeks.
11. If I am living off campus next year, can I get financial aid to pay for my rent?
Answer: Yes, financial aid will cover your off campus living expenses. Each year students are awarded based on cost of attendance (COA) which includes room and board. Since you will be living off campus you will not be billed for on campus housing, but room and board figures stay in your COA. You may get aid up to your COA, so any remaining credit on your account will be given to you in the form of a refund. That refund can be applied to your off campus expenses.
Also, if you require additional funds a Parent Plus or alternative loan can fill the gap.