Covering the Gap
Covering the Gap
The financial aid you receive may not cover your total expenses at Virginia Tech, leaving you with an out-of-pocket cost. This remaining balance, or "gap," is the difference between the charges on your student account and the financial aid awarded to you.
This Covering the Gap website offers a variety of options to help you cover any remaining balance beyond the financial aid you've already received. We encourage students and families to explore and combine these resources to create a personalized financial plan that best fits their unique family circumstances. If you need assistance in assessing these options, our office is here to help—please don’t hesitate to reach out to our office!
Instructions for Calculating Your Remaining Balance (Gap):
To determine your out-of-pocket cost, follow these simple steps using the provided chart above as a guide:
Identify Your Cost of Attendance (COA)
- The COA represents the total estimated expenses for the academic year, including tuition, fees, housing, meals, books, and other educational costs.
Subtract Awarded Grants and Scholarships
- Deduct any grants (federal, state, or institutional) and scholarships you have been awarded. These do not need to be repaid.
Subtract Offered Federal Loans
- Deduct the federal student loans you have been offered. These must be repaid, but they help reduce the immediate out-of-pocket cost.
Determine Your Out-of-Pocket Cost (Gap)
- After subtracting all financial aid sources, the remaining balance is your out-of-pocket cost. This is the amount you need to cover through other means, such as savings, a payment plan, private loans, or other resources.
| Example: | Calculating Your Remaining Balance (Gap) |
| $39,670 | Cost of Attendance for Academic Year (COA) |
| -$10,000 | Awarded Grants (Federal, State, and Institutional) |
| -$2,000 | Awarded Scholarship (Institutional) |
| -$5,500 | Offered Federal Loans |
| =$22,170 | Out-of-Pocket Cost for the Academic Year After Offered Financial Aid |