Your Financial Aid Package

Important Financial Aid Information

This page provides information on your financial aid package. Please refer to it often.

Verification
Verification is a process that Virginia Tech must complete for applicants selected by the U.S. Department of Education. If selected, we will request additional documents from you via email. Return the documents by June 1 for maximum aid consideration. Failure to do so will result in forfeiture of your aid offer. You will find all forms referenced in this notice on our forms page. Remember to select the forms for the correct academic year.
 
Report Other Sources of Aid                                                                        
Please complete the Scholarship Reporting Form if you will receive financial aid from any source outside of Virginia Tech. Federal and state regulations require you to report any awards you expect to receive in all terms this academic year.
 
Information Release
The Family Educational Rights and Privacy Act (FERPA) does not allow us to release a student’s financial aid information to anyone, including parents, without the student’s permission. If you would like your financial aid information released to anyone, including your parents, please complete the University FERPA Disclosure available through your HokieSpa account. If you are a new Hokie, once you accept your offer of admission and set up your VT PID, you should set up a FERPA passcode for yourself and for anyone you wish to grant access to your financial aid information. For more information, please visit the Registrar’s Student Privacy (FERPA) page.

Federal Work Study Recipients  
If you have a Federal Work Study (FWS) offer as part of your financial aid package and wish to accept it, you must do so on HokieSpa. Once you accept your offer of admission and set up your Virginia Tech PID, log on to the HokieSpa. Once logged in, choose the HokieSpa link, then select Financial Aid Award Information > My Award Information > Award Package by Aid Year. Select the academic year on the drop-down menu. Under the 'Accept Award Offer' tab, select the drop down menu to accept or decline Federal Work Study. Then select the 'Submit Decision' button. Failure to accept the Federal Work Study award by July 1 will result in cancellation of this aid. Once cancelled, we do not guarantee that these funds will be available to award again should you change your mind.

Federal Direct Subsidized and Unsubsidized Loan Recipients
Once you accept your offer of admission and set up your Virginia Tech PID, you may accept the full loan amount, accept a reduced loan amount, or decline federal loan funds offered to you on the HokieSpa. This is the first step in receiving a student loan. Additional steps are necessary.

To accept the full loan amount, accept a reduced loan amount, or decline your federal loan(s) log on to www.hokiespa.vt.edu (VT PID and password required). Choose the HokieSpa link then select Financial Aid Information > My Award Information > Award Package by Aid Year > then select the academic year from the drop-down menu. Under the 'Accept Award Offer' tab, select the drop down menu to accept, reduce, or decline your federal loan(s). Then click the 'Submit Decision' button. Once you take any action on your loan (accept, reduce, or decline), you must contact our office by email, phone, or in person to request any subsequent changes in your loan.

If you accept any amount of your federal loan(s), please review our Federal Student Loan pages for information on completing the Master Promissory Note and Entrance Counseling for your accepted loans.  These additional loan requirements are the final steps that you must complete before the loan(s) will pay towards your university charges.

Important Federal Direct Subsidized and Unsubsidized Loan Deadline - Loan Offer Cancellation
In order for your Direct loan(s) to show on your university bill and avoid cancellation, you must accept the loan(s) through your HokieSpa and complete all requirements as quickly as possible. If you do not accept within 30 days of the offer date, we will cancel the loan(s).

US Department of Education Loan Disclosure Notice
If you accept any federal loan amount, you will receive a notice listing many details of the loan including the estimated disbursement date. This is the date the disbursement process begins. The earliest these excess funds will be available to you is the Thursday prior to the start of classes for the fall and spring semesters. For more information on refunds of excess financial aid, see below.

Loan Disbursement Notification
You will receive a separate notice from our office when a federal loan (Federal Direct Subsidized/Unsubsidized, Federal Parent PLUS, Federal Graduate PLUS, or Federal Perkins Loan) disburses to your account. This required notice ensures the borrower is aware of the loan and agrees to assume the debt. You (or your parent, in the case of a Federal Parent PLUS Loan) have 30 days to request the loan be cancelled or reduced. We include instructions on how to reduce or cancel federal loans in this notice.

Enrollment
Virginia Tech awards financial aid on the assumption of full-time enrollment (12 credits undergraduate/9 credits graduate). If you will not enroll full-time, please contact our office by phone, email, or in person so that we may review your eligibility for aid. Failure to notify us of less than full-time enrollment will delay the delivery of your financial aid. If you are enrolled less than full-time after the last day to add for the term, as published on the Registrar’s website, your financial aid may be reduced or cancelled.

Balances/University Bills
If your financial aid does not cover your direct university charges, your are responsible for paying the balance by the date indicated on the e-bill. If your financial aid exceeds your direct university charges, the earliest any excess financial aid may be available as a refund to you is the Thursday prior to the start of classes, assuming full-time enrollment and completion of all financial aid requirements. Please visit the Bursar's page for information about payment deadlines and refunds.

Refund of Excess Financial Aid
If you have excess financial aid funds and are due a refund, you will receive it electronically through direct deposit or by a check mailed to the permanent address in your student file. We strongly encourage you to sign up for direct deposit as this is the safest and most efficient way to receive excess funds. Please visit the Bursar's page for more information about direct deposit.

Assistantships and Fellowships
Assistantships and fellowships must be factored into your financial aid package per federal student financial aid regulations.  If you receive either of these awards we will update your financial aid package which may result in a reduction of aid if you were awarded to your need and/or estimated cost of attendance for the year.  If aid adjustments are necessary you will receive a revised award notification via email and will be able to view the changes in HokieSpa.

Financial Aid Terms and Conditions
Your financial aid offer is contingent upon you meeting all eligiblity requirements and the availability of federal, state, and institutional funds. Continuing students must also meet Satisfactory Academic Progress standards. The conditions listed for your financial aid award may be amended without notice as determined by the University.

Financial Aid Adjustment

Financial aid awards may be adjusted for reasons including, but not limited to, the following: updates or changes to your FAFSA, changes in your enrollment status prior to the last day to add for the term, receipt of additional financial aid from any source, or failure to submit requested documents to our office by published deadlines.

HOW WE DETERMINE FINANCIAL AID ELIGIBILITY
There are three primary components used to determine a student's financial aid eligibility: the institution's Cost of Attendance (COA), the Expected Family Contribution (EFC), and individual financial need.

Cost of Attendance (COA) - Virginia Tech's Cost of Attendance is an estimate of the expenses for a given academic year (fall and spring semesters). This amount is not the amount you will owe Virginia Tech. Virginia Tech bases your Cost of Attendance on survey information collected from a random sample of our student population, and as a result, your actual costs may vary.

Your Cost of Attendance is based, in part, on the following cost factors: residency (in-state versus out-of-state), academic level (undergraduate or graduate), enrollment status (full-time, three-quarter-time, half-time, or less than half time), and campus location (Blacksburg, Northern Virginia, virtual).

Billable charges are part of your Cost of Attendance and consist of tuition and fees and housing and meal plan, if applicable. See the Bursar's page for exact charges and please note that final costs for the upcoming year are not available until the VT Board of Visitors approves costs in late spring. Allowances in the Cost of Attendance for room and board, books and supplies, travel, and personal expenses do not represent actual university charges. These are reasonable expenses a student may incur for the academic year.

Please review the estimated Cost of Attendance. Your admissions offer letter provides your residency status.

Expected Family Contribution (EFC) - The Expected Family Contribution (EFC), calculated using the information you provided on your Free Application for Federal Student Aid (FAFSA), is the amount a family can reasonably be expected to contribute to educational expenses. The Office of University Scholarships and Financial Aid only uses the EFC to determine financial aid eligibility. It is not the amount you must pay. You may find your EFC on your FAFSA confirmation page.

Determining Your Financial Need - We determine your financial need by subtracting your Expected Family Contribution from your Cost of Attendance. Once we calculate your financial need, we can determine the types and amounts of financial aid you are eligible to receive.

Financial Aid Restrictions - While we strive to award students the maximum financial aid possible, we must follow federal, state, and institutional awarding rules and regulations. The following are two restrictions concerning financial aid amounts:

• Need based financial aid cannot exceed a student's financial need. Need based financial aid includes the total of scholarships, grants, Federal Work Study, Federal Direct Subsidized Loans, and other sources of aid from outside Virginia Tech.
• Total financial aid cannot exceed a student's Cost of Attendance. Total financial aid includes the total of all types of aid.

Additional Aid and Payment Options - If you determine you need additional financial assistance or payment options after reviewing the award package and cost information, please review the following options.

• Federal Parent PLUS Loan
• Private/Alternative Loans
• Budget Tuition Plan (monthly installment payment option)
• Other payment options