UNDERGRADUATE STUDENT

GUIDE TO FINANCIAL AID

Eligibility Requirements

for Federal Financial Aid

U.S. citizens & eligible non-citizens

Not in default on a federal student loan

Registered with Selective Service (if required)

Accepted for admission and enrolled at least half-time (6 credits) in a degree-seeking program

Making Satisfactory Academic Progress (SAP) toward course completion

Completed FAFSA & other re-quested documents

WELCOME STUDENTS Virginia Tech recognizes that financing a college education can be challenging. The Office of University Scholarships and Financial Aid is dedicated to assisting you in understanding the financial options available to support your tuition and living expenses. This undergraduate student financial aid guide provides you with basic information about: Costs of attending Virginia Tech Financial aid processes and programs, including eligibility

requirements, steps for applying, receiving your aid, and repayment

Financial aid resources you can access This guide does not represent every situation. Financial aid availability and regulations may change at any time and this information provides an overview so you can make informed decisions. Please visit our website (www.finaid.vt.edu) or contact our office (540-231-5179 or finaid@vt.edu) for more details and answers to specific questions.

Office of University Scholarships and Financial Aid 2017 — 2018

DETERMINING YOUR FINANCIAL AID A student’s financial need is calculated as the difference between the Cost of Attendance (COA) at Virginia Tech and the Expected Family Contribution (EFC). The COA is the estimated total cost to attend Virginia Tech for one academic year. This includes both billed costs (tuition, fees, on-campus housing, and meal plan if applicable) and incidental costs (off-campus housing and meals, books, supplies, personal, and travel expenses). The total of all financial aid cannot exceed the COA. These amounts can be found at www.finaid.vt.edu/apply/cost-of-attendance.html. The EFC is calculated through the FAFSA and is an estimate of the amount you should be able to contribute to your educational expenses. The EFC is not the amount you are expected to pay. Your EFC stays the same, regardless of the school you attend. Cost of Attendance (COA) - Expected Family Contribution (EFC) = Financial Need

Office of University Scholarships and Financial Aid

TYPES OF AID AVAILABLE TO UNDERGRADUATE STUDENTS

Grants Grants are awarded exclusively on financial need and do not have to be repaid. To be eligible for grants through Virginia Tech, complete the FAFSA (with all signatures) by January 15th. If you are eligible to receive grants, they will be listed in your Financial Aid award package. Pell Grant is awarded to undergraduate students with significant financial need and no prior bache-lor’s degree. Eligibility is based on the Expected Family Contribution (EFC) and is also impacted by enrollment status. Supplemental Educational Opportunity Grant (SEOG) is awarded to undergraduate students with exceptional need who are also Federal Pell Grant recipients. Students must file the FAFSA by the priority deadline to be considered for this award. Commonwealth Grant is a state-funded grant program based on financial need. Only in-state resi-dents without a prior bachelor’s degree enrolled at least half time (6 credits) are eligible. Students must file the FAFSA by the priority deadline to be considered for this award. VA Guaranteed Assistance Program Grant (VGAP) is a state-funded grant program based on fi-nancial need. Students must file the FAFSA by the priority deadline, have graduated from a Virginia high school, be enrolled full-time and not have a prior bachelor’s0 degree. Students must also meet GPA requirements and earn at least 24 credits each academic year. This grant may be renewed for three additional years (6 semesters) assuming all requirements are met. VT Grant is an institutionally-funded grant program that provides need-based grants to students with high financial need. Students must be enrolled full-time (12 credits) and the grant may only apply to Virginia Tech tuition and fees. Two-Year College Transfer Grant is administered by the State Council of Higher Education for Virginia (SCHEV) to provide financial assistance to in-state students with an associate's degree from a Virginia 2-year public institution. The grant award is $1,000 and students in eligible science, teaching, engineering, and math programs may receive an additional $1,000 per academic year.

Application: New transfer students from a 2-year public institution are responsible for notifying VT that they may be eligible for the Transfer Grant by emailing finaid@vt.edu.

Higher Education Tax Benefits A number of tax credits and deductions are available to assist with your higher education expenses that reduce your taxable income. These include the American Opportunity Tax Credit and the Lifetime Learning Credit, as well as tuition and fee deductions. Be sure to discuss your options with a qualified tax advisor.

(540) 231-5179 (Phone) finaid@vt.edu www.finaid.vt.edu

Funds for the Future: During your sophomore, junior, and senior years, Virginia Tech will help meet a portion of your cost of tuition if your family adjusted gross income falls within certain ranges. The income requirements and grant protection percentages for the 2016-2017 academic year are outlined below. Prior year and future protection percentages may vary based upon the amount tuition increases for that academic year.

Scholarships

Virginia Tech offers a variety of scholarships to undergraduate students based on specific student qualifications and usually require an application . Additionally, there are many external scholarship opportunities. Scholarships are free money and do not have to be repaid. We recommend that you begin the scholarship search a year prior to attending VT, and in addition to the sources below, search through local organizations (community service, non-profit agencies, religious organizations, employers) and the internet. As a general rule, scholarship applications should be free; we do not rec-ommend you pay for scholarship searches. Students must report all outside scholarships to the VT Office of Scholarships and Financial Aid using the scholarship reporting form available on our website at the “Forms” link. To begin your search, start with the VT Scholarship Gateway which is open mid-November through February 15th each year. General Scholarships are awarded through our office. Criteria vary and may include: residency, academic achievement, and financial need. The award amounts average between $1,500 and $3,000 for an academic year. Students must apply each year to be considered for these annual scholarships. Students must also complete the FAFSA by January 15th. Need and merit-based general scholarships require no additional application. Competitive general scholarships require the General Scholarship Application (on the Scholarship Gateway) be submitted by February 15th.

Academic Scholarships are primarily awarded by Virginia Tech colleges and departments. Cri-teria, the application process, and deadlines vary; visit your academic college’s website for details. Once awards are made by the college and/or department, they will notify our office. Academic schol-arships awarded through the admissions process do not require a separate application.

Athletics Scholarships are offered by the head coaches of VT’s collegiate sports teams to competitive athletes and noncompetitive participants (i.e. videogra-phers, trainers).

Military: VT Corps of Cadets offers scholarships that do not require military service, including an Emerging Lead-er Scholarship for incoming cadets and a Comman-dant's Scholarship for current cadets. The Corps al-so works with the College of Engineering to award Walts Scholarships to College of Engineering cadets en-rolled in an ROTC program. At least sixty incoming ca-dets who become a member of the Highty-Tighties will be awarded a $1,000 Band Stipend their first year. For information regarding military scholarships visit www.vtcc.vt.edu.

Family Adjusted Gross Income Tuition Increase Protection

$0—$49,999 100%

$50,000—$74,999 50%

$75,000—$99,999 25%

Office of University Scholarships and Financial Aid

ADDITIONAL TYPES OF AVAILABLE AID

Presidential Scholarship Program is designed to broaden multicultural experiences at Virginia Tech. Its goal is to attract students with diverse backgrounds and provide opportunities to contribute to the VT Community. Students wishing to be con-sidered must complete the FAFSA by January 15th. Types of Presidential Campus Enrichment Awards:

Presidential Campus Enrichment Grant (PCEG) is a renewable financial award offered to incoming first-year students who have demonstrated a commitment to broadening multicultural experiences at Virginia Tech. Applications are available on the Scholarship Gateway.

Presidential Campus Enrichment Support Grant is designed to improve retention and grad-uation rates and to contribute to the development of student leaders on campus. Up to 15 sopho-mores, juniors, and seniors will serve as mentors to freshmen and assist with outreach to pre-college groups visiting VT. Please contact the Student Success Center (www.studentsuccess.vt.edu/index) for application information.

Presidential Scholarship Initiative (VTPSI) is a competitive scholarship program designed to offset the costs of college for Virginia high school students with significant financial need. Annually, the program awards a maximum of 50 four-year scholarships to academically talented students who have shown persistence and a commitment to academic excellence. No additional application beyond the FAFSA is necessary.

Virginia’s Community College System (VCCS) Lifeline Scholarship is awarded to select VCCS graduates continuing their education at Virginia Tech. One full and five one-half annual tui-tion and fee scholarships are awarded to each fall term’s entering cohort. No application or recom-mendation letter is necessary.

Stamps Leadership Scholarship is awarded to top incoming freshmen Honors students who have demonstrated exceptional achievements in academics and leadership. The scholarship pro-vides funding for four years of tuition, fees, room, and board. Stamps Scholars will live in living learning communities with other high-achieving peers pursuing similarly rigorous courses of study, service, and personal development. Contact the University Hon-ors program (www.honorscollege.vt.edu/) for more information.

Federal Work Study

Federal Work Study (FWS) is a need-based program that provides part-time employment opportunities to eligible students to help meet expenses related to education. Based on the results of the FAFSA, eligible students are offered an allotment which may be earned through part-time employment in FWS approved positions. FWS jobs can be found through the Hokies4Hire system through the Career and Professional Development web-site (www.career.vt.edu).

Changes in Financial Circumstances We would like to know of any adverse changes to your or your family’s ability to pay for your education. Such changes such as a death or disability of a fami-ly member, a divorce, loss of a job, or a change to a lower pay-ing job. Families should contact our office to see if it would be beneficial to pursue an appeal.

(540) 231-5179 (Phone) finaid@vt.edu www.finaid.vt.edu

SATISFACTORY ACADEMIC PROGRESS (SAP) Federal and state financial aid regulations require that students demonstrate satisfactory academic progress to remain eligible for federal, state, and institutional financial aid. Each spring semester our office reviews student eligibility. Undergraduate students must meet the following minimum require-ments:

Grade Point Average - Cumulative GPA of 2.0 or above

Pace of Degree Completion - Earn 67% of the cumulative credits that you have attempted

Maximum Timeframe - Not exceed 150% of the published length of your educational program (includes all coursework taken during academic career)

If a student fails any one of the standards, financial aid eligibility is suspended. USFA will send an academic progress notification to students who have not met SAP standards. Stu-dents receive the notification through their VT email and it will outline the academic standards, the reason(s) the student failed SAP, and appeal procedures. Visit https://www.finaid.vt.edu/appeals/sap/SAP.html for more information.

Please note that these standards are separate from academic standards. Students should check with their respective degree programs in order to learn the academic standards that are required for con-tinued enrollment in the programs.

Loans

A loan is borrowed money that must be repaid with interest. There are several types of federal and private loans available to undergraduate students. Federal Direct Loans provided by the Department of Education. There are two types of Federal Direct Loans: subsidized and unsubsidized. A Subsidized Direct Loan is need-based and the federal government pays the interest while you are enrolled at least half-time. An Unsubsidized Direct Loan is awarded regardless of need and students are responsible for all interest accrued. Borrowing limits vary based on dependency status and grade level. Interest rates are posted each year on our web-site. Several repayment plan options are available and should be discussed with your loan servicer available at www.studentloans.gov.

Federal Direct Parent PLUS Loan is a loan that can be used to assist with educational expens-es. This loan is available to parents of dependent students. The Parent PLUS Loan allows parents to fill the gap between the overall cost of attendance and existing student financial aid. Payments may begin soon after the loan is disbursed, but parents have an option to defer repayment. A parent who is interested may begin the application process at www.studentloans.gov. Private/Alternative Loans are credit-based educational loans through a private lender (a cosigner is likely required). These loans allow students to borrow additional funds after federal student loans have been exhausted or if the student is not eligible for federal aid. More information on this type of loan as well as a list of lenders that VT students have used over the past few years is available at http://www.finaid.vt.edu/types_of_aid/loans/alternative/index.html. .

Office of University Scholarships and Financial Aid

STEPS TO APPLY FOR FEDERAL AID

1. Obtain a Federal Student Aid ID (FSA ID) Parent and student should apply for a Federal Student Aid ID (FSA ID) online. You will also use this number to electronically sign your FAFSA and Master Promissory Note(s).

2. Complete the FAFSA

Complete the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.gov. The FAFSA is available October 1st each year and you should apply by the priority deadline of Janu-

ary 15th for maximum aid consideration.

3. Review your Student Aid Report (SAR) The SAR outlines the information provided on the FAFSA, states who signed the FAFSA, and includes the Expected Family Contribution (EFC). A link to the report will be e-mailed a few days after your submission. The SAR may also identify mistakes on the FAF-SA, and explain how to fix them.

4. Review your Financial Aid Award

After your FAFSA has been processed, University Scholarships and Financial Aid will contact you if additional information is required and also provide information on accepting/reducing/declining your aid, once awarded. You can track information regarding aid through the Financial Aid Information link on Hokie SPA (www.hokiespa.vt.edu).

5. Complete Loan Entrance Counseling Sign in using your FSA ID at www.studentloans.gov to complete the on-line Entrance Counseling session, which gives more detailed information about your loan including disbursement, repay-ment, and other rights and responsibilities as a borrower.

6. Sign your Master Promissory Note Sign in using your FSA ID at www.studentloans.gov to complete and sign the Master Promissory Note which acknowledges your legal agreement with the government to repay the loan.

7. Apply for Parent PLUS loan if additional aid is needed. A parent may apply for this loan through www.studentloans.gov.

What do I Need to Complete the FAFSA?

VT School Code: 003754

Social Security Number

Federal Student Aid ID (FSA ID)

Driver’s license (if any)

Alien registration or permanent resident card (non-U.S. citizens only)

Parent and Student’s Financial Information:

Use IRS Data Retrieval Tool (DRT) to transfer in-come tax information to the FAFSA or have your tax return available

Untaxed income records

Current bank statements

(540) 231-5179 (Phone) finaid@vt.edu www.finaid.vt.edu

Tips on Borrowing Be sure to understand your borrowing limits. Borrow only what you need to cover your education and living expenses for the academic year. We recommend that you borrow the smallest amount necessary to meet your needs.

General tips:

Establish a realistic budget and follow it

Exhaust all alternative sources before borrowing

Exhaust all federal loans first before exploring private loans

Fully understand your rights and responsibilities as a borrower

Maintain records of all communication with your loan servicer

Be diligent about payments and discuss options with your loan servicer if you cannot meet deadlines

WHEN WILL I RECEIVE MY FINANCIAL AID?

Disbursements

Financial aid awarded through Virginia Tech is paid directly to your university account in the fall and spring semesters prior to the start of classes (assuming all financial aid requirements are complete). Pri-vate scholarships, tuition benefits, and other outside sources will be applied to the student account once received from the provider.

Delayed Aid

To ensure your financial aid disburses as soon as possible, please provide all required documents and make sure you are enrolled full-time. You can view required documents through the Financial Aid In-formation link on your Hokie SPA. If you will not be enrolled full-time, you should notify our office immediately.

Statement of Account

All charges that remain after financial aid is applied must be paid by the billing statement due date. Balances can be viewed through the University Account Information link on www.hokiespa.vt.edu. If your financial aid package exceeds your billed costs, refunds of excess aid are set to begin the Thursday before classes start each semester as long as all requirements are met. Sign-up for direct deposit through the Student Account Information section of www.hokiespa.vt.edu.

Contact Us

Office of University Scholarships and Financial Aid (MC0222) Student Services Building Suite 200, 800 Washington St SW, Blacksburg, VA 24061

(540) 231-5179 (Phone)

(540) 231-9139 (Fax)

finaid@vt.edu

www.finaid.vt.edu

ADDITIONAL FINANCIAL AID RESOURCES

Virginia Tech Resources

Undergraduate Admissions www.admiss.vt.edu admissions@vt.edu 540-231-6267 University Registrar www.registrar.vt.edu registrar@vt.edu 540-231-6252 University Bursar www.bursar.vt.edu bursar@vt.edu 540-231-6277 Cranwell International Center www.international.vt.edu international@vt.edu 540-231-6527 Hokie SPA www.hokiespa.vt.edu

Internet Resources

Office of Federal Student Aid www.studentaid.ed.gov FAFSA www.fafsa.gov FastWeb www.hokiespa.vt.edu SmartStudent Guide to Financial Aid www.finaid.org Federal Tax Credit Information www.irs.gov National Student Loan Data System www.nslds.ed.gov

UNIQUE FINANCIAL AID SITUATIONS

International Students

International students who are in the U.S. on certain Visas (F1, F2, J1 Exchange Visitor, J2 Exchange Visitor, or G Series) are not eligible for aid. However, there are still other private / alternative scholarship opportunities available to international students. Students should visit our website for more information. Additionally, international students have the option to borrow a pri-vate/alternative loan (a U.S. citizen cosigner is likely required).

Independent Students Under federal guidelines, most undergraduate students are dependent for the purposes of filing the FAFSA and must provide parent information on this application. The dependency appeal process allows a student who has extenuating circumstances (abuse or irreconcilable differences within the family) to appeal to be considered independent, even though they do not meet any of the independent student criteria on the FAFSA. The process can be found at www.finaid.vt.edu/appeals.

Virginia Tech Employee Tuition Benefits

Full-time salaried faculty and staff are eligible to take classes at Virginia Tech and have the tuition waived after 90 days of employment. Employees should contact www.hr.vt.edu for the proper forms and process.