VCOM College Catalog and Student Handbook

The VCOM Office of Financial Aid calculates the amount of loans needed by subtracting the Expected Family Contribution (EFC), scholarship funds, and any other amounts of outside aid from the Cost of Attendance (accessed online at: https://www.vcom.edu/admissions/tuition-and-fees/cost-attendance). The Cost of Attendance includes expenses directly related to education such as tuition, fees, books and supplies, an allowance for transportation, and living expenses. Scholarships and outside aid are applied first and any amount remaining is the amount of financial assistance the student will need to cover their educational expenses. After determining a student’s financial need and eligibility, the next step in the process is the Financial Aid Award Notification, which is sent to the students’ VCOM email address. VCOM will send a Financial Aid Award Notification email detailing the financial assistance that is being offered to students who are accepted for enrollment. Students need to respond by any deadline in the Award Notification as to whether they wish to accept, revise, or decline the offer. Revisions to the Award will need to be approved by the VCOM Office of Financial Aid and verified. Students will need to respond even if they are declining financial assistance. Additional Loan Information Many students need assistance with their educational expenses beyond Federal Subsidized Financial Aid. Scholarships are the first consideration for financial assistance and students should review the scholarships available annually. The second choice for covering these expenses is through loans. If you are planning to borrow a William D. Ford Federal Direct Unsubsidized Loan or a Graduate PLUS loan (see below), go to https://studentaid.gov/mpn/ and complete Master Promissory Notes (MPN). If applying for both loans, it is not necessary to complete separate applications; VCOM will create the applications from its system. If you are borrowing a William D. Ford Federal Direct Unsubsidized Loan or a Graduate PLUS loan for the first time through VCOM, go to https://studentaid.gov and also complete Online Entrance Counseling. William D. Ford Federal Direct Unsubsidized Loans The award of this loan is not need-based. The federal educational loan is administered by the United States Department of Education through the Direct Lending Program. The interest rate is fixed annually and does not change throughout the life of the loan. Interest begins accruing on the William D. Ford Federal Direct Unsubsidized Loans on the date of disbursement and continues to accrue even while a student is enrolled in school and during other periods of deferment or forbearance. Eligibility for the William D. Ford Federal Direct Unsubsidized Loan is calculated after eligibility for other aid is subtracted from the student’s Cost of Attendance (COA). A credit check is not required for approval of William D. Ford Federal Direct Unsubsidized Loans. The total maximum aggregate principal debt a medical student can have from all William D. Ford Federal Direct Unsubsidized Loans is set annually and can be obtained through the Office of Financial Aid. Federal Direct Graduate PLUS Loan The award of this loan is not need-based. This federal educational loan is administered by the United States Department of Education through the Direct Lending Program. The interest rate is fixed annually and will not change throughout the life of the loan. Interest starts to accrue on the date of disbursement and continues to accrue even while a student is enrolled in school and during other periods of deferment or forbearance. Eligibility for the federal Direct Graduate PLUS Loan is calculated after eligibility for the William D. Ford Federal Direct Unsubsidized Loan is subtracted from the student’s Cost of Attendance (COA). The maximum annual federal Direct Graduate PLUS Loan amount available to medical students is equal to the COA minus all other aid. A credit check by the Department of Education is required for approval.

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