VCOM College Catalog and Student Handbook

Determining Financial Need and Awarding Financial Aid After the Free Application for Federal Student Aid (FAFSA) form has been processed, students will receive a Student Aid Report (SAR) from the Central Processor at the Department of Education. Students will need to verify the information on the SAR to make sure it is correct and to provide any corrections or additional information that is necessary. Students must designate VCOM’s school code on the FAFSA form so that VCOM will receive information electronically. Students should use G37093 for the Virginia campus, E01970 for the Carolinas campus, E40408 for the Auburn campus, and E40498 for the Louisiana campus. Upon receipt of the electronic report from the Department of Education, VCOM’s Office of Financial Aid will begin to determine the student’s eligibility for financial aid. Eligibility amounts are based upon the amount calculated in the formula developed by Congress to establish the Estimated Family Contribution (EFC), which takes into account the student’s income, family’s income, assets, taxes, and basic living expenses. The EFC may not exactly match the amount the student and his/her family actually contribute toward educational expenses, but it is used to calculate the need for financial assistance. 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.

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