Financial Aid FAQ

Your questions answered here!  Click the button below to search for keywords and get help with the Financial Aid process.

Financial aid can be confusing. We understand. That’s why we have a lot of ways to help you get the answers you need. We provide you with live assistance from real people, a variety of online tutorials, and easy access to all your accounts – anytime of day or night – even on holidays and weekends!  Click the button above to do a keyword search, email or call 1-855-877-3918 toll-free.

CONSUMER INFORMATION: You have a right and a responsibility to know and have access to information regarding financial aid policies and procedures and other items mandated by federal regulation.  You have the right to request a copy of the required disclosures in writing by sending an email to the responsible person listed at the bottom of the page. The electronic version can be found by clicking here. The College Catalog is another resource for consumer information, and we have supplemented it with additional information (CLICK ANY TITLE BELOW TO GO TO THAT SECTION):

Campus Safety and Security – Alerts, reports, forms, and emergency assistance information available here, including Clery Act statistics.

Financial Aid Course Audit (FACA)In addition to choosing a Financial Aid Eligible Program of Study (major), a student’s classes must each be part of that major.  Tuition can only pay for order for aid to pay for classes that lead to graduation. See also our Financial Aid Course Audit (FACA) FAQ

Gainful Employment – certificate programs must lead to a recognized occupation, in order to be eligible for financial aid.  You have the right to know the costs associated with each of these programs, along with the success rates and indebtedness of students.

Net Price Calculator – we use the Virginia Education Wizard to help you understand how much it costs to attend college.

Right to Cancel Loans – As a student or parent borrower, you have the right to cancel the entire loan or any portion (a specific disbursement) of any federal Stafford or PLUS loan, within certain time frames. Requests to cancel a specific loan disbursement may be submitted prior to the date of crediting to your account or within 14 days of notification of disbursement.  In rare cases after the 14 day window, certain other loan forgiveness or discharge options are available. For example, a school closure or proof of fraudulent activity are good reasons to request cancellation.

Satisfactory Academic Progress – the status required for all students to maintain eligibility for financial aid.  All students are required to be familiar with this process and their status.

Scheduled Disbursement Dates – financial aid is generally disbursed starting 40-60 days of the beginning of the semester, after class attendance is confirmed.   Additional disbursements are made approximately every two weeks thereafter. Single semester loans must be disbursed in two parts, 30 days apart.

Loan Fees – are funds you borrow and will repay, but are kept by the Department of Education. Under sequestration, loan origination fees will be adjusted at the beginning of the federal fiscal year (October 1) of each year unless the act is repealed or replaced.

The following chart shows the sequester-required loan fees for FY 2018 and FY 2019.

Direct Loan Fees for FY 18 and FY 19
Loan Type First Disbursed Loan Fee Percent Fee Example
Direct Subsidized Loans and Direct Unsubsidized Loans FY 18 On or after October 1, 2017 and before October 1, 2018 1.066 $58.63 on a $5,500 loan
FY 19 On or after October 1, 2018 and before October 1, 2019 1.062 $58.41 on a $5,500 loan
Direct PLUS Loans (Parent and Grad/Prof Student) FY 18 On or after October 1, 2017 and before October 1, 2018 4.264 $426.40 on a
$10,000 loan
FY 19 On or after October 1, 2018 and before October 1, 2019 4.248 $424.80 on a $10,000 loan
Loan fee calculations that result in more than two decimal places must be truncated (not rounded) to two digits after the decimal point (cents).
  • As a reminder, the amount of the loan fee for a loan is determined by the date of the first disbursement of the loan. Any subsequent disbursements, even if made on or after the relevant October 1, have the same loan fee percentage that applied to the first disbursement of that loan.

NOTE:  Interest rates for each academic year are available online from the federal government at

What is the name and title of the person responsible for Financial Aid disclosure information? How can I contact this person?

  • Dr. Teresa Harrison, Financial Aid Coordinator, Senior VA Certifying Official
  • Available: Monday-Friday 8:00 a.m. – 5:00 p.m.*
  • Email:

* Summer and Registration week hours may vary