1. STUDENT FINANCIAL SERVICES
How to Pay for College

2. Meets 100% of demonstrated need for all eligible admitted students who apply on time
Financial need is met with a combination of loans, work study and grants.

3. BASIC FINANCIAL AID TERMS TO KNOW
12/22/2017
BASIC FINANCIAL AID TERMS TO KNOW
Cost of Attendance
- Tuition and Fees
- Room and Board
- Personal Expenses and Travel
- Books and Supplies
minus
Expected Family Contribution
equals
FINANCIAL NEED
Review basic financial aid terms

4. HOW DOES STUDENT FINANCIAL SERVICES DETERMINE YOUR AWARD?
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HOW DOES STUDENT FINANCIAL SERVICES DETERMINE YOUR AWARD?
Start by reviewing all submitted on time applications and supporting documents
Determine your demonstrated financial need
Award self-help first (loans and work study)
Award any Federal, State and Institutional Awards 13

5. TYPES OF AID GRANTS TO STUDENTS WORK STUDY
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TYPES OF AID
GRANTS TO STUDENTS
Funds that do NOT have to be repaid
Federal: Pell and SEOG
State: Virginia Guaranteed Assistance Program (VGAP), Commonwealth Grant
Institutional: Access UVA, Dupont, Darden
WORK STUDY
Paid directly to student biweekly through UVA payroll
Minimum wage and up
Information can be found at sfs.virginia.edu/workstudy

6. TYPES OF AID: STUDENT LOANS
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TYPES OF AID: STUDENT LOANS
DIRECT LOANS
The loan is in the student’s name and all Students Are Eligible
1ST YEAR $5,500 (up to $3,500 as subsidized)
2ND YEAR $6,500 (up to $4,500 as subsidized)
3RD AND 4TH YEAR $7,500 (up to $5,500 as subsidized)
Annual borrowing limits are higher for independent students
Repayment begins 6 months after leaving school
The Department of Education is the lender
Origination fee of 1.069%
Entrance counseling and Master Promissory Note (MPN) required before disbursement (

7. TYPES OF AID: STUDENT LOANS
12/22/2017
TYPES OF AID: STUDENT LOANS
DIRECT LOANS
Interest begins to accrue once the loan is disbursed.
Subsidized
Department of Education pays interest while in school
Interest rate for 16-17: 3.76%
Need-based loan
Unsubsidized
Non-need based loan available for ALL students who complete the application process
Students have the option to pay interest while in school
Combined Subsidized and Unsubsidized Loans total cannot exceed the annual maximum.

8. TYPES OF AID: STUDENT LOANS
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TYPES OF AID: STUDENT LOANS
PARENT PLUS LOANS
Loan is in the parent’s name and requires a credit check
Completed FAFSA for the student is required
Non-need based and guaranteed by the federal government
May borrow up to the cost of attendance minus other financial aid
Has a fixed interest rate; interest rate for 16-17: 6.31%
Repayment begins immediately; deferments are available
Origination fee of 4.272%
Application instructions at sfs.virginia.edu

9. TYPES OF AID: STUDENT LOANS
12/22/2017
TYPES OF AID: STUDENT LOANS
PRIVATE LOANS
Loan is in the student’s name and requires a credit check
Non-need based
Not guaranteed by the federal government
Most require a credit worthy co-signer
May borrow up to the cost of attendance minus other financial aid
Most have a variable interest rate (LIBOR or Prime)
Because of the TILA disclosure, need to allow time for processing

10. 12/22/2017
Q & A
Q: I’m getting a better award package from another school. Will UVA negotiate with me?
A: Because Student Financial Services meets 100% of demonstrated financial need and does not award merit scholarship, we do not negotiate financial aid awards.

11. 12/22/2017
Q & A
Q: Why does the University consider step-parent income during the evaluation process?
A: According to federal regulations, the income of the household which supports the student must be reported on the FAFSA. This includes both parents, including step-parents. Pre-nuptial agreements or divorce decrees do not affect this requirement.

12. Q & A Q: Why didn’t we receive an award letter in the mail?
12/22/2017
Q & A
Q: Why didn’t we receive an award letter in the mail?
A: Financial aid information is only available online in the Student Center of the Student Information System. Awards will be posted real-time in the SIS. Award letters are available in a PDF format.

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14. Step 1: To view your financial aid, log in to the Student Information System (SIS) from

15. Step 2: Sign in to SIS using your login information.

16. Step 3: In your SIS Student Center, in the Finances section, click on “View Financial Aid”

17. Step 4: Select the appropriate aid year (New students will only have one choice, 2018)

18. View your aid for the full year
View your aid for the full year. Click “Award Letter” for a printable PDF

19. You can also view your aid by term, which is helpful if you have awards that are only for the spring or fall term

20. Q & A Q: Why didn’t I receive merit based scholarships?
12/22/2017
Q & A
Q: Why didn’t I receive merit based scholarships?
A: Generally, all of the scholarships that Student Financial Services awards are based on demonstrated financial need. Information about non-need based aid from University and non-University sources can be found at

21. 12/22/2017
Q & A
Q: I have not been awarded work study but I would like to work on Grounds. Is there a way for me to work for the University?
A: Open positions, both for work-study and non work-study, are posted on Handshake at career.virginia.edu.

22. Q & A Q: How can we get in-state status for tuition purposes?
12/22/2017
Q & A
Q: How can we get in-state status for tuition purposes?
A: Residency status for the purposes of tuition rates is determined by the Committee on Virginia Status, in the Admissions Office. For more information go to

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24. 12/22/2017
Q & A
Q: How does my financial aid package change if I am awarded aid, such as a scholarship, from outside the University?
A: You must notify the University of any aid received from outside sources. Need-based aid, by federal regulations and University policy, must be reduced by the amount of the outside scholarship. UVA begins by reducing need-based loans and work study in your package if you receive a NON Federal, State or Institutional award.

25. 12/22/2017
Q & A
Q: My current award shows as “preliminary”. Will there be changes when the award becomes official?
A: When we have reviewed all requested documents, we will issue an official award, usually after May 15th. Corrections based on a review of these documents may result in a change in the financial aid award. Further revisions may occur after the award is official if additional information, such as notice of a scholarship, is received.

26. 12/22/2017
Q & A
Q: I file my taxes as independent. Why am I considered dependent for financial aid? Can I choose to be independent?
A: Students who are independent for tax filing purposes are not necessarily independent for financial aid purposes. Students cannot choose to be independent. Students are considered independent for financial aid purposes if they are:
Over Have Dependents
Married Orphan/Ward of the Court
A Graduate Student Emancipated Minor
Active duty military Homeless
A Veteran

27. Q & A Q: Do I have to apply for financial aid every year?
12/22/2017
Q & A
Q: Do I have to apply for financial aid every year?
A: Yes, whether you attend UVA or another school, you must apply for financial aid each year by filling out a FAFSA and any other application(s) required by the school. UVA requires the CSS/PROFILE along with the FAFSA each year. All applications are due by March 1st to be eligible for all state and institutional awards.

28. Q & A Q: How am I notified about a bill?
A: UVA, in partnership with Nelnet Business Solutions, an e-commerce service provider, makes student term statements available on-line for viewing and payment through an electronic system called QuikPay. No paper bill is sent to students or to their permanent home address. The Fall term statement is available in QuikPay after about July 20th, and the Spring term statement is available after about December 10th. Parents must become an authorized payer in order to receive notice that a new statement is available.

29. Q & A
Q: How can I make payments? A: The simplest way—and the preferred way—is to pay online through QuikPay, Access QuikPay by logging into your SIS or Authorized Payer account. Payments are made either by e-check (with no service fee) or by credit card (with a convenience fee of 2.75%). We recommend e-check payments to avoid the merchant fee. Payments will be posted to your account by the next business day. Mastercard, Discover, and American Express are all accepted. Visa is not.

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31. Q & A
Q: Is there any way I can set up some sort of a payment plan to spread out my payments?
A: Yes, UVA offers payment plans each semester to help distribute payments over up to 5 months. The Fall plan opens after May 1. Your payment plan can pay for Tuition & Fees and Room & Board, but not Books or any other charges not on the term statement. To sign up, either log in to QuikPay with your Authorized Payer account or have your student log in to their SIS Student Center and click on "QuikPay" to begin. Click "Make Payment," and then click "Sign up for a Payment Plan."

32. MORE INFORMATION ABOUT THE SEMESTER PAYMENT PLAN
12/22/2017
MORE INFORMATION ABOUT THE SEMESTER PAYMENT PLAN
Information at sfs.virginia.edu/otheroptions
Can pay tuition, fees, room and board only
$35 enrollment fee each term
Must separately enroll for each term
Sign up for Fall term starts in early May
Five payments for Fall term; first payment is June 5th
Five payments for Spring term; starting in November

33. Q & A
Q: How can I give my parent(s) permission to access my financial information?
A: With a completed Authorization to Release Financial Information on file. This form allows Student Financial Services to have free and open conversations on the phone, through , or in person with those individuals authorized by the student.  Without this form, by law, we cannot speak with anyone but the student about his or her UVA finances. You can find this form at sfs.virginia.edu/forms, and it requires a hand signature by the student.

34. MORE ABOUT STUDENT PRIVACY RIGHTS
After July 1, students are protected by federal laws concerning disclosure of all student account and financial aid information.
Students should complete the Authorization Form naming the individuals they wish to have access to their account information.
Copies are available here today, on our website, and at our office.

35. Q & A
Q: Can my parent or sponsor make online payments directly on my behalf? A: Yes, by becoming an authorized payer through We recommend all students sign parents up for this as soon as possible after they decide to attend the University.

36. Q & A Q: What is the Guaranteed Tuition Plan?
A: Full-time Virginia students entering college for the first time can fix their base tuition rate now, providing stability in planning for their tuition costs during their four-year undergraduate career at UVA.

37. Q & A Q: Who is eligible for the Guaranteed Tuition Plan?
A: Full-time Virginia students entering college for the first time. Transfer students, part-time student and non-Virginia students are ineligible for the Guaranteed Tuition Plan.

38. Q & A
Q: Where can I find more information for the Guaranteed Tuition Plan?
A: Visit our website at sfs.virginia.edu/guarantee for more information

39. Contact Us
Carruthers Hall, 1001 North Emmet Street (across from the Barracks Road Shopping Center)
University Transit System, North Line
BARRACKS RD SHOPPING CENTER