1. STUDENT FINANCIAL SERVICES How to Pay for College

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

3. FAQ’s I’m getting a better award package from another school – will UVa negotiate? Because Student Financial Services meets 100% of demonstrated financial need and does not award merit scholarship, we do not negotiate financial aid awards.

4. FAQ’s Why does the University consider step-parent income during the evaluation process? According to federal regulations, the income of the household which supports the student must be reported on the FAFSA – which includes both parents, including step-parents. Pre-nuptial agreements or divorce decrees do not affect this requirement.

5. Basic Financial Aid Terms Cost of Attendance - Tuition and Fees - Room and Board - Personal Expenses and Travel - Books and Supplies less Expected Family Contribution equals FINANCIAL NEED

6. 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

7. 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 –Minimum wage and up –Information can be found at www.sfs.virginia.edu/workstudy

8. TYPES OF AID: STUDENT LOANS DIRECT LOANS The loan is in the student’s name All Students Are Eligible 1 ST YEAR $5,500 (up to $3,500 as subsidized) 2 ND YEAR $6,500 (up to $4,500 as subsidized) 3 RD AND 4 TH YEAR $7,500 (up to $5,500 as subsidized) Repayment begins 6 months after leaving school The Department of Education is the lender Origination Fee of 1.073% Entrance counseling is required before disbursement Complete a Master Promissory Note (MPN) at www.StudentLoans.gov

9. 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 14-15: 4.66% Interest Rates for 15-16 will be set in June Need Based Loan Unsubsidized Students have the option to pay interest while in school Interest Rate for 14-15: 4.66% Interest Rate for 15-16 will be set in June Non Need Based Loan Available for ALL Students Combined Subsidized and Unsubsidized Loans cannot exceed the annual amount.

10. TYPES OF AID: STUDENT LOANS PRIVATE LOANS Loan is in the student’s name Non Need Based Not guaranteed by the Federal government Requires a credit check Most require a credit worthy co-signer May borrow up to the COA minus other financial aid Most have a variable interest rate (LIBOR or Prime) Because of the TILA disclosure, need to allow time for processing

11. TYPES OF AID: STUDENT LOANS PARENT PLUS LOANS Loan is in the parent’s name Completed FAFSA is required Non Need Based Guaranteed by the Federal government Requires a credit check May borrow up to the COA minus other financial aid Has a fixed interest rate; Interest Rate for 14-15: 7.21% Interest Rate for 15-16 will be set in June Repayment begins immediately; Deferments are available Origination Fee of 4.292% Application instructions at www.virginia.edu/financialaid

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13. FAQ’s Why didn’t we receive an award letter in the mail? 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.

14. View your Financial Aid by Logging in to the Student Information System

16. Go to the Finances Section of your Student Center If you have already applied, click on View Financial Aid

17. Select the Appropriate Aid Year (New students will only have one choice)

18. View Your Aid by Year

19. Or View Your Aid by Term

20. FAQ’s Why didn’t I receive merit based scholarships? Generally, all of the scholarships that Student Financial Services awards are based on demonstrated financial need. Merit based aid is offered through either the student’s school of enrollment, the office of admissions or an outside source.

21. FAQ’s 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? Open positions, both for work-study and non work-study, are posted on CAVLink at www.career.virginia.edu.

22. FAQ’s How can we get in-state status? In-state status is determined by the Committee on Virginia Status, in the Admissions Office. For more information go to www.virginia.edu/undergradadmission/status.html.

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24. FAQ’s How does my financial aid package change if I am awarded aid from outside the University? 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. FAQ’s How do I report an award from a Non University source? Around the first of May, you may begin to self report Non University awards in SIS. Keys to remember: Correctly name the scholarship, list the correct annual amount, list the correct term and note whether the funds will be paid to you or to the University.

26. FAQ’s My current award is preliminary. Will there be changes when the awards become official? When we have reviewed all requested documents, we will issue an official award. Corrections based on a review of these documents may result in a change in the financial aid award. Further revisions may occur if additional information is received.

27. FAQ’s I file my taxes as independent. Why am I considered dependent for financial aid? Can I choose to be independent? 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 24Have Dependents MarriedOrphan/Ward of the Court A Graduate StudentEmancipated Minor Active duty militaryHomeless A Veteran

28. FAQ’s Do I have to apply for financial aid every year? 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 required by the school. UVa requires the CSS Profile or the University Financial Aid Application along with the FAFSA each year. All applications are due by March 1 st to be eligible for state and institutional awards.

29. PAYING YOUR BILL How am I notified about a bill? The University of Virginia (U.Va.), 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.

30. FAQ’s How can I make payments? Submit payments conveniently online through QuikPay, which is accessed by logging into your SIS or Authorized Payer account. Payments are made either by e-check (no associated fees) or credit card (with a merchant 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. (Please note, VISA has elected not to participate in our e-payment program.)

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32. FAQ’s Can we set up a Payment Plan? Yes, U.Va. offers monthly payment plans to help distribute the costs of education over a period of time. You may set up a payment plan, for Fall and Spring terms to pay for Tuition & Fees and Room & Board. Each term is broken into 5 monthly payments. 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."

33. PAYMENT PLAN Information at www.sfs.virginia.edu/otheroptions For University Charges: tuition, fees, room and board $35 Enrollment Fee per Term Must separately enroll for both terms Sign up for Fall starts in early May Five Payments for Fall Term; starting in June Five Payments for Spring Term; starting in November

34. FAQ’s How can I give my parent(s) permission to access my financial information? With a completed Authorization to Release Financial Information (ARFI) on file. This form allows Student Financial Services to have free and open conversations on the phone, through email, or in person with those individuals authorized by the student. Without this form, we cannot speak with anyone but the student about his or her UVA finances.

35. Authorization to Release Financial Information Form After July 1, students are protected by federal laws concerning disclosure of all student account and financial aid information. Students should complete the ARFI form naming the individuals they wish to have access to their account information. Copies are available today, on our website and at our office.

36. FAQ’s Can my parent or sponsor make payments directly on my behalf? Yes – through setting up Authorized Payers through QuikPay@UVa. We recommend all students take care of this step as soon as possible after they decide to attend the University.

37. Carruthers Hall, 1001 North Emmet Street (across from the Barracks Road Shopping Center) BARRACKS RD SHOPPING CENTER University Transit System, North Line sfs@virginia.edu 434-982-6000 www.facebook.com/UVaSFS www.twitter.com/UVaSFS www.sfs.virginia.edu Contact Us