Your Financial Aid Package (2024)

Understanding Your Financial Aid Package

Click the View Your Financial Aid button to see your financial aid package for the current year as well as previous award years. The information below will provide a breakdown of each section to help you better understand the components of your financial aid package.

Your Financial Aid Package (1)

What exactly is a Financial Aid Package?

A financial aid package refers to the combination of various forms of financial assistance offered to a student to help cover the costs of their education. This package typically includes grants, scholarships, loans, and work-study opportunities. The aim of a financial aid package is to make higher education more accessible by helping students afford tuition, fees, books, and living expenses. The specific contents of a financial aid package can vary based on factors such as financial need, academic achievement, and available funding from the institution or external sources.

How We Determine Financial Aid Eligibility

There are three primary components used to determine a student's financial aid eligibility: the institution's Cost of Attendance, the Student Aid Index (previously the Expected Family Contribution), and individual financial need.

Cost of Attendance

Virginia Tech's Cost of Attendance (COA) is an estimate of the expenses for a given academic year (fall and spring semesters). This amount is not the amount you will owe Virginia Tech on your student bill. Virginia Tech bases your Cost of Attendance on student derived data and market research, including information from the U.S. Bureau of Labor Statistics such as the Consumer Price Index (CPI). As a result, your actual costs may vary.

Your Cost of Attendance is based, in part, on the following cost factors: residency (in-state versus out-of-state), academic level (undergraduate or graduate), enrollment status (full-time, three-quarter-time, half-time, or less than half-time), and campus location (Blacksburg, Northern Virginia, Virtual).

Billable charges are part of your Cost of Attendance and consist of tuition, fees, housing, and meal plan, if applicable. You can find the Tuition & Fee Rates on the Bursar’s Office website. Final costs for the upcoming year are not available until the VT Board of Visitors approves costs in late spring. Allowances in the Cost of Attendance for food and housing, books and supplies, travel, and personal expenses do not represent actual university charges. These figures are reasonable expenses a student may incur for the academic year.

Please review the estimatedCost of Attendance webpage for more detailed information. Your admissions offer letter provides your residency status.

Student Aid Index

The Student Aid Index (SAI), previously called the Expected Family Contribution (EFC), calculated using the information provided on the Free Application for Federal Student Aid (FAFSA), is the amount a family can reasonably be expected to contribute to educational expenses. The Office of University Scholarships and Financial Aid only uses the SAI/EFC to determine financial aid eligibility. It is not the amount you must pay. You may find your SAI/EFC on your FAFSA confirmation page.

The change from the EFC to the SAI is a direct result of the FAFSA Simplification Act.

Individual Financial Need

We determine your financial need by subtracting your Student Aid Index/Expected Family Contribution from your Cost of Attendance. Once we calculate your financial need, we can determine the types and amounts of financial aid you are eligible to receive.

While we strive to award students the maximum financial aid possible, we must follow federal, state, and institutional awarding rules and regulations. The following are two restrictions concerning financial aid amounts:

  • Need-based financial aid cannot exceed a student's financial need. Need-based financial aid includes the total of scholarships, grants, Federal Work-Study, Federal Direct Subsidized Loans, and other sources of aid from outside Virginia Tech.
  • Total financial aid cannot exceed a student's Cost of Attendance. Total financial aid includes the total of all types of aid.

Please refer to the Federal Student Aid website for the differences between Need-Based Aid and Non-Need-Based Aid.

Your Financial Aid Package (2)

Your Financial Aid Package

To review your financial aid, start by clicking the "View Your Financial Aid" button located on this page. You can also access this page by logging into your Hokie Spa account and selecting the Financial Aid Informaion/Award Package by Aid Year link.

Financial aid awards may be adjusted for reasons including, but not limited to, the following: updates or changes to your FAFSA, changes in your enrollment status prior to the last day to add courses for the term, receipt of additional financial aid from any source, or failure to submit requested documents to our office by published deadlines.

Financial Aid Terms and Conditions

Your financial aid offer is contingent upon you meeting all eligiblity requirements and the availability of federal, state, and institutional funds. Continuing students must also meetSatisfactory Academic Progressstandards. The conditions listed for your financial aid award may be amended without notice as determined by the University.

Enrollment

Virginia Tech awards financial aid on the assumption of full-time enrollment (12 credits undergraduate/9 credits graduate). If you will not enroll full-time, please contact our office by phone, email, or in person so that we may review your eligibility for aid. Failure to notify us of less than full-time enrollment will delay the delivery of your financial aid. If you are enrolled less than full-time after the last day to add for the term, as published on the Registrar’s website, your financial aid may be reduced or cancelled.

Information Release

The Family Educational Rights and Privacy Act (FERPA) does not allow us to release a student’s financial aid information to anyone, including parents, without the student’s permission.If you would like your financial aid information released to certain individuals, including your parents, please complete the University FERPA Disclosure available through your HokieSpa account.If you are a new Hokie, once you accept your offer of admission and set up your VT PID, you should set up a FERPA passcode for yourself and for anyone you wish to grant access to your financial aid information. For more information, please visit theRegistrar’s Student Privacy (FERPA) page.

Understanding the Sections of Your Financial Aid Portal

Home

The landing page shown after clicking the View Your Financial Aid button. Make surethe correct Award Year is selected in the top right of the page.

Student Requirements

Unsatisfied requirements that must be completed to be awarded with financial aid. Please complete and submit the requested information. Anything being requested by our office should, mostly, be submitted using ourDocument Uploader.

Verification

Verification is a process that Virginia Tech must complete for applicants selected by the U.S. Department of Education. Our office partners with the Kentucky Higher Education Assistance Authority (KHEAA) to complete this process. KHEAA will contact you via email to let you know what you need to do to complete this process and how to submit your documents. You will submit your documents for completing this process to KHEAA, not our office. Failure to do so will result in forfeiture of your aid offer.

Satisfied Requirements

The previous student requirements that have been completed and processed. Requirements will be completed and processed once the appropriate financial aid advisor or specialist has reviewed what has been submitted, or the appropriate documentation has been completed.

General Links

Helpful links to provide additional information. Links include direct access to our Scholarship Centralsite, how to apply for a Federal Parent PLUSloan, or how to sign up for the Budget Tuition Plan through our University Bursar's office.

Award Offer

Here you will see any grants, scholarships, and/or loans offered to you. Click on each award to view the terms of each individual award. Take action for each by selecting Accept, Decline, or Modify (loans and USFA-Administered Scholarships only). When you are finished, click the Submit button at the bottom of the page.

Expected Enrollment Status

This is your expected enrollment status for the term/year. If this has changed or your enrollment status does not match what is listed, please contact the University Scholarships and Financial Aid office.Please review the Enrollment Hours Defined section on the Registrar's Office website for clarification on enrollment status.

SAI/EFC

This shows your current Student Aid Index/Expected Family Contribution as determined by the FAFSA. Again, this is not the amount you pay. It isonly used in part to determine financial aid eligibility.

COA

Provides a breakdown of theestimated amount it will cost you to go to school for the designated award year and terms. The COA is broken down between billable (direct costs) and non-billable (indirect costs) items. Review our undergraduateand graduateCOA pages for a breakdown based on residency and housing.

Grants and Scholarships

Financial aid that is offered or given that does not have to be paid back.Students will automatically be considered for certain institutional scholarships after submitting the FAFSA and completing the General Scholarships Application in Scholarship Central. Visit our Scholarships page for further information on the different types of scholarships offered through Virginia Tech.

Assistantships and Fellowships

Assistantships and fellowships must be factored into your financial aid package per federal student financial aid regulations. If you receive either of these awards we will update your financial aid package which may result in a reduction of aid if you were awarded to your need and/or estimated cost of attendance for the year. If aid adjustments are necessary you will receive a revised award notification via email and will be able to view the changes in HokieSpa.

Report Other Sources of Aid

Please complete theScholarshipReportingFormif you will receive financial aid from any source outside of Virginia Tech. Federal and state regulations require you to report any awards you expect to receive in all terms this academic year.

Net Cost

This is the estimated amount you'll be paying for college. It is the cost of attendance minus total grants and scholarships

Options to Pay Net Cost

Loans

Borrowed money in which you are responsible for repaying with interest. The U.S. Department of Education pays the interest on subsidized Federal Direct loans while you are in school at least half-time. Unsubsidized Federal Direct loans will accrue interest while you are in school that you will be resposible for repaying.

Once you take any action on your loan (accept, reduce, or decline), you must contact our office by email, phone, or in person to request any subsequent changes in your loan.If you do not accept within 30 days of the offer date, we will cancel the loan(s).

If you accept any amount of your federal loan(s), please review our Federal Student Loan pages for information on completing the Master Promissory Note and Entrance Counseling for your accepted loans. These additional loan requirements are the final steps that you must complete before the loan(s) will pay towards your university charges.

Federal Work-Study

A work program through which you earn money to help you pay for school. You must secure a Federal Work-Study position in order to receive these funds, and the funds will be paid on an hourly wage.Failure to accept the Federal Work-Study award by July 1 will result in cancellation of this aid. Once cancelled, we do not guarantee that these funds will be available to award again should you change your mind.

Review our Federal Work-Study page for further information.

Financial Aid History

This page provides students with a comprehensive overview of their financial aid throughout each academic year. This page serves as a hub for tracking and understanding the financial aid received by the student.

The page offers a detailed breakdown of financial aid for each academic year, including grants, scholarships, loans, and work-study awards. This breakdown allows students to understand the composition of their financial aid package for each year and term of their education.

Resources and Notifications

Don't forget to check these two pages regularly for important updates and resources regarding your financial aid. Items such asTerms and Conditionsfor scholarships and messages about your Federal Work-Study wages can be found here.

Satisfactory Academic Progress

Satisfactory Academic Progress (SAP) is based on your academic performance (GPA) and the completion of the courses you attempt within your program of study. Failure to meet SAP will affect your eligibility for federal, state and institutional aid.

Review our SAP page to understand Virginia Tech's SAP Policy, as well as the federal guidelines.

College Financing Plan

The College Financing Plan is a standard format prescribed by the U.S. Department of Education which allows you to easily compare your awards and costs between multiple higher education institutions (if applicable).

Take a moment to review this sample provided by the Department of Education. It offers a comprehensive overview of the essential components to consider when reviewing your plan.

Need to Know

Changes to the 2024-2025 FAFSA

Understand and keep up to date with the changes to the 2024-2025 FAFSA form due to the FAFSA Simplification Act passed by Congress in 2021 by reviewing our FAFSA Simplification page.

Additional Aid and Payment Options

If you determine you need additional financial assistance or payment options after reviewing the award package and cost information, please review the following options.

Balances/Bills and Refund of Excess Financial Aid

If your financial aid does not cover your direct university charges, you are responsible for paying the balance by the date indicated on the e-bill. If your financial aid exceeds your direct university charges, the earliest any excess financial aid may be available as a refund to you is the Thursday prior to the start of classes, assuming full-time enrollment and completion of all financial aid requirements. Please visit theBursar's pagefor information aboutpayment deadlinesandrefunds.

If you have excess financial aid funds and are due a refund, you will receive it electronically through direct deposit (set up through Hokie Wallet in Hokie Spa) or by a check mailed to the permanent address in your student file. We strongly encourage you to sign up for direct deposit as this is the safest and most efficient way to receive excess funds. Please visit theBursar'spagefor more information aboutdirect deposit.

US Department of Education Loan Disclosure Notice

If you accept any federal loan amount, you will receive a notice listing many details of the loan including the estimated disbursem*nt date. This is the date the disbursem*nt process begins.

Loan Disbursem*nt Notification

You will receive a separate notice from our office when a federal loan (Federal Direct Subsidized/Unsubsidized, Federal Parent PLUS, or Federal Graduate PLUS) disburses to your account. This required notice ensures the borrower is aware of the loan and agrees to assume the debt. You (or your parent, in the case of a Federal Parent PLUS Loan) have 30 days to request the loan be cancelled or reduced. We include instructions on how to reduce or cancel federal loans in this notice.

Your Financial Aid Package (3)
Your Financial Aid Package (2024)

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