Policies and Practices
POLICIES AND PRACTICES
GOVERNING STUDENT FINANCIAL ASSISTANCE AT THE UNIVERSITY OF VIRGINIA’S COLLEGE AT WISE
ALL AWARDS ARE SUBJECT TO THE FOLLOWING CONDITIONS:
· All financial aid is awarded subject to acceptance for admission or readmission to the College.
· Students cannot receive federal aid (Pell Grant, SEOG, Federal Student Loans) for more than one school for the same period of time.
· The Financial Aid Office reserves the right on behalf of the College to review and cancel an award at any time because of changes in financial or academic status, change in domicile, change of academic program, or failure to meet the Satisfactory Academic Progress Standards (*Click here to view Satisfactory Academic Progress Policy*).
· External or Athletic scholarships applied to your initial awards notification may affect eligibility for state grants and/or subsidized loans. Please notify the Office of Financial Aid if you will be receiving outside scholarships and have questions as to how these may impact your award letter.
· If your offer of financial assistance included employment under the provision of the Federal Work Study Program (FWSP), it must be understood that the amount shown for this category is the amount of money you may expect to earn during the academic year as a result of work performed and the hours necessary to perform such work. Because work study positions are limited, being awarded work study does not guarantee you will be assigned to a position.
· It is the policy of the College to award financial assistance for an academic year, unless otherwise specified, one-half of the award being applicable to each semester. By accepting financial aid, students authorize UVA’s College at Wise to apply any financial aid awarded (excluding work study) for any charges incurred for tuition and fees, room and board, housing damages, parking fines, and bookstore charges. Students can, in writing to the Financial Aid Office, rescind permission for the payment of miscellaneous expenses. All awards (excluding FWSP), are applied first to the payment of tuition, fees, rent for housing, meal plans, books and all other miscellaneous expenses; after all these deductions have been made, the balance will be paid to the student during each semester as funds become available.
· Any change in the number of hours you take must be reported to the Financial Aid Office. The financial aid you are eligible for may be reduced for less than full time attendance and may increase if changing from less than full time to full time status. You must be enrolled at least 6 hours to maintain eligibility for student loans and most state aid programs.
· The loan amount offered on your award letter reflects your full eligibility, but the disbursement in actuality may be less due to the processing fees withheld by the lender, if applicable.
· ALL students and parents accepting loans must complete the online loan process if applicable.
· All new student borrowers to the college are REQUIRED to complete a Master Promissory Note and Entrance Counseling that highlights borrowers’ rights and responsibilities. This should be completed prior to the start of classes. These can be processed by going to the College’s Financial Aid website and completing the process under "To Complete the Student or Parent Loan Process, Click Here". Upon completion, your results will be electronically sent to the UVA-Wise Financial Aid Office.
· All parent borrowers are REQUIRED to complete a Master Promissory Note. This should be completed prior to the start of classes. This can be processed by going to the College’s Financial Aid website and completing the process under "To Complete the Student or Parent Loan Process, Click Here".
· Failure to complete either the Entrance Counseling or MPN (first time student borrowers only), or loan amount request form prior to the end of the academic year or a student’s withdrawal from the College will render the loan void and per federal regulations, the proceeds cannot be disbursed to the College.
· Any commitment of Federal funds (i.e. Perkins Loan Program, Pell Grant, Supplemental Educational Opportunity Grant (SEOG), or Federal Work Study Program (FWSP), is tentative and contingent upon subsequent Congressional appropriation and actual receipt of funds by the College.
· The Office of Financial Aid assumes that a registered student at UVA Wise automatically accepts grants and scholarships awarded through the college.
· Athletic Grants-in-Aid are subject to students’ demonstrated academic eligibility to participate and actual participation in the sport. Failure to meet either criterion can result in cancellation of the award.
· Financial need will be re-evaluated each year and appropriate increase or decrease in the amount of the assistance offered will be made. For the purpose of this re-evaluation, a new Free Application for Federal Student Aid must be submitted to Federal Student Aid Programs. The priority date for full consideration for financial aid for that year is April 1. It is the student’s responsibility to secure the necessary forms and make sure the Student Aid Report (SAR) is received in the Financial Aid Office by April 1st.
· Students receiving financial aid who find it necessary to withdraw from the College must complete the official withdrawal process in the Office of Advising and Retention located on the first floor of Crockett Hall. Students who receive Federal aid (i.e. Pell Grant and student loans) and withdraw from the College may be subject to Federal Return to Title IV regulations, earning a percentage of their aid based on time of attendance. Any change in name, address, or student status (i.e., moving on or off campus) must be reported immediately to the Office of Financial Aid. With the exception of students who withdraw from the College completely, any credit hour changes made by students after financial aid has been transferred to the Cashier’s Office and applied to their account will not affect aid. Students who have received Federal and State Aid and finish a semester with a 0.0 GPA will be subject to Federal "Return to Title IV" calculation at 50% attendance unless they are able to verify class attendance through the 60% point of the applicable semester. (*Click here to view Return to Title IV Policy*).
· It is standard procedure for the Office of Financial Aid to discuss the details of a student’s awards with the parent or parents listed on the FAFSA. Students who do not want parents to have access to their financial aid information must submit a request in writing which includes the student’s signature. Also, students wanting individuals other than parents to have access to their financial aid information must do so in writing which includes the student’s signature. The written request must include the individual’s full name and date of birth for verification purposes.
· Students will be notified regarding various financial aid issues via their UVA-Wise e-mail accounts and the student information portal. Therefore, it is important that students check there college e-mails and student portal on a regular basis.