TYPES OF AID
ÄÌÌÇÖ±²¥ University uses the FAFSA to determine and award federal aid eligibility while the Profile, in conjunction with the FAFSA and tax documents, is used to determine and award institutional need-based funding.
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FEDERAL PELL GRANT
Federal Pell Grants are need-based grants provided by the federal government to qualified undergraduate students who demonstrate exceptional financial need and have an Expected Family Contribution (EFC) below a threshold designated annually by the US Department of Education, based on the amount of program funds appropriated by Congress.
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FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT (FSEOG)
This is a need-based federal grant. Students who are eligible for a Federal Pell Grant and who demonstrate the greatest financial need receive priority. FSEOG funds are credited at the time of enrollment. Awarding is contingent upon funding and may or may not be renewed year to year.
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FEDERAL WORK-STUDY (FWS)
A program that provides part-time employment to students attending institutions of higher education who need the earnings to help meet their costs of postsecondary education and encourages students receiving FWS assistance to participate in community service activities. Awarding is contingent upon funding and may or may not be renewed year to year. Paychecks earned under FWS are not deducted from your student account (tuition bill) but can be used toward your personal expenses. Please consider this when determining the amount owed on your student account.
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WILLIAM D. FORD FEDERAL DIRECT LOAN
Subsidized Direct Loan
This is a federal need-based educational loan available to undergraduate students who are enrolled at least half-time in a degree program. The federal government pays the interest on the loan during your period of enrollment of at least a half-time basis.
Unsubsidized Direct Loan
This is a federal educational loan available to students who are not eligible or have limited eligibility for the Subsidized Direct Loan. Students may borrow under the same terms as the Direct Subsidized Loan; however, at no time does the government subsidize the loan through payment of interest.
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NURSING STUDENT LOAN
Students majoring in Nursing may be eligible for this fixed-rate, low-interest loan (currently at 5%), which becomes payable nine months after you leave the University or drop below half-time. You will be required to complete an online process, which includes an Entrance Interview, Truth in Lending Agreement (TILA), and Promissory Note, prior to the beginning of classes if you have been awarded and accept a Nursing Loan.
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STATE GRANT
State funded program provides grants to State residents who demonstrate the highest level of financial need as determined by the results of the FAFSA. Amount varies and is based upon enrollment status. Any state grant amount listed in your aid notice is an estimate and becomes finalized only when your state agency notifies ÄÌÌÇÖ±²¥ University’s Office of Financial Assistance. If at a later time you receive a state grant that is not reflected in your aid notice, your ÄÌÌÇÖ±²¥ University Grant may be reduced by the amount of the state grant.
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VILLANOVA UNIVERSITY GRANT
The amount of the need-based ÄÌÌÇÖ±²¥ University Grant is determined each year based on the information on the Profile and after the Office of Financial Assistance has received and reviewed all financial aid applications and documents.
Note: This is not a scholarship. Therefore, this need-based grant amount is subject to change each year as a family’s financial information, household size and number enrolled in undergraduate college changes. This need-based grant is awarded for a maximum of four academic years (8 consecutive semesters), excluding summer terms, to undergraduate daytime students who are enrolled full-time (a minimum of 12 credits per semester).
Grant funds are credited to your account at the time of enrollment. Net operating losses, siblings over 23 years of age, parents enrolled in undergraduate or graduate school, siblings enrolled in community college, graduate school, pursuing a second baccalaureate degree, enrolled on a part-time basis, or in a non Titile IV eligible institution are not considered in determining the Expected Family Contribution (EFC) for purposes of awarding the need-based ÄÌÌÇÖ±²¥ University Grant. The net value of a business or farm and information from the CSS Profile is included in determining eligibility for this grant.
Endowed scholarship funds may replace a ÄÌÌÇÖ±²¥ University Grant after the school year begins. If any changes are made to the student’s aid package, the student will be notified.
NOTE: ÄÌÌÇÖ±²¥ University Grant when combined with outside privately funded or non/need based gift aid, scholarships, tuition benefits, and tuition remission cannot exceed need.Ìý If need is exceeded, an adjustment is made to reduce self-help aid first (loans, Federal Work-Study) then grant funds.
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VILLANOVA UNIVERSITY GRANT
The need-based ÄÌÌÇÖ±²¥ University Grant is awarded to you based on demonstrated financial need. To receive this grant, you must be enrolled as an undergraduate full-time, day college student for a minimum of 12 credits per semester. A student can receive the ÄÌÌÇÖ±²¥ University Grant for a maximum of four academic years (8 consecutive semesters) and, it is not applicable to the summer term.
Please remember that you must reapply each year. If your aid notice is tentative (documents are missing or incomplete), credit will be issued after your file is complete. Otherwise, credit will be issued at the time of billing.
Please note that your ÄÌÌÇÖ±²¥ University Grant may be replaced by endowed scholarship funds after the school year begins.
The following items are not considered when determining the Expected Family Contribution (EFC) or awarding the need-based ÄÌÌÇÖ±²¥ University Grant: net operating losses; siblings over 23 years of age; siblings pursuing a second baccalaureate degree, graduate degree, enrolled at a community college, or enrolled on a part-time basis; or parents enrolled in undergraduate or graduate school. The net value of a business or farm and information from the Profile is included in determining eligibility for this grant.
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STUDENT EMPLOYMENT
Student employment is awarded to students based on financial need. It is money that needs to be earned; it is not money that is credited to your student account. If your financial aid notice lists Student Employment please understand the following:
- You may seek employment only on campus as long as you are a full-time student enrolled at ÄÌÌÇÖ±²¥ University.
- You are responsible for finding your own job on campus.
- You may work up to 20 hours per week on campus during the semester and up to 40 hours per week on campus during the break periods among all jobs.
- You must have a Social Security Number in order to be employed in any position on the ÄÌÌÇÖ±²¥ University campus. You must see the International Student Advisor who will assist you in completing a social security application with the Social Security Administration. This process can take up to two months and you may not begin your position until you have your Social Security Number. In addition, you will need to bring your I-20, I-94, Passport, and Social Security Card to the Office of Human Resources to complete the necessary new hire paperwork.
- Student employment earnings are not deducted from your student account. Student employment earnings are given to you in a pay check based on the number of hours you work on a weekly basis.
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FEDERAL PELL GRANT
Federal Pell Grants are need-based grants provided by the federal government to qualified undergraduate students who demonstrate exceptional financial need and have an Expected Family Contribution (EFC) below a threshold designated annually by the US Department of Education, based on the amount of program funds appropriated by Congress.
WILLIAM D. FORD FEDERAL DIRECT LOAN
Subsidized Direct Loan
This is a federal need-based educational loan available to undergraduate students who are enrolled at least half-time in a degree program. The federal government pays the interest on the loan during your period of enrollment of at least a half-time basis.
Unsubsidized Direct Loan
This is a federal educational loan available to students who are not eligible or have limited eligibility for the Subsidized Direct Loan. Students may borrow under the same terms as the Direct Subsidized Loan; however, at no time does the government subsidize the loan through payment of interest.
The BSN-Express program is a second-undergraduate degree; therefore federal, state, and/or institutional grant funding is not available to students in this program.
The number of transfer credits a student is admitted with into the program determines the student’s grade level, which in turn determines the borrowing amount of Direct Subsidized and/or Direct Unsubsidized loan a student may utilize.
WILLIAM D. FORD FEDERAL DIRECT LOAN
Subsidized Direct Loan
This is a federal need-based educational loan available to undergraduate students who are enrolled at least half-time in a degree program. The federal government pays the interest on the loan during your period of enrollment of at least a half-time basis.
Unsubsidized Direct Loan
This is a federal educational loan available to students who are not eligible or have limited eligibility for the Subsidized Direct Loan. Students may borrow under the same terms as the Direct Subsidized Loan; however, at no time does the government subsidize the loan through payment of interest.
FEDERAL DIRECT UNSUBSIDIZED LOAN
A Federal Direct Unsubsidized Loan is awarded to all eligible graduate students regardless of income. Interest accrues from the time the funds are disbursed. You may elect to pay the interest while you are enrolled or allow it to accrue and be capitalized (added to the principal balance) at the end of your grace period.