FINANCIAL AID INFORMATION
Based on a combination of approvals and authorizations, our students are eligible to apply for and receive tuition aid and financial assistance while attending the college.
A list of these programs include:
Federal PELL Grant: Does not require repayment (FPELL) ***
Federal Supplemental Education Opportunity Grant: Does not require repayment (FSEOG)***
FDirect Stafford Loans – Subsidized: Must be repaid ***
FDirect Stafford Loans – Unsubsidized: Must be repaid ***
FDirect Plus Loans: Must be repaid ******
Denotes the programs available at this institution
General Financial Aid Information
If you wish to apply for financial aid or you have questions, or you need sections of the handbook clarified, contact the financial aid office at the school. Additional information regarding the student aid programs available at VBC may be found in "The Student Guide" and the "Free Application for Federal Student Aid" published by the U.S. Department of Education. Additional information may be obtained by calling the Federal Student Aid Information Center between 9:00am and 5:00pm (Eastern Time), Monday through Friday at 1 (800) 433-3243.
Financial Aid Mechanism
Financial aid is a mechanism that reduces out-of-pocket costs that students and/or parents must pay to obtain a specific postsecondary education. Presented differently, financial aid is money made available to help students meet the cost of college attendance. Financial aid includes grants and loans. Grants do not have to be repaid. Loans usually have low interest rates and must be repaid in accordance to the individual loan program terms.Most of the loans can be arranged to require payment after a grace period of several months upon graduation, or upon the student's termination from the program or if a student's attendance falls below half time. Financial aid is awarded to students who have "need". Need is the difference between the amount of money that the family will be expected to contribute to meet student costs and the cost of education at this school.
Types of Federal Student Loans
Direct Subsidized Loans and Subsidized Federal Stafford Loans (subsidized Loans)
are for undergraduate, graduate, and professional degree students. You must have finanical needs to qualify for a subsidized loan.The federal government pays the interest on the subsidized loans while you are enrolled at least halftime, during your grace period and during deferment periods.
Direct Unsubsidized Loans and Unsubsidized Federal Stafford Loans (Unsubsidized Loans)
are also for undergraduate, graduate, and professional degree students. You are not required to have financial needs to qualify for unsubsidized loan. You are responsible for paying the interest on unsubsidized loans during all periods, starting from the date the loan is first disbursed.
Direct PLUS Loans and Federal PLUS loans (PLUS loans)
are for graduate or professional degree students, and also parents of dependent undergraduate students (this counseling session covers only PLUS loans for graduate or professional degree students). You are responsible for paying the interest on PLUS loans during all periods, starting from the date the loan was disbursed.
Direct Consolidation Loan and Federal Consolidation Loans (Consolidation Loans)
Allow Students and parent borrowers to combine multiple federal education loans into one loan with one monthly payment.
Direct Subsidized and Unsubsidized Loan Limits
For Direct Subsidized and Direct Unsubsidized Loans, there are no limits on the maximum amount you may borrow for an accademic year (annual loan limits) and the maximum amount you may borrow in total for undergraduate and graduate study (aggregate loan limits).
FASFA applications must be received by June 30, of the award year from which is the application intended for. SAR or ISIR must be submitted to the financial aid office by August 29, of the award year from which aid is requested from, or your last day of enrollment. A valid ISIR requires signatures of student, spouse and/or parents, when the ISIR has been corrected.
A FPELL Grant award received for one award year, (July 1 to June 30 of the following year) and is not automatically renewed for the next award year. Students must reapply for the FPELL Grant and submit a copy of the new SAR or ISIR to the financial aid office.