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Frequently Asked Questions

We know that the process of applying for financial aid can be very confusing for families. We hope the resources on this page will be helpful to families who may be going through the process for the first time. You can find very clear explanations of many of the terms used in describing federal financial aid programs in Federal Student Aid's Glossary .

 

Q: Do I have to apply for financial aid every year?
A: Financial aid is awarded on an annual basis. You'll need to complete a new FAFSA and scholarship applications each year to determine your eligibility.

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Q: How do I apply for financial aid?
A: Submit the Free Application for Federal Student Aid (FAFSA) . The information from the FAFSA will help us determine the type of federal financial aid you are eligible to receive. Virginia undergraduate students interested in applying for the Virginia Tuition Assistance Grant (VTAG) submit this form to the Central Financial Aid Office. You can also apply for financial aid through your School of Enrollment.

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Q: What documents will I need to complete the FAFSA?
A: you will need the following documents:

• The FAFSA on the Web Worksheet
• Your most recent Federal Tax Return and all W-2 forms (for the 2009-2010 year, you must use your 2008 tax returns)
• Your spouse's most recent Federal Tax Returns and all W-2 forms (if applicable)
• Your parents' most recent Federal Tax Returns and all W-2 forms (if you are a dependent)
• Bank statements for checking, savings, and investment accounts

NOTE: You can complete the FAFSA using "estimated data". If you choose this option, you will need to send us a copy of all tax forms when they are completed and submitted to the Internal Revenue Service.

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Q: What is the deadline for submitting my financial aid applications?
A: There is no deadline for submitting the FAFSA. You just want to make sure your FAFSA and all additional required documents are submitted prior to the payment deadline in order to avoid late payment fees and interruption of your courses.

Students who are eligible for the Virginia Tuition Assistance Grant must submit their completed application by July 31, 2010 for priority processing. Applications submitted after this date will be reviewed for eligibility based on availability of funds.

Please refer to your School of Enrollment to determine the deadlines for school based scholarships and awards.

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Q: What is Regent University's School Code (information required on the FAFSA)?
A: Regent's School Code is 030913.

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Q: How does the Department of Education come up with my "Expected Family Contribution (EFC)"?
A: Your Expected Family Contribution (EFC) is the number that's used to determine your eligibility for federal student aid. While the EFC is considered the amount of money a family is expected to contribute towards a student's college costs, the EFC is not the amount of money that your family must provide. Rather, you should think of the EFC as an index that colleges use to determine how much financial aid you would receive if you were to attend their school. The Central Financial Aid Office uses your EFC to determine the need for aid for the following types of federal student financial aid: Federal Pell Grant, Academic Competitive Grant, TEACH Grant and Stafford Subsidized loans.

All data used to calculate your EFC comes from the information you provide on the FAFSA. A variety of factors affect your EFC from the FAFSA: household size, number of people in college in your household, household income levels, state of residence, etc. Once you have completed your FAFSA, it is processed by the Department of Education's Central Processing System. Once processed, you will receive an output document containing a summary of your FAFSA as well as your results (Student Aid Report).

The Department of Education has provided a document that provides additional information about the EFC Formula .

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Q: How long does the financial aid awarding process take?
A: The Central Financial Aid Office attempts to process your financial aid documents in a timely manner to allow you opportunity to review your aid and accept your awards prior to the beginning of each academic year. However, some factors may prevent a quick processing time:

• Admission Application on file (undergraduate students must be accepted for admission and all final transcripts from previous colleges/universities must be reviewed)
• Evaluated for school based merit awards
• Has submitted a processed FAFSA to our office
• Completed all additional Financial Aid Requirements (found in Genisys)

Typically, our office begins processing financial aid award packages for the upcoming academic year in mid-March.

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Q: How do I know what additional requirements I have to submit?
A: Once the Central Financial Aid Office has received a processed FAFSA, we will send a notification letter to you with instructions on your next step. This letter will include your Regent University Genisys/Student ID, a temporary PIN (if you are a new student), and a list of your satisfied and unsatisfied requirements. You can also look in Genisys to determine what requirements are still outstanding. Once in Genisys, click on the following menu items: >Financial Aid > Eligibility > Financial Aid Requirements > Select Aid Year .

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Q: Why was I selected for Verification and do I have to submit my tax returns?
A: The Central Processing System (CPS) randomly selects applications to undergo the verification process each year. Approximately 30 percent of all applications are picked for verification. This means that your aid award cannot be finalized until your counselor reviews your submitted verification documents. If your application is picked for verification, you and your parents/spouse (if applicable) will need to submit complete, signed copies of your most recent federal 1040 tax returns, including any Schedule Cs and all W-2 forms. For more information about required Verification documents, click here. You will also need to submit a completed Federal Verification Worksheet (independent | dependent ).

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Q: What is the status of my student loans?
A: You can view the status of your student loans in Genisys. Once in Genisys, click on the following menu items: >Financial Aid > Award > Loan Application History. This page will list the status of each of your loans. If your loan status shows "Loan Certified", then the loan certification request has been submitted to your lender and we are awaiting confirmation of approval. If your loan status shows "Loan Guaranteed", then your loan has been approved and scheduled for disbursement. To find out when your loan disbursement is scheduled to arrive on campus, you can click on the "ELM Resources" link in the Servicer field. In order to access detailed information about your loan, you will be required to create a User ID/Password. Instructions for creating your ID and password are found on the website.

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Q: What are Private Loans?
A: Private loans are credit-based loans offered to students to assist in covering their educational expenses. These loans are not administered by the US Department of Education. As a result, each lender can set the interest rates, loan fees and terms of their programs based on their own parameters. Undergraduate students who are not eligible for the Parent PLUS loan can apply for a private loan. Most lenders have an online application to expedite the process. Once the student is approved, your lender will require the University to certify the student's eligibility for the private loan. The amount a student is eligible for is based on the student's Cost of Attendance minus other aid received for the period. To find out more information about Private Loans, click here.

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Q: Will I have a refund?
A: You are eligible for a student refund if your Term Balance in Genisys reflects a credit balance. Once in Genisys, click on the following menu items: > Financial Aid > Award > Account Summary By Term. If the "Term Balance" line shows a negative amount, you have a credit balance and are due a refund.

Example:

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Q: Has my refund been produced?
A:You can see if your refund has been created by looking at your "Account Summary by Term". If the page lists one of the following codes, your refund is ready:

RFL - Student Refund
RFLA - Student Refund-Direct Deposit

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Q: How much will I owe?
A: Your total amount owed includes your tuition and any related fees. Your tuition and fees rate is based on your School of Enrollment. If you are not using financial aid to cover your tuition and fees expenses, you can view your account balance in Genisys on the "Account Summary by Term" page. You can also view your remaining account balance in Genisys if your financial aid does not cover your total tuition and fees.

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Q: Who do I contact if I have questions about my financial aid?
A: You are assigned a Financial Aid Counselor based on your last name. View current Counselor Assignments. If you have questions about a school based scholarship or award, please refer to your Admissions Office in your School of Enrollment.

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Q: Why is my school scholarship only entered for the fall and spring semesters?
A: In general, your school-based scholarships and grants are awarded for the entire year; fall/spring/summer. However, for programs not designed as year-round, aid is initially entered for only the fall/spring semesters. For students in these programs, school-based scholarships and grants are entered onto the system in late January.

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Q: How do I apply for summer loans?
A: If a loan for the summer term was not included in your original aid package, you may be eligible for a summer loan. You must complete the Summer Loan Request Form in Genisys. Follow the links for "Financial Aid -> Online Financial Aid Forms -> Summer Loan Request Form". The form is available in late January. Undergraduates: if you have received the annual Stafford Loan maximum during the fall and spring semesters, you will only qualify for either a Parent Plus Loan (dependent students) or a private loan (independent students). Both loans require a credit review and approval is not guaranteed.

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