University Financial Aid Information - Frequently Asked Questions
Regent University has provided resources to simplify the process of applying for financial aid. You will find the information below particularly helpful for families who may be going through the financial aid application process for the first time. For clear explanations of many of the terms used in describing federal financial aid programs, review the Federal Student Aid's Glossary .
- Do I have to apply for college financial aid every year?
- If I do not qualify for aid, do I have to apply?
- How do I apply for federal and Virginia financial aid grants?
- What documents will I need to complete the FAFSA financial aid requirements?
- What is the deadline for submitting my financial aid application?
- What is Regent University's school code (information required on the FAFSA financial aid application)?
- How does the Department of Education determine my "Expected Family Contribution (EFC)"?
- How long does the student financial aid awarding process take?
- How do I know what additional requirements I have to submit for financial college aid?
- Why was I selected for financial aid verification and do I have to submit my tax returns?
- What are private loans for students?
- Will I have a student refund?
- Has my student financial aid refund been produced?
- How much will I owe after financial aid?
- Who do I contact if I have questions about my Regent University financial aid?
- Why is my financial aid scholarship only entered for the fall and spring semesters?
- Why has my scholarship not paid to my account?
- How do I apply for summer financial aid loans?
- Do I have to start repaying my loans if I take a leave of absence?
- What happens to my bookstore credit if I do not use it?
Q: Do I have to apply for college 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.
Q: If I do not qualify for aid, or if I do not want loans, do I have to complete the FAFSA?
A: It is usually in your best interest to complete the FAFSA even if you think you may not qualify for aid. The FAFSA is required for all federal aid (including loans), and it is also required for the Stallings Endowment Scholarship and some school-based awards. Students at the School of Divinity and School of Law are required to complete the FAFSA. The FAFSA is not required if you plan to pay out-of-pocket or use a private loan; however, having your FAFSA on file allows us to have your information in the event additional aid becomes available.
Q: How do I apply for financial aid and Virginia financial aid grants?
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) should submit this form to the Central Financial Aid Office. You can also apply for financial aid through your school of enrollment.
- The FAFSA on the Web Worksheet
- Your most recent Federal Tax Return and all W-2 forms (for the 2009-10 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.
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, 2011, 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.
Q: How does the Department of Education determine 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 Competitiveness 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 .
Q: How long does the student 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.
Q: How do I know what additional requirements I have to submit for financial college aid?
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 .
Q: Why was I selected for financial aid 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 chosen 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. Learn more about required verification documents. You will also need to submit a completed Federal Verification Worksheet (independent | dependent ).
Q: What are private loans for students?
A: Private loans are credit-based loans offered to students to assist in covering their educational expenses. These loans are not administered by the U.S. Department of Education. As a result, each lender can set the interest rates, loan fees and terms of his/her programs based on his/her 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 (COA) minus other aid received for the period. Find out more information about private loans.
Q: Will I have a student 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.
Q: Has my student financial aid 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
Q: How much will I owe after financial aid?
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.
Q: Who do I contact if I have questions about my Regent University 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.
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.
- Check Genisys for unsatisfied financial aid requirements: Financial Aid -> Eligibility -> Financial Aid Requirements.
- You may not be enrolled in the required number of credits to receive the scholarship.
- Your GPA may not meet the scholarship requirements, or you may not be making Satisfactory Academic Progress.
- Your scholarship may not cover classes outside of your major or program.
Q: How do I apply for summer financial aid 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 Aid Request Form in Genisys. Follow the links for Financial Aid -> Online Financial Aid Forms -> Summer Aid Request Form. The form is available in late January. 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), private loan (independent students) or Graduate Plus Loan (graduate students). Each loan, in this instance, requires a credit review. Approval is not guaranteed.
Q: Do I have to start repaying my loans if I take a leave of absence?
A: You have a six-month grace period on your federal loans. If you have prior loans for which you had already begun repayment, there is no additional grace period. Contact your lender(s) to determine if you qualify for a deferment or forbearance.
Q: What happens to my bookstore credit if I do not use it?
A: You will receive your refund according to the regular schedule. The Bookstore Credit program simply allows students to purchase their books early through the bookstore without having to pay out of pocket. Student refunds are in no way affected if you choose not to use the credit.