Financial aid awards
Financial aid awards are included on the student’s eStatement:
- Authorized aid (approved aid that has not yet disbursed) has been subtracted from the balance due.
- Memo aid (aid accepted by the student that requires additional steps) may appear on the eStatement, but has not been subtracted from the balance due. Memo aid can be subtracted from the balance due to determine how much must be paid by the due date. However, the student may still need to complete additional steps with the Office of Financial Aid before receiving the aid.
- Disbursed aid appears on the eStatement as a direct credit payment and has reduced the balance due.
Students should check their financial aid status through eServices and should contact the Office of Financial Aid if expected awards are not on their eStatements. Students are responsible for ensuring that all necessary actions have been completed in a timely manner to receive their financial aid awards. The student remains financially responsible for the charges deferred on the basis of any financial aid, if later the student is determined ineligible. Students are also responsible for paying any increase in charges that may occur after the generation of a refund.
Federal work-study amounts cannot be deducted from the balance due.
Students are financially responsible for any unpaid balance on their account if the Office of Financial Aid or a third-party sponsor cancels or reduces their award.
Financial aid restrictions
Under federal policy, students are not allowed to use more than $200 of the current academic year’s federal financial aid to pay a previous academic year’s balance. All previous semester balances should be paid in full prior to the start of the new semester. If a student owes a balance from a previous academic year, Student Accounting is required to refund overpayments of federal financial aid funds from the current academic year to the student. It is strongly recommended that the student use these proceeds to pay the previous academic year’s balance. A hold will be placed preventing the student from registering for classes or receiving transcripts until the balance is paid in full.
Students who receive financial aid and withdraw from VCU before completing 60 percent of the semester (as measured in calendar days) will have their eligibility recalculated based on aid “earned” during the number of days enrolled prior to withdrawal. Any unearned aid for the period of enrollment that the student did not complete must be returned to the loan issuer.