Students who receive financial aid during the regular school year and anticipate enrolling for a summer session should plan their budget ahead of time. The more federal direct loan funds a student borrows during the fall and spring semesters, the fewer loan funds will be available for the summer session.
To be considered for summer aid, students must have completed the Free Application for Federal Student Aid for the 2020-21 academic year.
Students who have borrowed the annual loan limit for federal direct loans may apply for a Federal Direct PLUS loan or a private loan. If you advanced in academic standing, moving from sophomore to junior, for example, you may be eligible for an additional federal direct loan.
Students should inform the VCU Financial Aid if they received financial aid from another school during the academic year.
First, register for classes. To receive financial aid during the summer session, students must enroll at least half time in an approved program of study (six credit hours for undergraduate students and five credit hours for graduate students).
Also, be sure you have completed and submitted your 2020-21 FAFSA.
Next, review the Summer Financial Aid Award Notification. Students will receive an email notification once the Summer FAAN posts to eServices.
Sign the MPN. Students who have been awarded a federal direct loan or parents borrowing a federal Direct PLUS loan must sign the Master Promissory Note if they have not already done so.
Note enrollment changes. Students must be enrolled at least half-time for a federal direct loan to disburse. The financial aid census date for summer is June 24, 2020. Enrollment as of this date is used in the calculation of a federal Pell Grant. If a student withdraws from all classes before completing 60 percent semester attendance, financial aid eligibility must be recalculated based on the federal Return of Title IV Funds formula.
Receive a refund. When financial aid funds exceed university charges, students receive refunds. Direct Deposit bank authorization of a refund is faster, easier and more secure than mail delivery of a paper check. Students who already have direct deposits with VCU do not need to complete another form unless there have been changes to their bank account.