At Ferrum College we are committed to making the financial aid process as easy as possible for families. The Office of Financial Aid can guide you through the steps to determine which paperwork needs to be submitted. We are here to answer your questions and help you determine financing options in order to attend Ferrum College.
The listing of resources will help you navigate the financial aid process.
Important links
Professional Judgement: Under the Higher Education Act of 1965 (section 479A), financial aid administrators have the authority to make adjustments on a case-by-case basis, to address special and/or unusual circumstances not reflected on a student’s Free Application for Federal Student Aid (FAFSA). Unusual Circumstances may provide an adjustment to your dependency status, while Special Circumstances may provide an adjustment to your Student Aid Index (SAI) calculation. If your individual or family situation has been altered significantly due to extenuating circumstances, please fill out the Professional Judgement form explaining your Special and/or Unusual Circumstances. Upon completion of the Form please allow 10 business days to allow for Financial Aid to communicate back with you.
Financial Aid Appeal for Satisfactory Academic Progress: Students who are placed on Academic Probation should complete the following form to appeal for access to Federal Financial Aid programs (i.e., Pell grant, SEOG, Work Study, Stafford and PLUS Loans, etc.).
Free Application for Federal Student Aid (FAFSA): Use this site to complete your Free Application for Federal Student Aid on the Internet. You will complete your application online and use your FSA ID to sign the form electronically. You and your parent(s) must apply for an FSA ID online. This will speed up the processing of your FAFSA application. Remember to list Ferrum College’s school code as 003711 on your application as well. For those who would prefer to complete and mail a paper FAFSA to the Federal Processor, you can download that form here.
Student Aid: A tool by the Department of Education regarding many aspects of higher education. Student Access also provides a centralized, integrated view of Title IV loans and Pell grants, so recipients of Title IV aid can access and inquire about their Title IV loan and/or Pell grant data. Information regarding any Title IV HEA loans that the student or parent may have received while attending Ferrum College will be submitted to NSLDS and will be available for viewing here. This information is accessible to guarantee agencies, lenders, and institutions deemed authorized users of the system.
The State Council of Higher Education in Virginia: Refer to this link for the latest developments in Richmond concerning Virginia colleges, universities, and the Virginia Tuition Assistance Grant (VTAG).
National Association of Student Financial Aid Administrators (NASFAA) created a glossary of terms that contains definitions of language typically contained on financial aid offers.
At Ferrum College, we want our students to have the most well-rounded education possible. Part of understanding financial aid is having a basic understanding of financial literacy, such as budgeting, knowing about interest rates, identity theft, and other issues that students can encounter at any time.
Did You Know?
You may not be offered a job due to your credit? Many employers are now asking for credit checks as a condition of employment.
Financial debt (credit cards/consumer loans) is one of the leading causes of dropping out of school.
Better credit scores can mean lower interest rates on consumer loans.
Financial Literacy Websites
Below are some websites that can be accessed and explored to keep students informed about their finances.
360 Financial Literacy: 360 Degrees of Financial Literacy from the American Institute of CPAs
Federal Trade Commission: The FTC website has handy information regarding free annual credit reports, scholarship scams, identity theft, and private educational loans
Student Credit Card Information: Student Credit Cards 101: A Student’s Guide to Credit. Tips for college students and parents of college students alike
MyMoney.gov: MyMoney.gov is the U.S. government’s website dedicated to teaching all Americans the basics about financial education. This site has general information about all kinds of personal finance
Search your community, church, and civic organizations
Talk to your faculty or academic advisor
Check with your parent’s employers
Scholarship Scam Warning Signs
Fees
Credit Card/Bank Account Information requested
Scholarship Guarantee
No Work Involved
No Contact Information
Pressure Tactics
REMEMBER!! An official sounding name doesn’t assure legitimacy!
Application Tips
Apply early
Know the deadlines
Allow time for recommendation letters
If you win a scholarship inform the Financial Aid Office — it may adjust your financial aid award
Send a thank you letter if awarded a scholarship
Scholarships and Taxes
A scholarship is considered tax-free if used only for tuition, fees, books, and supplies. A scholarship is considered taxable if it is used to cover room, board, travel, clerical help, research, or non-course-related equipment. Questions? Contact the IRS at www.irs.gov or 1-800-829-1040.
