Author: Staff

Financial Aid Self Service/Single Sign On (SSO)
Visit www.ferrum.edu
Click on Sign-In (top right)
New Student: Use Fname Lname to setup your SSO account, you will use your student ID# 0000000 as the username and your new Ferrum email address.
Click “First Time User” then enter your ID# and click Next
Enter your full Ferrum College email address and click Submit
Finally, provide a new password and click Submit
You will be redirected back to the sign-in page.
Once you are redirected to the Sign in, you will use your Ferrum College email address as your username and the password that you created.
Don’t forget to set up your Security/Recovery Questions!
IMPORTANT: BOOKS ARE NOT COVERED BY FINANCIAL AID. You MUST come prepared for these costs (approximately $1000/year).

Some great information is available online!
NASFAA Full Glossary of Terms are available at
https://www.nasfaa.org/glossary
Cost of Attendance: The estimated total cost of attending an institution for one academic year.
· Expected Direct Costs: Charges included in the Cost of Attendance that the student/family pays directly to the college.
· Indirect Costs: Estimated expenses in the Cost of Attendance that are not paid directly to the institution.
· Expected Family Contribution (EFC): An eligibility index that college financial aid staff use to determine how much financial aid you would receive if you were to attend their school. The EFC is calculated according to a formula specified in law and is based upon the information provided by the student and their family on the Free Application for Federal Student Aid (FAFSA).
· Net Price: Amount of direct and indirect costs remaining after all Gift Aid is applied. Net price can be covered through a variety of sources, including: savings, income, and education loans.
Terms/Conditions and Renewability Criteria is available online at www.ferrum.edu/financial-aid/awardcriteria.
Students who have changes in residency, enrollment
status, student housing updates, receipt of external/outside scholarships etc. will see a change in their financial aid offer.
Military Benefits-http://www.ferrum.edu/financial-aid/veterans-benefits/
Contact the Veteran’s Administrator at (540) 365-4239 for more information
Financial Aid Website: https://www.ferrum.edu/financial-aid/
State Council of Higher Education for Virginia (SCHEV) Student Loan Resources and Education Courses: https://schev.edu/index/students-and-parents/student-loans
SCHEV Information on comparing award offers, glossary and loan information:
https://schev.edu/index/students-and-parents/making-decisions-about-college

Financial Aid Offer
Information
2023-2024
Financial Aid Office
P.O. Box 1000
Ferrum, VA 24088
(540) 365-4282 (Phone)
(540) 365-4266 (Fax)
finaid@ferrum.edu

WELCOME TO FERRUM COLLEGE!
The Office of Financial Aid is excited to be able to work with you to navigate your financial aid offer.
Please be aware that all awards are subject to change depending on additional information requested or outside resources received.
Next Steps:
Return all requested documents to the Financial Aid Office. Students can review missing items online Financial Aid Self Service (Single Sign-On Instructions on Reverse side.)
Virginia Residents should complete the Virginia Tuition Assistance Grant (VTAG) form by July 31, 2023.
Notify the Financial Aid Office if you have received any external scholarships or awards. Aid offers will be adjusted based on external funds received.
Decide on a payment option (see Payment Options section) and complete all required processes/documents.
Look for information in early August about check-in and when to move in to campus!

Payment Options
Federal Direct PLUS Parent Loan-For Parents of Dependent Undergraduate Students. Credit check is required. To apply parents should use their FSA ID (not the student’s)
Website:
https://studentaid.gov
Nelnet Campus Commerce Payment Plan– Interest free monthly payment plan may be set up for the semester or academic year.
Website:
http://mycollegepaymentplan.com/
Ferrum
Private/Alternative Loans-These are external loan options for students to bridge the gap of financing their education. Creditworthy cosigner is normally
required.
Website:
https://www.ferrum.edu/financial-
aid/loan-programs/
For additional information on
Student Accounts/Billing Statements
contact the Student Accounts Office:
stacctm@ferrum.edu
(540) 365-4239

Federal Work Study
Work study funds are not guaranteed and dependent upon securing an eligible position on campus. Students who are awarded Federal Work Study through the financial aid process may apply for open positions online through Handshake starting in July. For information on applying for positions or documentation needed, contact the Human Resources Office at (540) 365-4596.
Federal Direct Stafford (Student) Loans
Federal Direct Subsidized Stafford Loans -
Available to undergraduate students with financial need. The federal government pays the interest on Subsidized loans while the student is enrolled at least half-time. SAP is required for federal loans.
Federal Direct Unsubsidized Stafford Loans-
Available to undergraduate students. These loans begin to accrue interest upon disbursement.
Students are limited to annual and lifetime aggregates based on dependency status and standing.
Independent Students are eligible to receive additional Federal Direct Unsubsidized Stafford Loan. Dependent students whose parents are denied the Federal Direct PLUS (Parent) Loan are also eligible to receive these additional funds.

Freshmen/Sophomores	$4,000 Additional Unsubsidized Stafford eligibility
Juniors/Seniors	$5,000 Additional Unsubsidized Stafford eligibility

Dependent Students	Max / Subsidized Stafford Loan	Max / Unsubsidized / Stafford Loan
Freshmen	$3,500	$2,000
Sophomores	$4,500	$2,000
Juniors/Seniors	$5,500	$2,000