Frequently Asked Questions
How much aid can I expect to receive?
Aid will depend on the results of the Free Application for Federal Student Aid (FAFSA). In Fall 2018, the average financial aid award for all students was approximately $40,086 which includes scholarships, grants, work study and all loan programs.
Will moving off campus change my award package?
Students who move off campus, whether with a relative or in their own residence, will see a change in their financial aid award. Merit awards including Federal funds, Ferrum College scholarships and grants, as well as Ferrum College need-based financial aid awards will be reduced for students who move off campus. You should make an appointment to speak with a staff member in the Office of Financial Aid to learn about any changes to your financial aid award should you wish to live off campus.
I’d like to participate in a Study Abroad course. Is there financial aid for this?
In some cases students may be eligible to receive aid for study abroad but it depends on which course you are planning on enrolling in. You should contact the Office of Financial Aid to discuss your options for aid for study abroad. Students must work with the International Coordinator regarding any Study Abroad information. Once the Office of the Registrar has certified that the credits earned are eligible for transfer to Ferrum, the student will be considered as enrolled at the home institution (Ferrum) and the Office of Financial Aid will complete and monitor the required Consortium or Contractual Agreement to assist with applying for federal aid options.
Is there a way to help me pay for travel costs in E-Term?
Yes. Since all new students are required to enroll in at least 1 E-Term course, there are scholarships available to help pay some of the cost of an E-Term course whose total cost is greater than $2000. Applications will be made available during fall registration from advisors. You should also speak to the Office of Financial Aid as well since there may be additional loans that you may be able to apply for to help with travel costs in E Term. Those students who are participating in their second or more additional E Term courses are not eligible for scholarship and will be charged an additional tuition fee, along with the travel costs of the course selected.
Is my aid guaranteed each year?
Unfortunately, there is no way we can guarantee your aid each year. However, your merit scholarship is renewable for an additional 3 years assuming that you maintain the renewal criteria. Since you must complete the FAFSA each year for need-based programs, there is no guarantee you will receive the same amount of aid each year.
Will outside scholarships affect my financial aid?
It is possible. Traditionally, we do not reduce your grant/scholarship dollars due to the receipt of outside funds unless it is absolutely necessary. We will reduce your self help funds first (Work Study and Loans) so that you have less loan debt and can focus on academics. You are required to report any outside funding received to the Office of Financial Aid.
Do you cover the cost of books?
No. You should always come prepared to buy your books. We estimate books costs to be between $800-$1000 per year.
Does Ferrum offer a payment plan?
Yes. Ferrum contracts with Tuition Management Systems to offer an interest free monthly payment plan. TMS can be accessed at www.afford.com/ferrum . There is a one time fee to set up the payment plan. Payment plans must be in effect and current for you to begin school.