Admissions

Office of Financial Aid & Scholarships

Your first step for financial aid is to complete the Free Application for Federal Student Aid (FAFSA). The Federal School Code number for Victory University is 009982.

For assistance for ON CAMPUS students, please contact us at: finaid@victory.edu or (901) 302-9190.

For assistance for ONLINE students, please contact us at onlinefinaid@victory.edu or (619) 961-2188.

Frequently Asked Questions:

How do I apply for financial aid?

The general application for financial aid is the Free Application for Federal Student Aid (FAFSA).  This is a free application that is supplied by the U.S. Department of Education.  It can be completed on paper or on the web at www.fafsa.ed.gov. 

Does Victory offer scholarships?

Yes! Victory wants to help you graduate without excessive college debt, but as with most scholarships, students have to earn this privilege and continue to work earnestly in order to have additional scholarship opportunities.

Why do I need a PIN and where do I get it?

You can apply for a PIN on the FAFSA on the Web site or you can visit pin.ed.gov. A PIN will be mailed to you — or if you put in an e-mail address, it will be sent to your e-mail address. This number confirms your identity with the U.S. Department of Education and allows you to electronically sign your FAFSA application. It also allows you to go in and make changes, request a Student Aid Report (SAR) or fill out a renewal application in subsequent years. This number has replaced a physical signature and makes processing much quicker.

Do you have any helpful tips for filling out the FAFSA?

1. Social Security number, date of birth, and name (legal name) must be those of the recipient; incorrect information here will severely delay the processing of your application.
2. Please use VU’s Title IV code #009982 on your FAFSA to ensure that we receive the data.
3. Leave no blanks, unless instructed to do so. Read the FAFSA instructions carefully.
4. Don’t procrastinate – complete your FAFSA as soon after January 1 as possible. Remember, you must file your FAFSA by the priority deadline in order for you to receive priority funding.
   

Do I have to complete the FAFSA every year?

The FAFSA must be completed every year in which a student wishes to apply for financial aid.

Can I complete my FAFSA if my taxes are not finished?

Yes, the FAFSA allows you to use estimated tax information on the form. It is recommended that you use a previous year’s tax return to help you estimate your answers to the FAFSA questions. If you do use the estimated information, please provide the Office of Financial Aid and Scholarships with a copy of your completed federal tax return transcript when it becomes available.

What is the deadline to apply for financial aid?

The priority deadline for completing the FAFSA is February 15 of each year.  A priority deadline implies that any student who completes the FAFSA after this date may be subject to a reduction in funding.  Furthermore, the state of Tennessee requires that the FAFSA be submitted no later than February 15 for State aid.

I missed the priority deadline (February 15).  Can I still apply for financial aid?

Yes!  After the priority deadline, the Office of Student Financial Services begins to award funds on a first come, first served basis.  Applying immediately will increase your likelihood of being awarded VU aid.

What happens after I submit my FAFSA?

After submitting the FAFSA, you will be contacted by VU acknowledging the receipt of your application.  You may also be asked to supply various documents the school needs to determine your eligibility.  Communication will be via the email address you supplied on the FAFSA.

What is verification?

The US Department of Education randomly selects 30% of the students who submit a FAFSA for a process called verification.  Colleges and universities are required to collect a tax transcript and a verification worksheet from individuals who were selected.

When will I receive an award notification?

VU will begin processing award letters after February 15^th for new students. Continuing students will be awarded after the end of T4 and grades are received.  Once your file is completed (all documents need are received by VU) you will receive a notification within two weeks.

What types of aid are available?

There are many sources to assist you in paying for college.  The four main types of aid are Federal, State, Institutional, and Outside resources.  It is best to work with our office or a high school guidance counselor to secure the best possible aid package.

Will my financial aid change from year to year?

There are many variables in determining whether a student’s financial aid will change.  Most of our scholarships and grants have minimum GPA requirements.  In addition to GPA, other variables which affect a student’s financial aid are EFC (determined by the FAFSA), completion date of the FAFSA, residency status, etc.

When is my bill due each semester?

Bills are due by the first days of class

What is the difference between a Subsidized and an Unsubsidized Stafford Loan?

A Subsidized Stafford Loan means that the federal government will pay the interest on the loan until you graduate or begin taking less than 6 credit hours. Repayment of the loan begins 6 months after graduation.  An Unsubsidized Stafford Loan accrues interest while you are in school, but repayment is still deferred until 6 months after graduation.

How much can I borrow from the Stafford Loan Program?

You will qualify to receive a Stafford loan simply by completing the FAFSA.  How much of your loan is subsidized is determined by your financial need and the number of college credits you have earned.  If the FAFSA indicates that you have a demonstrated financial need, you may qualify for the following loan amounts:

If you do not have a demonstrated financial need, you will qualify for the following amounts in the unsubsidized Stafford loan:

Graduate/Seminary students demonstrating financial need according to the FAFSA may receive up to $20,500 in an unsubsidized Stafford loan (or up to the total annual graduate program cost of attendance, whichever is less).

What is the grace period for the Stafford Loan?

The Federal Stafford Loan Program allows a grace period of 6 months before students need to begin repayment.  The 6-month grace period begins after a student withdraws from school, begins attending less than half-time in any semester, or graduates.

Can I pay the interest on my unsubsidized Stafford Loan while I am in school?

Yes, it is to your advantage to do this.  If you do not begin to pay the interest while in school, your accrued interest will be added to the principle of your loan.  If you want to pay the interest, just indicate it on your Master Promissory Note (MPN), and your lender will send you either a quarterly or monthly interest summary.

What if I don’t have enough money to pay for school, even after grant awards and if I take out the entire Stafford loan for which I am eligible?

Alternative loans are offered by a number of lenders to assist students in this situation.  In general, these alternative loans require borrowers to have an established credit history and to demonstrate credit worthiness.  In addition to alternative loans, students are encouraged to research outside scholarship opportunities.

What is a PLUS or alternative loan?

The Federal PLUS Loan program is an alternative loan available to the parents of dependent undergraduate students.  Applicants must pass a credit check to be eligible and may be required to file a financial needs test.  The maximum loan amount is the estimated cost of attendance minus any other aid you may receive.  Loan interest is fixed at 8.5%.

An alternative loan is a loan available directly to students through an outside lender.  Applicants are subject to a credit check, and depending on credit history, may require someone to co-sign the loan.  While interest does typically accrue on an alternative loan while a student is attending school, repayment is often deferred until 6 months after graduation.

How long does it take for VU to receive my loan money after the Master Promissory Note is signed?

It takes at least 48 hours for VU to receive loan money from the US Department of Education after the Master Promissory Note is received.

Is financial aid renewable?

It is not automatically renewed. However, if family circumstances do not change significantly, the award will be similar. You must, however, resubmit the FAFSA each year and maintain satisfactory academic progress. Students who do not receive aid in one year may apply in subsequent years.

My parents are divorced.  How does that affect my financial aid application?

The parent with whom the student lived most in the past 12 months should complete the financial aid forms. If, for example, this parent is the mother, then the mother should complete the FAFSA using only her financial information, even if a joint return was filed. If a parent has remarried, then the stepparent’s information is also required on the FAFSA.

I am a transfer student.  Am I eligible for financial aid?

Yes. Transfer students follow the same procedures as freshmen.

When are financial aid packages awarded?

You must be officially accepted by VU before any financial aid package can be offered. New students whose FAFSA is received by February 15 will be given priority for awards and will be notified of aid eligibility by early April.  Returning students typically receive their award packages in June.

What happens if I withdraw during the semester?

If you withdraw from VU or drop to less than half-time status during the period of your award or if your registration is canceled, all or a portion of the funds you received must be repaid. The return of funds will be prorated according to your date of withdrawal, course load reduction, or canceled registration. If you withdraw, take a leave of absence, become less than half-time, or cancel enrollment during the first semester of an award, your second semester aid will be canceled. You must request that the OFA reactivate your financial aid for the spring semester if funding allows. If you have a loan during the enrolled period, or had a loan for a previous enrollment period, you must complete loan exit counseling at the time of withdrawal. You may come to the OFA before withdrawal or a change of status to discuss the effects of your decision and to learn more about your rights and responsibilities as a student borrower.

What is “Satisfactory Academic Progress” and what happens if I do not meet this requirement?

Satisfactory academic progress is defined as the process of adequately proceeding toward the completion of a degree. The Office of Financial Aid and Scholarships is required by federal regulations to monitor and determine if students are meeting the satisfactory academic progress requirements. If you should have any questions about our policy, we encourage you to contact the office at 901-320-9190 or finaid@victory.edu. In order for a VU student to retain eligibility for federal financial assistance, the student must meet both qualitative and quantitative requirements set out in the full policy available online and in the catalog.

Students falling below the minimum qualitative or quantitative requirements for one semester are automatically placed on financial aid warning.  Students falling below the minimum qualitative or quantitative requirements for two consecutive semesters will be considered ineligible for additional financial aid until reinstated.

If a student is unable to meet the qualitative and quantitative requirements at the end of an academic period (defined as one academic year, if the student attends both semesters), then the student is placed on financial aid probation. He/She will no longer be eligible for financial aid unless a successful appeal has been granted or a student regains eligibility.

If a student exceeds the maximum number of hours allowed for degree completion (150% of expected program length) his/her future financial aid will be suspended.  If the student wishes to continue to receive financial assistance, he/she would need to follow the appeal process. 

A student placed on financial aid probation will receive a letter informing her/him of the probationary status. The letter will outline the appeal process for students to follow to re-gain financial aid eligibility. If the appeal is successful then an academic plan will be developed and approved by the academic advisor and dean.

A student not meeting satisfactory academic progress after the timeline given in the academic plan will be notified by OFA that the student’s eligibility for financial aid has been suspended.

What is Federal Work-Study?

The Federal Work-Study (FWS) Program provides funds for part-time jobs which allow students to earn money needed to pay for educational expenses. Work-Study awards are a form of federal financial aid. Students are encouraged to find positions that provide work experience in their field of study or provide valuable service to the community.

How can I receive a grant from the State?

To be considered for the Tennessee Scholarships and Grants, the FAFSA must be submitted each year and student must meet state eligibility requirements. More information can be found at http://www.tn.gov/collegepays/mon_college/scholarships.htm.