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Financial Aid ~ Using FA
Financial Aid is awarded first with need based grants. Need based grants will not exceed the student’s unmet financial need. RVCC Scholarships are awarded on a rolling basis once grades for the prior semester have been calculated and will be awarded until funding is exhausted. Student loans are awarded to eligible students who request them. Due to RVCC’s relatively low tuition and fees the financial aid office will wait until a student has registered for classes and requests a loan before awarding one. Federal work study is awarded to eligible students once they have found placement.
Determining Financial Need
Financial need is determined by subtracting the Expected Family Contribution (EFC), as determined by the FAFSA, from the Cost of Attendance (COA) determined by the college. Your financial aid will be awarded based on the enrollment status you select on the FAFSA. After the 10th day of class, your COA will be adjusted if your actual enrollment status is different from the status listed on the FAFSA. Please see the Financial Aid Dictionary if you aren't certain what these terms mean!
Your Financial Aid Award Letter
Your initial Financial Aid Award Letter - we will refer to this as your Award Letter - will be mailed to your home address once we have made our preliminary determination of your financial aid. We may request additional documents in your Award Letter in order to complete processing of your financial aid. Your original Award Letter will be based on full time enrollment. After the tenth day of the semester we will adjust your financial aid status if your enrollment is less than full time. If you know that you will be less than full time, please notify our office once you have determined your schedule and we will update your award for you.
As changes are made to your financial aid you will receive a revised Award Letter in the mail. You can also check your financial aid status on line through Lion's Den at any time. The Student Services Tab in the Lion's Den will show you your awards for the year as well as any outstanding documents. Using the 'Account Detail for Term' link will show you how your financial aid has been applied to your current term bill.
If you have been awarded any form of financial aid and have registered for classes you will not be dropped for non-payment. Once you register, the financial aid office will run a process nightly that "memos" your financial aid on to your student account. This memo will let you, and the Finance Office, know how much financial aid you are receiving for the semester and if you are eligible for a refund and/or book voucher.
Disbursing Your Financial Aid
Financial Aid will be disbursed directly to your student account in the middle of October for the Fall semester and at the beginning of March for the spring semester. Please click here
for more information about Summer financial aid. Your financial aid will be disbursed based on your eligibility at the time of disbursement. If you drop or add a course your financial aid may be increased or reduced. If you withdraw from a course after the beginning of the semester your financial aid may be reduced or cancelled. For example, you must be enrolled for at least six (6) creditsat the time of disbursement in order to receive your loan
. Similarly, your eligibility for full or part-time TAG will be assessed at the time of disbursement. Warning:
You must begin attending each class as of the first day. If you decide you will NOT attend a class, you must drop the class prior to the refund period
or you will still be charged the tuition and fees associated with the course(s). If you do not attend class, or your eligibility for financial aid changes, you would then be responsiblefor the charges on your student account.
Financial Aid Refunds
If the financial aid is more than the charges owed, the remainder or, "credit balance" will be issued to you in the form of a check. The Finance Office will mail your check to your address listed in Lion's Den approximately one week after the funds are credited to your account. Make sure you check the address listed on your Lion's Den account and update it if necessary. To determine if you may be eligible for a financial aid refund, subtract your tuition and fees, and the amount of the book voucher that you used from your financial aid award.