Financial aid refers to funding intended to help students pay expenses related to their education. Sources may be from grants, scholarships, loans and work-study programs from federal, state, institutional and private sources. Financial aid from these programs may be combined in an "award package" to meet or defray from the cost of education.
Financial aid is not intended to cover all basic living expenses. However, in many cases it is available to help students achieve their college goals without placing a financial burden on their families.
Financial aid may be awarded based on merit or need. Merit-based aid is awarded based on the recognition of special skills, talents or academic ability. Need-based aid is awarded based on the applicant demonstrating financial need for the award.
How to Apply for Financial Aid
Step 1
Create a Federal Student Aid ID (FSA ID)
If you are a dependent student, your parents should also apply for a FSA ID. With your FSA ID's, you and your parents can electronically sign your online FAFSA, making the application process simpler and faster.
Step 2
Complete and submit the online Free Application for Federal Student Aid (FAFSA)
You will need to include Vol State's school code 009912 to have your FAFSA information sent to our financial aid office.
All first-time applicants must be fully accepted for admission by the College before aid will be awarded.
You must complete a FAFSA application each academic year. (You will be able to use the same FSAID and password each time.) Your financial needs may change and must be re-evaluated each year. April 15 is the priority date to apply for fall semester financial assistance. After this date, some types of aid will be awarded on a first-come, first-serve basis as long as money is available. It is to your advantage to apply early.
How to Fill Out the FAFSA® Form Video (from StudentAid.gov)
For more help information, please visit https://studentaid.gov/apply-for-aid/fafsa/filling-out
Step 3
Submit all requested forms to the Financial Aid Office.
After we receive your FAFSA, we will send an email notification to you regarding the additional forms needed to complete the process. You can access these forms at My Vol State. Be sure to check your Vol State email regularly so that you don't miss important updates. Your admissions file as well as your financial aid file must be complete before aid will be awarded.
Step 4
If you need a student loan to help you cover your college cost, you will need to complete a Loan Request Form to add to your financial aid file. Log into My Vol State portal, open Student Forms and complete the Loan Request Form in the Optional Financial Aid Forms menu. After your loan request form is processed, you will receive an email with directions on completing the required paperwork for processing your loan. In order to be eligible to be awarded a student loan, you must be eligible for Federal Financial Aid according to FAFSA, and be registered for a minimum of six credit hours per term.
Financial Aid Disbursements
Pell Grant and S.E.O.G. Funds
Once a student has enrolled, their Federal Aid moves to an authorized aid status until the 10th day prior to the start of the term at which point it becomes an official disbursement. Students with excess aid are allowed to charge their textbooks against the overage within a specific window prior to the start of the term. The book charge dates will be published annually. Once a student's instructors have confirmed his or her attendance in all classes, the Business Office will refund any remaining overage amounts to the student according to the method that the student previously selected (direct deposit or paper check).
Federal Direct Stafford Loan Funds
Once a student has enrolled, their Federal Aid moves to an authorized aid status until the 10th day prior to the start of the term at which point it becomes an official disbursement. Once a student's instructors have confirmed his or her attendance in all classes, the Business Office will refund any remaining overage amounts to the student according to the method that the student previously selected (direct deposit or paper check) with the exception of first-time borrowers or students doing a one term loan. Students who are first-time borrowers have a mandatory 30-day wait period from the start of class before the funds are allowed to disburse. Students who are requesting a one-term loan will have the first half of their requested funds processed as explained above and the second half of their funds will disburse at the mid-point of the term.
Can Financial Aid Be Used to Buy Textbooks?
Yes, pending that the student meets the qualifications. Once a financial aid Pell recipient has completed all of the necessary paperwork and has a financial aid award in place in a pending status, the Financial Aid office will prepare a list of students who have excess funds pending on their account by the published date each year. This list will be provided to the bookstore so that those on the list can obtain books for class.
The students on the list will be notified via their Vol State email address that they have a credit available for use in the campus bookstore. This credit will be accessible to the students for up to a five-day window starting by the seventh day prior to the start of the term. If the student wishes to opt out of using this book credit the student simply does not do anything and no part of the credit will be charged out of their account. If the student wishes to use the book credit, after receiving the email, the student will purchase their books at one of the campus bookstore locations and provide proof of ID to use the credit.
