Billing and Financial Aid
Use the Undergraduate Expenses or Graduate expenses worksheet as a guide in determining out-of-pocket expenses associated with the fall semester at Old Dominion University. Comparing anticipated financial aid with institutional charges will result in a ballpark estimate of out-of-pocket expenses. Parents of dependent students may request a Federal Direct PLUS loan to help meet those additional charges. A call to the student's financial aid counseling team, or a fax to (757) 683-5920, is all that's needed to initiate the process. PLUS loans are processed through Old Dominion University.
When new students register for classes, a registration printout with account balance is issued. On the statement there may be a "previous balance" referenced. If so, this reflects institutional charges for the residence hall registration. The tuition charges (assessed at the time of registration) are totaled along with associated fees, and the current balance reflects the sum of housing and tuition charges for the fall semester as of the time the statement was created.
Financial aid that has been cleared for release will be credited ("applied") to student accounts shortly before the term begins. If aid exceeds charges, a "financial aid refund / balance-of-aid check" is mailed by the Office of Finance to the student's permanent address on record with the university.
Bills are mailed monthly. As financial aid is credited to a student's account, a notification is e-mailed to the student. The notification not only describes the type and amount of aid credited -- it also contains a reminder that students may choose to cancel their Direct loans by notifying the financial aid office up to 14 days after the loan has been credited to the account.
Reminder: Both Federal Perkins and Federal Direct Stafford/PLUS loans require loan counseling and promissory note completion prior to clearance for release of aid to the student's account. There is no loan fee associated with Federal Perkins loans. A 3% fee is deducted automatically from Federal Direct Stafford and PLUS loans and this should be taken into consideration when estimating out-of-pocket expenses or credit balances.
Most financial aid which has been officially accepted (by completing and signing the financial aid notification letter) is calculated toward a "deferment." The "deferment" recognizes and accommodates the Housing and Tuition deadlines and allows a grace period for students and parents to submit the many documents required to complete the financial aid process.
If students and parents elect not to participate in the Federal Direct Stafford and/or PLUS loan programs and would like to spread the payments over a four-month period, arrangements may be made for the University Payment Plan through the Office of Finance. There is a $40 fee associated with this plan. Students are responsible for initiating the payment plan and must do so prior to the tuition deadline each semester. (The payment plan option is not available for summer sessions due to short duration of summer classes.)
