Financial Aid Deferment

• What is a deferment? An extension granted by the University which allows a student receiving scholarships, grants, or student loans to delay payment of tuition and fees.
  Who qualifies? All Old Dominion University students who have "accepted" an offer of financial aid through the Office of Student Financial Assistance before August 1.
• How do you "accept" aid? You must have received, signed and returned a notification letter to the Office of Student Financial Assistance. You also must have submitted all documents requested for verification.
• What forms are needed to get a deferment? No additional forms are needed. The deferment policy was developed to eliminate forms and inconveniences for students.
  
• How do I know which types of aid are deferrable? Most aid with the exceptions of Federal work study, room scholarships, book scholarships, board scholarships, outside agency scholarships, Federal PLUS loans and contracts & waivers are deferrable. NOTE: Federal Direct loans are deferrable at 97% of the loan amount.
  
• What if the amount of my deferrable financial aid does not cover my tuition and other charges? You are responsible for paying any charges in excess of your total amount of deferrable financial aid by Tuition Deadline.
• Are there any strings attached to a deferment? No, but you are accepting responsibility for your educational costs regardless of aid eligibility or adjustments to aid eligibility.
  
• Will students with deferments be cancelled for non-payment? No. If you accept aid, you are accepting the responsibility for repayment. Your enrollment will not be cancelled for non-payment.
  
• How long is the deferment valid? The Fall Semester deferments expire October 1. The Spring Semester deferments expire March 1.
  
• What happens if the amount I owe (not covered by my deferment) is not paid by the tuition deadline? Any balance due (and not covered by your deferment) will be charged a late fee on the balance, monthly and holds will be placed on your account. Refer to the Office of Finance for more information.
• Can I participate in the University Payment Plan? Yes! Payment plans are a separate process. Payment plans are established on your total charges and require a forty-dollar ($40.00), non-refundable, processing fee. A new plan must be negotiated each semester. The amount of your deferment is not considered when entering into this plan. No deferments or payment plans are available for the summer semesters