Top Ten Questions Asked
What is the difference between an unsubsidized loan versus a subsidized loan?
The subsidized student loan is one that qualifies for a federal interest subsidy during in-school status, grace periods, and authorized deferment periods. This essentially means that the government pays your interest while you are in an in-school status. An unsubsidized student loan does not qualify for a federal interest subsidy and therefore the interest will start to accrue on the loan immediately. To qualify for a subsidized Stafford loan, a student must have financial need. A borrower unable to qualify for a need-based Stafford loan may apply for an unsubsidized loan. A student able to qualify for only part of a subsidized loan limit may apply for an unsubsidized loan to cover the difference of the loan limit up to the student's grade level and cost of attendance.
My online record appears to show that my Pell grant has been withdrawn from my account. Why?
The typical reason a Pell Grant is withdrawn from an account is that you have withdrawn from some of your credit hours. For example, if you were initially a full-time undergraduate (12 or more credit hours), and you dropped to three-quarter time (9 to 11 credit hours), then your Pell Grant amount would no longer be accurate. If your Pell Grant packaging level and your course load don't match, then a portion of the grant must be withdrawn from your account. For more information, contact your Financial Aid Counselor to determine how the number of credit hours for which you register affects your financial aid.
Can you tell me when my financial aid check will be mailed out?
First, you will need to determine if you have met all requirements (signed award letter, submitted documents, etc.) in order for your aid to be applied to your account. If you have met requirements, and all of your aid has posted to your account then you may need to contact the Office of Finance at 757-683-3030 or by email at tuition@odu.edu. The estimated time period is normally 3 to 5 business days.
Do I get issued with a job for the work study program or do I have to find it on my own somewhere on campus? Where are the jobs posted on campus?
The positions that a student may qualify for through the Federal Work Study program can be found at the Career Management Center. It is the student's responsibility to find and apply for each individual position of interest. The website for the Career Management Center is http://www.odu.edu/ao/cmc/ This office will inform you of departments that may have available work study jobs. The phone number is (757) 683-4388. The Federal Work Study positions will be on-campus.
I submitted the Veterans Administration verification that was requested to complete my financial aid file. How will this affect my student loan package?
The veterans benefits that you receive as a Chapter 30, 35, 106, or 34/30 recipient are calculated into what the U.S. Department of Education uses to determine eligibility for federal aid. The Higher Education Amendment of 1998 exclude the Montgomery veterans' benefits and National Service Education Awards (Americorps) from the definition of estimated financial assistance for purposes of determining eligibility for subsidized loans beginning Oct. 1, 1998. This is a benefit to the student because he/she may still qualify for the full subsidized eligibility of the loan and therefore not accrue interest on that particular loan while in-school.
I declined a student loan for $4,000 for the year. What happens if I made a mistake and push comes to shove and I need that money? Can I apply for it at a later date?
Yes, you can request the loan at a later date. You will need to contact your Financial Aid Counselor directly to request that the loan be reinstated. You may need to sign promissory notes and/or complete an entrance loan counseling session if you haven't in the past. You must request the loan during the current academic year and before the end of the semester that you want the loan for.
The amount of money that my student loan has been approved for and the amount applied to my account is different. Can you tell me why and where does that money go since I didn't receive it?
The U.S. Department of Education charges a fee of up to 2% for the student loan. This fee is deducted from each disbursement of your loan. The fee is an origination and processing fee that goes to the federal government to help reduce the cost of supporting these low- interest loans. If your parents borrowed a loan (Parent Plus Loan) on your behalf then the processing and origination fee is 4%.
How does a student become eligible for a VGAP Grant? Why did I lose my VGAP grant?
The Virginia Guaranteed Assistance Program (VGAP) is funded by the Commonwealth of Virginia and does not need to be re-paid. To be eligible entering freshmen must meet the following criteria: high-school GPA 2.5 or higher, Virginia domicile, graduate from a Virginia high school, dependent (as determined by Federal Department of Education), full-time, not receiving another Virginia State grant, and have financial need. The VGAP is renewable for three years if GPA of 2.00 is maintained and other conditions are met, including successfully completing 12 hours each semester. If you didn't meet these requirements then this may have caused the loss of your VGAP award. Please consult with your Financial Aid Counselor for more information.
Why am I only eligible for $5,500 in student loan funds and my brother is eligible for $7,500?
The amount that a student is awarded in student loans differs based on the individual's grade level. You may have only earned hours up to the Freshman status and your brother may be in a Junior or Senior status.
If you are a dependent undergraduate student you can borrow up to:
$5,500 if you're a first-year student or have completed up to 25 credit hours-freshman (only 3,500 can be subsidized loans); $6,500 if you've completed your second year of study and 26 to 57 credit hours-sophomore (only 4,500 can be subsidized); and $7,500 if you've completed 2 years of study and have earned 58 or more credit hours- junior and senior years ($5,500 subsidized).
If you're an independent undergraduate student you can borrow up to:
$9,500 for a 1st year freshman ($3,500 of this in subsidized loans); $10,500 if you've completed 26 to 57 credit hours- sophomore ($4,500 subsidized); and $12,500 if you have earned 58 or more hours during your junior or senior years ($5,500 may be in subsidized loans)
How do I find out if a scholarship from an outside organization has been received by the university?
The first step that you should take is to go to http://www.leoonline.odu.edu/ and look at your award notification on-line. If there is no information on the award notification about the scholarship then you should email or call your Financial Aid Counselor or the Scholarship Coordinator. Also anytime you receive outside agency scholarships you should notify the university in writing by sending a copy of the scholarship notification to our office. You can also check your account statement on http://www.leoonline.odu.edu/ to determine what funds have been applied to your account.
