Awarding Federal Aid

IMPORTANT NOTE:  For the 2012-2013 academic year, all FAFSAs will be verified.  Beginning February 1, 2012, students who have completed their 2011 IRS tax return will be able to link to the IRS and transfer their tax return information directly to their FAFSA.  This is the fastest most accurate way to apply and will satisfy most student financial aid verification requirements.  If you cannot use the IRS Data Retrieval Tool when you first file because you have estimated your income, once your IRS tax return is filed, you can use the tool to correct your FAFSA.   Copies of tax returns can no longer be accepted for verification purposes.

Data Retrieval Tool cannot be used in the following circumstances and requires that the student to submit 2011 IRS tax transcript(s) and W2s:  

• Use of paper FAFSA
• Filed federal taxes married filing separate returns
• Filed amended federal return
• Filed foreign return
• Marital status change after December 31
• Student changes to information loaded with data retrieval tool to FAFSA

To order a federal tax transcript, visit the IRS online for more information.

Upon receipt of the FAFSA need analysis results and all required forms and information, a student's need is determined.  That information is used to prepare an award notice  which is sent  to every accepted and enrolled student who completed the process. The award notice will provide the necessary information for students to access their individual aid information via the myEVMS Portal. An email award notice will be sent to each student which provides additional instructions for filing the Initial Loan Change Form in the event the student wants to reduce or decline aid.  Also, instructions to access and utilize the portal.  For 2012-2013 Students are under "Passive Acceptance". This means, the aid offered will be processed as offered UNLESS the student submits the Initial Loan Change Form by the designated deadline date.  Unless the student declines the aid by the designated deadline date, the full amount of aid eligibility will be processed by the OFA.  

Promissory Notes for Federal Direct Loans

New students or students who have not previously borrowed Direct Loans at EVMS who wish to borrow under the Federal Direct Loan Program will be required to complete the Stafford Master Promissory Note (MPN) at www.studentloans.gov.  Any Stafford loan disbursed after July 1, 2012 will be unsubsidized Stafford only.  If a student wants the Graduate PLUS loan the student will be required to complete the two step process.  The student must first complete at www.studentloans.gov the "Request PLUS Loan" and then the "Master Promissory Note" (MPN).  The Graduate PLUS loan will require on an annual basis the student to complete the "Request PLUS Loan" as this is the credit approval process.  Students may use the Initial Loan Change Form prior to the pre-disbursement deadline in order to make changes in their loan amounts.  Students will have the right to change amounts for subsequent disbursements each academic year. 

Awarding of EVMS-Administered Funds

EVMS administers a limited amount of state and institutional loans and scholarships. These awards are given to students who have applied  and demonstrate the highest need or meet the designated requirements of the specific scholarship/loan.   EVMS considers  outside resources available and a portion of the student's Federal Stafford Loan eligibility when determining each award.

Funds are awarded first to those students who met the March 2 and April 2 deadlines and continue to be awarded based upon the above criteria and a student's need until funds are depleted.

Additional information regarding the awarding process is available in the Office of Financial Aid.

Promissory Notes for EVMS Loans

Students receiving an EVMS-administered loan are required to sign a promissory note at the beginning of the year. Loan disbursements will be made in equal disbursements, one at the beginning of each semester. Funds cannot be disbursed until the promissory notes have been received in the Office of Financial Aid.

Adjustments to Aid Awards

Students are required under federal regulation to nofiy the Office of Financial Aid of any outside resources (scholarships, grants, loans, etc.) which were not anticipated at the time of application and noted thereon.  Students are also required to notify the Office of Financial Aid and the William D. Ford Direct Loan Program of any changes in enrollment status (leave of absense, withdrawal, etc.).  A student's financial aid award may be reduced based on federal or institutional regulations or policies.

Student Right to Cancel

Students have the Right To Cancel federal and private loans. These loans can be canceled within 30 days of disbursement.  If you have any questions concerning your rights and responsibilities please contact the Office of Financial Aid.