The
Award Process
Upon receipt of
the FAFSA need analysis and all required forms
and information, a student's need is determined.
Students who meet the March 1 FAFSA deadline and
the April 1 documentation deadline will receive an
award letter in May. Entering and transfer
students who have not met the March 1 deadline
due to acceptances offered late in the spring
will receive an award letter after the results of
the FAFSA have been received in the Office of
Financial Aid and eligibility has been
determined.
An award letter
is provided to every student who completes a
FAFSA. Other information provided with the award
letter is instructions, a Federal Stafford Loan
Confirmation Statement, a list of lenders that other EVMS
students have used in the past, and promissory notes, if applicable. The
award letter includes the standard student
budget, the expected family contribution, and, if
the student is eligible, an offer of need-based
funds and their eligibility for non-need based
funds.
Awarding of
EVMS-Administered Funds
EVMS administers
a limited amount of federal and institutional
loans and scholarships. These awards are given to
students who have provided their parents'
financial information and demonstrate the highest
need. EVMS considers the parents' ability to
contribute, outside resources available, and the
student's maximum subsidized Federal Stafford
Loan eligibility when determining each
award.
Funds are
awarded first to those students who met the March
15 and April 30 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 two
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
It is the
student's responsibility to inform the Office of
Financial Aid of any changes to his/her financial
aid during the course of the academic year. If a
student receives funds which were not anticipated
at the time of application, the Office must be
notified so the financial aid award is reduced
accordingly.
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