Applicants for financial aid are evaluated on the basis of demonstrated financial need, potential for academic success, and standards of satisfactory academic progress. Financial need is defined as the difference between the cost of attending Valor and the amount you and your parents are expected to contribute from income and assets. A student's cost of education is determined based on enrollment status, grade level and housing status. Student expense budgets have been established which include actual charges for tuition, fees and room as well as standard allowances for books and supplies, meal services, transportation, and personal/miscellaneous expenses. The expected family contribution (EFC) toward educational cost is determined using the information provided on the Free Application for Federal Student Aid (FAFSA). Eligibility for federal financial aid may differ from eligibility for non-institutional scholarships due to differing policies and the use of specific data elements which are omitted from the federal eligibility formula.

At the time your application was evaluated, you were automatically considered for all types of Federal Title IV including grants, loans, employment, and scholarships. The Financial Aid Office determined your eligibility for each type of aid and assigned a combination of assistance in accordance with your eligibility. The specific components of your aid package depend upon the availability of funds and your demonstrated financial need. Most non-institutional scholarships must be applied for using the web-based or paper application form obtained from the provider and are awarded to the student by the provider before the institution becomes aware that the student has been awarded a non-institutional scholarship. A student awarded a non-institutional scholarship should immediately inform the Financial Aid Office so that the student’s aid package reflects the non-institutional aid and does not exceed the student’s Cost of Attendance (COA).

Your aid package has been constructed using all resources known at the time of the award. If the Financial Aid Office is aware that you are eligible for financial aid from an outside source, an estimate has been provided on the Financial Aid Award Notification. If you receive additional assistance not indicated on your Financial Aid Award Notification, you can usually expect an adjustment in your financial aid package. If the additional assistance causes your total aid to exceed your COA, future disbursements and/or funds may need to be returned so that your total aid does not exceed your COA. Future disbursements and/or funds will be reduced and/or returned in the following order: PLUS loans, Unsubsidized loans, Subsidized loans. The amount of any funds returned by Valor will be added to the student's account and will be due immediately.

The Financial Aid Office reserves the right to request documentation to verify any information used to determine eligibility for financial assistance. Changes required as a result of the verification process may result in a change to the Expected Family Contribution and the student's financial need.

First-Year
When completing the Virtual Financial Aid Office you will be given the choice of the following aid types: Grants Only, Grants and Loans, and Loans Only. Based on your choice of aid types, your enrollment status, and the aid for which the processed results of your FAFSA known as the Institutional Student Aid Report (ISAR) indicate you are eligible, your aid will be awarded and an Award Notice will be sent to you. Unless you notify the Financial Aid Office in writing that you do not wish to receive one or more of the aid types which you have been awarded, it is assumed that you wish to receive all aid awarded to you on the Award Notice. Please note that the loans on your Award Notice will not disburse unless/until you complete Loan Entrance Counseling and the Loan Master Promissory Note (MPN) on the Department of Education’s website www.studentaid.gov. However, Entrance Counseling and the MPN are only required to be completed once prior to the first time a student receives a loan. Indicate whether you wish to accept or decline each type of aid offered on the Financial Aid Award Notice. If it becomes necessary to adjust your financial aid package for any reason during the academic year (e.g. receipt of outside sources of aid, changes in enrollment or housing status, or changes required as a result of the verification process), you will be sent a revised Financial Aid Award Notification.

Direct Parent Loans to Undergraduate Students (PLUS) loans will not be awarded unless the parent applies for a PLUS loan. PLUS loans applications and Master Promissory Notes are available on the same website the student uses to apply for Direct Subsidized and Unsubsidized Loans www.studentaid.gov.

Returning Students / Transfer Students
When completing the Virtual Financial Aid Office you will be given the choice of the following aid types: Grants Only, Grants and Loans, and Loans Only. Based on your choice of aid types, your enrollment status, and the aid for which the processed results of your FAFSA known as the Institutional Student Aid Report (ISAR) indicate you are eligible, your aid will be awarded and an Award Notice will be sent to you. Unless you notify the Financial Aid Office in writing that you do not wish to receive one or more of the aid types which you have been awarded, it is assumed that you wish to receive all aid awarded to you on the Award Notice. Please note that the loans on your Award Notice will not disburse unless/until you complete Loan Entrance Counseling and the Loan Master Promissory Note (MPN) on the Department of Education’s website www.studentaid.gov. However, Entrance Counseling and the MPN are only required to be completed once prior to the first time a student receives a loan.

If your financial aid package is adjusted for any reason during the academic year (e.g. receipt of outside sources of aid, changes in enrollment or housing status, or changes required as a result of the verification process), you will be sent a revised Financial Aid Award Notification.

Direct Parent Loans to Undergraduate Students (PLUS) loans will not be awarded unless the parent applies for a PLUS loan. PLUS loans applications and Master Promissory Notes are available on the same website the student uses to apply for Direct Subsidized and Unsubsidized Loans www.student.oans.gov.

You are required to notify the Financial Aid Office of any additional financial aid you receive from sources outside Valor. Receipt of additional financial aid may result in an adjustment of the financial aid offered on the Award Notice.

You are required to notify the Financial Aid Office of any change in your name, address, enrollment status, anticipated graduation date, housing status (on-campus, off-campus), or other changes related to your attendance at Valor.

Financial aid for subsequent years will be considered only if the student is making Satisfactory Academic Progress (SAP) and all renewal application materials, including, the Free Application for Federal Student Aid (FAFSA), and if the student is selected for verification, any and all verification documents requested by the Financial Aid Office to complete the verification process which must be submitted by the appropriate financial aid deadlines.

The total dollar amounts listed on the Financial Aid Award Notification (Award Notice) are yearly awards which are divided in equal amounts (unless specified otherwise) between the fall and spring semesters. The dates listed on the Award Notice are the “Anticipated” dates of disbursement.

Federal Title IV funds disburse to the school and are applied to each student's account. Funds not needed to complete payment of the College charges will be refunded by check within the later of 14 days after the first day of the enrollment period or 14 days after the creation of a credit balance on the student’s account by the application of the deposited financial aid funds to the student’s account. Students should be aware that the different financial aid fund types generally disburse on different dates so the first deposit of financial aid funds to a student’s account may not create a credit balance. Please note that the amount of funds necessary to create a credit balance depend on the aid types, the aid amounts, and the student’s eligibility for them so it is possible that a particular student’s aid may not cover his or her balance or may not result in a credit balance.

The proceeds from student loans are credited to a student's account after the College receives confirmation that an electronic master promissory note for each program has been completed and signed. New Federal Direct Stafford Loan borrowers must complete "Entrance Counseling" before loan proceeds can be credited.

Students who accept loans must complete the loan application, the loan master promissory note(s), loan entrance counseling, and truth-in-lending acknowledgement documents that are associated with each loan program. Access information for these items will be provided by the Financial Aid Office.

When a student withdraws from Valor and is due a refund under the College's refund policy and has received financial assistance from federal student aid programs, a portion of the refund may need to be returned to the programs from which the student was funded. The federal student aid portion of the refund will be determined according to the Return of Title IV procedures specified by the U.S. Department of Education.

The first disbursement of federal student loans is delayed for 30 days for first-time, first-year undergraduate borrowers.

Although individual programs may set different minimum enrollment standards that are necessary to qualify for the award, in order to receive the maximum award, you must be continuously enrolled for 12 or more credits per term. You must notify the Office of Financial Aid if you fail to register for the required number of credits for any term in which you are receiving aid. If you are considering withdrawing from a course, you should first contact the Office of Financial Aid to determine the effect such action may have on your financial aid award and on your compliance with the Satisfactory Academic Progress standards.

Federal regulations require that a student receiving federal financial aid make Satisfactory Academic Progress (SAP) in accordance with standards set by the College. See Valor's Satisfactory Academic Progress Policy.

Financial aid based on federal and institutional eligibility formulas is granted for one academic year at a time. The Free Application for Federal Student Aid (FAFSA) and the Virtual Financial Aid Office must be submitted each year you are applying for financial aid. Renewal awards are based on continued demonstrated financial need and satisfactory academic progress toward a degree.

Under the Federal Higher Education Opportunity Act (HEOA), students who are convicted for any offense related to any federal or state law involving the possession or sale of illegal drugs will lose eligibility for any type of Title IV, HEA grant or loan assistance. See Program for Prevention of Drug and Alcohol Abuse.

The Financial Aid Office is required by federal statute to review the federal financial aid eligibility for students who withdraw, drop out, are dismissed or take a leave of absence and fail to return. If the student did not complete 60% or more of the payment period, the student’s eligibility for financial aid must be recalculated.

Official Withdrawal:
Valor Christian College requires a student who is withdrawing to fill out an Add/Drop form to drop the student’s courses and a Withdrawal Form to complete the process of withdrawal from Valor. If the student has been attending his/her courses, the date of withdrawal will be the date the student turns in the completed forms to the Registrar. If the student stopped attending his/her courses prior to his/her withdrawal, the date of withdrawal will be the last date of the student’s documented academic attendance.

Unofficial Withdrawal:
The student who fails to officially withdraw and does not attend all of the required days in a payment period will be considered to have withdrawn as of the last date of the student’s documented academic attendance. However, the student will not be eligible for any refund of tuition that may have otherwise been due to the student based on Valor’s tuition refund schedule due to the student’s failure to officially withdraw. Fees are not refundable.

When it is determined that a student has withdrawn from the institution officially or unofficially prior to completing 60% of a payment period or term, the financial aid office is required to recalculate the student’s eligibility for Title IV funds. The recalculation is based on the percentage of earned aid using the following Federal Return of Title IV funds formula:

Percentage of payment period or term completed = the number of days completed up to the withdrawal date divided by the total days in the payment period or term. (Any break of five days or more is not counted as part of the days in the term and days completed.) This percentage is also the percentage of earned aid.

Aid to be returned:
Add the disbursed aid to any aid that could have been disbursed for the payment period and multiply the total by the percentage of earned aid (see above). If the amount of aid the student earned is less than the amount of aid disbursed, a return of aid is necessary. Additional calculations will be necessary to determine the amount to be returned.

If a student earned less aid than was disbursed, the institution will be required to return a portion of the funds and the student may also be required to return a portion of the funds. Keep in mind that when Title IV funds are returned by the institution, the student borrower will generally owe a debit balance to the institution.

If the amount of aid disbursed to the student is less than the amount of aid earned by the student, a post-withdrawal disbursement may be available to assist the payment of any outstanding tuition and fee charges on the student’s account. The post-withdrawal disbursement will be made from Title IV grant funds before available Title IV loan funds. If part of the post-withdrawal disbursement is a grant, the institution may apply the grant funds to tuition and fees or disburse the grant funds directly to the student.

If a student is eligible to receive a post-withdrawal disbursement from Title IV loan funds, the student (or parent in the case of a PLUS loan) will be asked for his/her permission to either disburse the loan funds to the student’s account to reduce the balance owed to the institution, or disburse the excess loan funds directly to the student. VCC has 30 days from the date of determination the student withdrew to offer the post-withdrawal disbursement of a loan to the student (or the parent in the case of a PLUS loan). The student (or parent) has 14 days from the date VCC sends the notification to accept the post-withdrawal disbursement in writing. If the student accepts the post-withdrawal disbursement, VCC will make payment as soon as possible, but no later than 180 days from the student’s withdrawal date. No portion of the post-withdrawal disbursement of loan funds will be disbursed if the student (or parent) does not respond to VCC’s notification.

The institution must return the amount of Title IV funds for which it is responsible no later than 45 days after the date of the determination of the date of the student's withdrawal.

Refunds are allocated in the following order:

• Federal Direct Unsubsidized Loans
• Federal Direct Subsidized Loans
• Federal Direct PLUS Loans
• Federal Pell Grants for which a return of funds is required
• Iraq and Afghanistan Service Grant for which a return of funds is required
• Federal Supplemental Opportunity Grants for which a return of funds is required

Not all Federal Title IV fund types are listed here but those listed are the most likely to be administered by Valor Christian College.

All students who demonstrate financial aid eligibility based on financial need are expected to meet their first level of need through the federal grant programs and then by borrowing through federal student loan programs. The maximum annual amount students are allowed to borrow through a combination of federal and institutional student loan programs is determined on an annual basis.

Students who do not demonstrate need based on the federal need analysis formula may consider borrowing funds through the unsubsidized versions of the federal and private alternative student loan programs. The borrower is liable for the interest on unsubsidized student loans and private alternative student loans.

Parents of undergraduate students may borrow up to the full cost of attendance minus other forms of financial aid through the Federal Direct Parent Loans for Undergraduate Students (PLUS) Program. This loan program is unsubsidized and not need-based.

Please note: students should always utilize the grant programs for which they are eligible, then the subsidized and unsubsidized loan programs before turning to PLUS loans and should only use private educational loans as a last resource after all other forms of aid have been awarded.

Student and Parent Loan Processing Deadline
The proceeds of student and parent loans (federal, institutional, and private) for the school year must be awarded and originated before the last day of the Spring semester. Therefore, all loan application procedures, including completion of the loan promissory note and final approval, should be completed by the April 1st processing deadline.