***Denotes the programs available at this institution

General Financial Aid Information: If you wish to apply for financial aid or you have questions, or you need sections of the handbook clarified, contact the financial aid office at the school. Additional information regarding the student aid programs available at VBC may be found in “The Student Guide” and the “Free Application for Federal Student Aid” published by the U.S. Department of Education. Additional information may be obtained by calling the Federal Student Aid Information Center between 9:00am and 5:00pm (Eastern Time), Monday through Friday at 1 (800) 433-3243.

Financial Aid Mechanism: Financial aid is a mechanism that reduces out-of-pocket costs that students and/or parents must pay to obtain a specific postsecondary education. Presented differently, financial aid is money made available to help students meet the cost of college attendance. Financial aid includes grants and loans. Grants do not have to be repaid. Loans usually have low interest rates and must be repaid in accordance to the individual loan program terms. Most of the loans can be arranged to require payment after a grace period of several months upon graduation, or upon the student’s termination from the program or if a student’s attendance falls below half time. Financial aid is awarded to students who have “need”. Need is the difference between the amount of money that the family will be expected to contribute to meet student costs and the cost of education at this school.

FDirect Loan Program: Funds received from either of the loan programs are subjected to repayment  from the student. Before a loan document is submitted to the USDE, students must be fully aware of the financial responsibilities under this loan programs, the rights that the student had under the individual loan program conditions, and the consequences of a failure to meet the repayment obligations.

Federal Direct Stafford Subsidized Loan: Federal Direct Stafford Loans are made directly to students from the U.S. Department of Education. Subsidized loans are need based. Students may borrow up to the amount of the student’s cost of attendance less other expected financial assistance (not to exceed annual loan limits). The federal Government pay interest subsidized to the lender while the student is enrolled or during periods of deferment. Student would pay a combined origination/guaranty fee of 6.5% rebated directly to the U.S. Department of Education. Students may receive both subsidized and unsubsidized loans provided the combine amount borrowed does not exceed applicable loan limits and that the student’s eligibility for a subsidized Federal Stafford Loan be determined prior to determining eligibility for the unsubsidized load. The law also stipulates that borrowers must be given a single repayment schedule.

(1)   Unsubsidized loans are not need based. Students may borrow up to the amount of the student’s cost of attendance less other expected financial assistance (not to exceed annual loan limits).

(2)   The Federal Government does not pay interest subsidized to the lender while the student is enrolled or during periods of deferment. Interest must either be paid or be capitalized, i.e., added to the principal.

Deadline: FASFA applications must be received by June 30, of the award year from which is the application intended for. SAR or ISIR must be submitted to the financial aid office by August 29, of the award year from which aid is requested from, or your last day of enrollment.  A valid ISIR requires signatures of student, spouse and/or parents, when the ISIR has been corrected.