What is financial aid?Net Price Calculator
Financial aid is assistance to help a student of any age meet their educational costs. Financial aid may be in the form of a federal or state grant, federal work-study or federal student loans.
Who is eligible for financial aid?
To be eligible for federal or state aid programs, the student must meet all eligibility requirements such as: have financial need, apply and be admitted to an eligible academic program, be a U.S. citizen or an eligible non-citizen (permanent resident), be a Wisconsin resident for state funds, be registered with the Selective Service if required to do so, not be in default on a student loan nor owe a repayment on a student grant and maintain satisfactory progress.
When should students apply for financial aid?
Apply for financial aid in January before school starts, or
as soon as possible after January. The FAFSA application is available
online every January 1 for the next school year (an academic school
year is June 1 through May 31). Students are encouraged to apply for aid
before being accepted into a program. However, a financial aid award
letter is not sent to the student until he/she is admitted to an eligible
program. The following priority dates are highly recommended:
|Program Start Date
How long does the process take?
The financial aid process can take some time to complete. Therefore, it is recommended that the student apply as soon as he/she begins the admission process. The student may apply at any time, however, there is no guarantee the awarding process will be completed by the time the tuition bill is due. It is the student’s responsibility to pay for all course fees if the awarding process has not been completed.
How does the financial aid awarding process work?
The process measures financial strength and resources against educational expenses while attending FVTC. Financial aid budget
expenses include predetermined tuition, fees, room/board,
books/supplies, personal expenses and transportation. The government
calculates an Expected Family Contribution (EFC) on the Student Aid Report (SAR). The EFC is subtracted from the total expenses. If there is a positive
difference, it is considered "financial need." This is the amount of
financial aid for which the student is eligible, if funding is available. A
financial aid award letter is sent out once the awarding process is
complete. This letter states what amount has been awarded;
however, the student must meet all funding requirements to be eligible for the funds awarded. The student can then go to www.fvtc.edu/finaid to view policies, funding requirements, disbursement dates, how to process student loans if awarded, and much more.
How are funds disbursed?
FVTC uses Electronic Funds Transfer (EFT) when receiving financial aid
funds. These funds are ordered/requested if the student has met all funding
requirements. Funds are posted to the student's account and any semester
fees due will be paid at that time. If the student has "anticipated aid" in his/her account, he/she will be allowed to charge books to that account. After the start of each semester, any balance still in the student's account will be sent via mail to the address on file at registration. Refer to Dates of Interest for important dates.
Can the student get financial aid for part of the tuition and pay for part of the tuition bill now?
Yes. The student may pay for any or all of the tuition bill at any time.
Can the student receive financial aid for part-time enrollment?
Yes. State grants and student loans require a minimum of half-time
enrollment each semester. PELL grants, if eligible, can be paid with
enrollment in at least two credits per semester.
What programs are eligible for financial aid?
Any associate degree program is eligible, along with most technical diploma programs. The following technical diploma programs are NOT eligible: Criminal Justice-Law Enforcement Academy, EMT-Basic, Farm Business & Production Management, Medical Coding Specialist and Nursing Assistant.
Why was this invoice sent out? Does it need to be paid?
Invoices are sent out every month from FVTC's accounting department.
- If the student is eligible for financial aid and has enough funding to
cover the amount of course fees charged to his/her account, the student does not have to make a payment on that invoice for those charges.
- If there is not enough to cover the amount of course fees, the student is responsible to make a payment for the difference.
How do students buy books?
Books can be charged to student accounts using a photo ID and course schedule IF there is an amount of "anticipated aid" showing on the award summary per "MyFVTC." Anticipated aid is funds remaining of "accepted" aid
minus course fees. Refer to Dates of Interest for bookstore dates.
What happens second term this year?
Students continuing from previous fall term—second term of school year (winter):
- If accepted* aid is enough to cover tuition for the winter term, the student's place in the class is held.
- If accepted* aid is NOT enough to cover the winter term tuition, it is the student's responsibility to make a payment for the difference by the registration due date.
Student Fee - Financial Aid = Payment Due
For students beginning programs in the winter term, financial aid will be
listed under the first-term column on the award letter. Winter is the
second term of the school year, but these students are considered first-term students.
*Accepted column is shown on award summary in the financial aid section of MyFVTC at www.fvtc.edu.
Why is the student's loan on hold?
All Stafford and PLUS loans are certified with a "hold" status with Great Lakes Educational Services. Students who meet all eligibility requirements will have the hold removed the week the funds are scheduled to be disbursed. Loan funds are received electronically (EFT) on Friday of each week after the start of the term. See Dates of Interest for loan dates.
Why is there a hold on the student's account?
If there is a negative service indicator on the student's account, the student must contact the appropriate area as indicated to resolve the issue. A negative service indicator will prevent students from enrolling in classes,
receiving a refund check, printing a transcript or requesting an official transcript.
When do students get the money?
Funds are received EFT (Electronic Funds Transfer) to FVTC. Please refer to Dates of Interest for dates funds are received for each term. Funds are posted to student accounts. Course fees and book fees charged to anticipated aid are credited to student accounts from this posting. A check for any remaining balance is sent via mail to the mailing address on file.