It is the goal of Vatterott College to assist every eligible student in procuring financial aid to enable the student to attend the institution. The institution participates in various federal and state student financial assistance programs. The financial aid programs are designed to provide assistance to students who are currently enrolled or accepted for enrollment, but whose financial resources are inadequate to meet the full cost of their education.
The primary responsibility for meeting the costs of education rests with the individual student and their families. Financial aid will be determined by a student’s need, eligibility factors, enrollment status, and fund source availability, regardless of sex, age, race, color, religion, creed or national origin. Need is defined as the difference between the cost of attendance for one academic year and the amount a student’s family can be reasonably expected to contribute to this cost of attendance for the same period.
Most of the information dissemination activities required by the Higher Education Amendments of 1986 have been satisfied within this website and within the catalog. However, student finance personnel are available, in accordance with federal regulations, to discuss consumer information in more detail with current and prospective students.
To apply for financial aid, a student must complete the Free Application for Federal Student Aid (FAFSA). The application must be completed with extreme care and accuracy. Our Student Financial Aid Department is available to assist students in the completion of this form and to answer any questions. Students may also complete this application online at www.fafsa.ed.gov and click “Fill out a FAFSA”. To fill out the FAFSA a student will need access to prior year tax information and possibly parental tax information if the student is under the age of 24 and unmarried with no dependents. If a student did not file taxes in the previous year, proof of earnings will be
The FAFSA is used to determine eligibility for all types of financial aid programs. Once processed, the application will produce an Expected Family Contribution (EFC) which determines eligibility for all types of Federal Student Aid. Financial aid from federal programs is not guaranteed from one year to the next; therefore it is necessary for each student to reapply every year.
This grant program is considered gift aid and is designed to assist needy undergraduate students who desire to continue their education beyond high school. Every student is entitled to apply for a Federal Pell Grant by filling out a FAFSA. Eligibility is determined by a standard U.S. Department of Education formula which uses family size, income and resources to determine need. The actual amount of the award is based upon the cost of attendance, enrollment status, the expected family contribution, and the amount of money appropriated by Congress to fund the program. The Federal Pell Grant makes it possible to provide a foundation of financial aid to help defray the cost of a postsecondary education. Unlike loans, the Federal Pell Grant does not usually have to be paid back.
The FSEOG is a grant program for undergraduate students with exceptional need. Recipients must also be eligible for a Federal Pell Grant. FSEOG is awarded to students with the greatest need. The federal government allocates FSEOG funds to participating institutions. This is a limited pool of funds, and the institution will determine to whom and how much it will award based on federal guidelines.
Federal Stafford Loans are provided through the William D. Ford Federal Direct Loan (Direct Loan) Program. The federal government, through the U.S. Department of Education, is the lender. These loans must be repaid after a six month grace period following graduation, withdrawal from school, or entering a status of less than half time enrollment. These loans require a Master Promissory Note (MPN). These loans must be used to pay for direct and/or indirect educational expenses.
A subsidized loan is awarded on the basis of financial need. If a student is eligible for a subsidized loan, the government will pay (subsidize) the interest on the loan while the student remains in school, for the first six months after the student leaves school, and if the student qualifies to have payments deferred.
Unlike a subsidized loan, an unsubsidized loan is not need-based. The student is responsible for the interest from the time the unsubsidized loan is disbursed until it is paid in full. The student may choose to pay the interest on a quarterly basis or allow it to accrue (accumulate) and be capitalized (that is, added to the principal amount of your loan). Capitalizing the interest will increase the amount the student must repay in the end.
Parents may be eligible to borrow a PLUS Loan to help pay their child’s education expenses if the student is a dependent undergraduate enrolled at least half time in an eligible program at an eligible school. Parent(s) must have an acceptable credit history. This loan is not need-based. The interest rate for 2011-12 is a fixed 7.9%. Generally, the first payment is due within 60 days after the loan is fully disbursed. There is no grace period for these loans and; interest begins to accumulate at the time the first disbursement is made. Parents must begin repaying both principal and interest while the student is in school.
Students may apply to various lending institutions outside the school who offer loans to help cover the gap between the cost of education and the amount of federal student aid the student has been awarded. Interest rates and fees vary by program and may be determined by the applicant’s credit history. Students are encouraged to apply with a co-borrower to secure the best terms and loan approval.
Vatterott College offers the Make-the-Grade Scholarship to any high school graduate who enrolls at Vatterott College within one year of high school graduation. The Make-the-Grade scholarship is a tuition remission scholarship that allows the student a $25 tuition credit for every semester grade of A and $20 for every semester grade of B that he/she received in high school, with a limit of $1,000. Contact the Admissions Department for a scholarship application.
Vatterott College High School Presidential Scholarship
The Vatterott College High School Presidential Scholarship (the “Scholarship”) is a tuition remission scholarship in the amount of One Thousand Dollars ($1,000.00), which will be applied to the scholarship winner’s student account upon enrolling at Vatterott College. The Scholarship, which will be disbursed in the form of a tuition credit, is non-transferable and carries no cash value. In order to be eligible for the Scholarship, candidates must have graduated from an accredited high school in the previous twelve (12) months, prior to enrollment at Vatterott College. For additional information on the Vatterott College High School Presidential Scholarship and to receive your application, please contact the Director of Education.
Scholarship of Achievement
Eligibility Requirements – Applicants to the Vatterott College Scholarship Program must:
Have completed one term at an eligible Vatterott Educational Centers, Inc. (VEC) program.
Have filed a current Free Application for Federal Student Aid (FAFSA) and demonstrate eligibility for a Federal Pell Grant.
Have a minimum grade point average of 2.5 on a 4.0 scale and be eligible to graduate.
Be seeking a degree or certificate of the college, in a course of study chosen by the applicant.
Demonstrate a strong attendance history of 80% or higher.
There are other potential resources you should consider for financing your education. Scholarship aid is often available from high school organizations, church groups, and social, civic, and fraternal organizations with which you or your parents may be affiliated. Many companies provide scholarship aid for children of employees, while others provide tuition assistance to students who work for them part-time or full-time.
Veterans Educational Benefits – Vatterott College is approved for the training of veterans and veterans’ children in accordance with the rules and regulations administered by the United States Department of Veterans Affairs. Representatives of the Department of Veterans Affairs, the individual State Approving Agencies, and the Financial Aid Office, are available to advise you on eligibility for veterans’ educational benefits. Be sure to contact the financial aid office regarding filing of proper forms to plan your benefits well in advance of the start date for the class in which you desire to enroll.
The Department of Veterans Affairs may pay monthly educational allowances to qualified students to help defray the cost of tuition and living expenses. For further information, contact the Department of Veterans Affairs, the State Approving Agency, or a financial aid officer at Vatterott College. PLEASE NOTE: STUDENTS ARE RESPONSIBLE FOR THEIR TUITION PAYMENTS, NOT THE DEPARTMENT OF VETERANS AFFAIRS.
NOTE: All Vatterott College locations may not be eligible for Veterans Educational Benefits by the Department of Veterans Affairs. Please check with the institution Director for the State Approving Agency representative in your area.
Government Sponsored Programs – Vatterott College accepts qualified students eligible to participate in various state- administered programs.Contact the institution Director for details.
Veterans Yellow Ribbon Program – Vatterott College accepts all qualified veterans and their qualified dependent children in this program. Not all campuses may be approved to offer said program so a student should check with the Certifying Official within the campus Financial Aid office.
Company Tuition Reimbursement – Vatterott College may be approved as a training facility in your area. It is recommended that you check with the Human Resources office of your particular employer for reimbursement policies.