The Financial Aid Process – Basic Information
This page gives details of the initial process of applying for Financial Aid. You must re-apply for financial aid every year in which you are enrolled with Averett University’s Graduate and Professional Studies division. The Averett financial aid process is in three stages:
- You report information about your financial situation to the Department of Education via the Free Application for Federal Student Aid (FAFSA) form.
- The Federal Government reviews your FAFSA and determines how much you can be expected to contribute out-of-pocket to your education (your Estimated Family Contribution or EFC).
- After you register for classes, Averett reviews the FAFSA information and comes up with an award package of financial aid—usually a mix of loans and grants—to help you cover the difference between your EFC and the cost of attending Averett.
If you apply for private loans to supplement your financial aid package, you may need to complete additional paperwork.
How to Apply for Averett Financial Aid
- Obtain a Federal PIN. A Personal Information Number travels with you whenever you sign in to sites connected to your federal financial aid. Visit www.pin.ed.gov and fill out the form to receive your PIN.
- Complete the FAFSA. Visit fafsa.ed.gov, sign in with your PIN, and fill out your Free Application for Federal Student Aid form. This form allows you to report details about your financial situation to determine how much aid the government can offer you. Averett’s Federal School Code is 003702.
- Fill out your Master Promissory Note. The Master Promissory Note is the legal agreement between you and your lender. It is a multi-year promissory note, so you only need to complete this once. Visit www.studentloans.gov, sign in with your PIN, and complete your MPN. You will also take part in online Entrance Counseling, to ensure you have all the details about the awarding and disbursal of your aid payments, and when you will need to start repaying any loans.
- Complete Averett’s Financial Aid Forms. Averett requires some additional information from you on three forms. Mail, fax, or scan these forms into an e-mail and send to us.
- GPS Financial Aid Information Sheet
- GPS Title IV Authorization Form
- Student Acknowledgement of Financial Aid Policies and Procedures
- Register for your classes. We cannot offer you a financial aid package until we have confirmation of how many credits you are taking (and therefore, how much tuition you will pay). You must complete the course registration process and pay the $125 fee before we can send you your Award Letter.
You’ll complete steps 2 and 4 on a yearly basis until you graduate.
After You’ve Applied
Please note that your award letter may not arrive until 2-3 weeks into your first course.
You will need to finalize your financial aid by creating an account at NetPartner with your Averett University Student ID number. Accept your funds and submit any missing documents to complete the process for the current year.
Verification: If your FAFSA contains conflicting or incomplete information, the Federal Government may select your file for verification. You will need to submit additional documentation, such as IRS Tax Return Transcripts, to complete the process. You will not be able to receive financial aid until verification is complete.
Use the Data Retrieval Tool to complete your FAFSA. The Data Retrieval Tool reduces errors that cause selection for verification. The Financial Aid department can receive any documents you are asked to provide during the verification process.
Resolve a Default: You’ll need to resolve any previous student loans in default with the lenders involved, whether it is the government or a private lender. To become eligible for financial aid, you must then submit proof from the lender that is no more than 45 days old which shows you are in good standing.
Get Help with Averett Financial Aid
The Averett financial aid process doesn’t need to be stressful. Prospective students can fill out the Request Info form to contact an Admissions Counselor today.
Enrolled GPS students can contact their school financial aid counselors via phone at 800-283-7388. For more specific contact information, please refer to the “Contact” section of our FAQs.