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The financial aid process is very important to many students. It can also be very complicated. Use this financial aid FAQ page to find answers and guidance for the most common questions our financial aid staff encounter.

Financial Aid Eligibility and Types of Aid

What types of Financial Aid are available for students in Averett University’s Graduate and Professional Studies Programs?

All students are eligible to apply for Federal Stafford Subsidized and Unsubsidized Loans, and some grants may be available to eligible students. Additionally, your application for admission automatically enters you into consideration for any Averett Scholarships. GPS Students are not eligible for Virginia Tuition Assistance Grant (VTAG) at this time due to not meeting program eligibility requirements.

Please visit our Loans, Grants, and Scholarships page for detailed information about the different Federal loans and grants available to our GPS students, including current interest rates and borrowing limits.

Is attendance in the Graduate and Professional Studies Program considered full-time?

Yes, for financial aid purposes. VA Benefits are based on your calendar (please contact GPS Registrar for information.)

Where can I obtain consumer information about Averett University’s financial aid process?

Consumer information about Averett University’s financial aid process can be obtained online at http://www.averett.edu/adultprograms/finaid/current/GPS_disbursement-policy.php.

Application Process

What is Averett’s Federal School Code?

Averett’s school code, which you need when filling out your FAFSA, is 003702.

How do I begin to apply for financial aid?

You can apply for financial aid after you are enrolled in a GPS program. Please visit our How to Apply page for an overview of the process and links to necessary forms.

I don’t need financial aid now, but what if I want to apply in the future?

Averett GPS Students can apply for financial aid at any time while enrolled. However, if you apply after you start your first course, you must contact the Financial Aid Office immediately to ensure receipt of your FAFSA. The required paperwork may be different from when you first started in the program, or your application may not be placed into a “high-priority” status.

I have documents that need to be sent to the Financial Aid Office. How can I send them?

You can send most documents to the Financial Aid Office via postal mail, fax or email. The mailing address is:

Averett University
GPS FA Office

420 W Main Street
Danville, VA 24541

Our fax number is 434-791-5647. Documents can be emailed to . Please be sure to indicate your name, Averett ID number, and the document you are sending in the body of your e-mail.

Can I drop the documents by your office or schedule an appointment to meet with my Financial Aid Counselor?

If you will be in Danville, Virginia, you can drop by the Financial Aid Office anytime during normal business hours. We recommend you contact your Financial Aid Counselor to schedule an appointment to ensure counselor availability.

We are located in the main building on West Main, at 116 Main Hall, first floor. Most financial aid counseling is done via telephone and email. Call the Financial Aid Office at 800-283-7388, or use the following extensions and e-mails to reach individual staff members:

  • Faye Brandon, extension 17146, 

What is a Master Promissory Note (MPN)?

A promissory note is the legal agreement between you and your lender. The MPN is valid for ten years, which means that after you submit it for this year, you will not have to sign another note.

The Department of Education (your lender) requires completion of your Master Promissory Note (MPN) before they will disburse any of your Federal Direct Stafford loans eligibility.

How do I complete my Master Promissory Note?

You can complete your MPN after you have obtained a PIN and filled out your FAFSA by visiting www.studentloans.gov.

Verification Process

What is the verification process and why was I selected?

The Federal Government requires all students selected by the Central Processing Unit (CPS) be verified. This is to ensure that Financial Aid Offices are in compliance with federal regulations and that the majority of students are entering correct information.

Any applications with conflicting information (determined by the Financial Aid Office) must also be resolved. The Student Aid Report (SAR) informs the student if they have been selected for verification and that the Financial Aid Office is authorized to request documentation, including Federal Tax Transcripts, W2 forms, and any other documentation need to resolve conflicting issues.

Failure to submit all requested documentation will prevent a student from receiving any financial aid funding.

Why can I no longer submit a copy of mine or my parents’ federal tax return if I am selected for verification?

Effective July 1, 2012 the Department of Education eliminated acceptance of federal tax returns, therefore schools can NO LONGER ACCEPT Federal Tax Returns from students and/or families. This means schools can ONLY ACCEPT IRS TAX RETURN TRANSCRIPTS.

Students are encouraged to make use the Data Retrieval Tool (DRT) when completing the online 2012-2013 FAFSA to possibly eliminate the verification process.

I need an IRS Tax Return Transcript. Where can I get one?

To obtain a free of charge, IRS Tax Return Transcript, you may request it online at www.irs.gov; by telephone request at 1-800-908-9946; OR print and mail an IRS Form 4506TE-EZ http://www.irs.gov/pub/irs-pdf/f4506tez.pdf. to the IRS. You can request that the transcript be forwarded to our office.

Please allow 2-3 weeks for your request to be processed and submitted to Averett’s Financial Aid department.

Why does the Financial Aid Office say my name is not correct?

Federal regulations require all financial aid paperwork to be completed in the student’s true legal name. The Department of Education performs a name match using the information submitted on the FAFSA. If your name, social security number and date of birth do not precisely match Social Security Administration records, the Financial Aid Office is required to request copies of birth certificates, social security cards and marriage or divorce decrees.

Please be sure to complete your FAFSA and school application under your true legal name to prevent delays in the processing of your financial aid package. If your name changes after you have applied, you will need to submit name change documentation to all appropriate offices.

I have prior loans that are listed as being in default. How does this affect my eligibility for financial aid at Averett University?

Students with prior loans reported as being in default are not eligible for additional financial aid until the default has been resolved with the lender(s). If you have already resolved a default, you will need to obtain documentation from the lender verifying your current repayment status. This documentation must be less than 45 days old and can be submitted to the Financial Aid Office by fax, email or postal mail.

If the default has not been resolved, you will need to pay for any tuition incurred until such time as the lender clears the default.

Award Process

When will I receive my award packet?

Your award packet cannot be issued until after the Financial Aid Office has received your course registration. You must also have provided all documents, including those requested during the verification process, prior to issuing your award packet.

Most students should receive their award packets two to three weeks into the first core course. If you are a student who has been awarded a Pell Grant, and have been approved to participate in the Book Voucher Program, you should receive your Award Packet no later than 10 days before you begin your first course.

How do I access my award letter?

Once you have registered for classes and your financial aid eligibility has been calculated, you will be e-mailed a notification letter instructing you to visit the NetPartner website.

You will need to create a NetPartner account using your Averett University Student ID number. You can find your student ID at the top of your award notification letter or on your student ID card. When creating your account, ensure that you:

  • Enter your Student ID as “POOO” plus the rest of your ID number.
  • List your date of birth as mm/dd/yy instead of mm/dd/yyyy
  • Make sure the city in your address matches the one entered on your FAFSA application

After creating your account for the NetPartner website, you log in can view your Financial Aid Award and accept/decline your loan funds. To accept or decline your funding, click on the Accept Awards tab. To view additional documents needed to complete your financial aid file, click on the Documents tab.

NetPartner Error Message Troubleshooting

If you receive the message: “We are unable to activate your account. Please contact your financial aid office and refer to Code IA”, return to the main page and select Forgot your PIN? to activate your account.

If you receive the message: “Invalid user account. Please contact your financial aid office for assistance.” return to the main page and select “First Time User” to activate your account.

I need more help creating my NetPartner account. Where can I find it?

Download complete instructions for creating your NetPartner account

Excess funds

How do I receive the proceeds of my loans?

Lenders send funds from any loans you are awarded to Averett University in at least two payments. No payment may exceed one-half of your total loan amount. The lender will deduct any origination fees before funds are released released.

Your student account will be credited within three business days of receipt. Any excess funds above tuition will be sent to you by the accounting department approximately 14 business days after the loan funds have been disbursed to the school. Please be advised that excess funds are not always available from the first loan disbursement.

When do I receive excess funds from my loans?

Available excess funds are sent by GPS Student Accounts by direct deposit. If a check is requested, a check request form must be submitted. Please be advised that it takes the GPS Student Accounts office 10-14 days to process any excess funds.

If you have any questions or concerns regarding excess funds, please contact GPS Student Accounts at 1-800-948-2810.

Textbooks

Can financial aid pay for my books?

If you are an undergraduate student eligible for a Pell Grant, you may be eligible to participate in the Book Voucher Program. Pell Grant eligibility is determined by the Department of Education and is based on the information submitted on your FAFSA application.

You must have a completed financial aid file at least 10 days before you are scheduled to start your first course. For more information on Book Voucher eligibility and the qualifications, please refer to the Book Voucher Packet. Book Vouchers can only be used to purchase or rent textbooks.

Graduate students are responsible funding their own book costs. In some cases, students may have excess funding from financial aid that can be used to reimburse book expenses.

Loan Deferments

While enrolled at Averett, can I defer a previous student loan that was obtained at another institution?

Yes. Averett University participates with the National Clearinghouse and will automatically update your enrollment status once you have been registered for your courses. Please be advised that your prior loans cannot be placed into deferred status until you are attending classes at Averett University.

If you are already in repayment on prior loans, please continue making your scheduled payments until your lender notifies you that the loan has been transferred to in-school deferred status.

I have been attending classes with Averett University but my prior loans are still in repayment status. How can I get the loan payments deferred?

Most lenders participate with National Clearinghouse. However, if you have been attending courses at Averett University for at least 2 months and your lender has not notified you that the status has been transferred to deferred, you can obtain an “In-School Deferment Request Form” from your lender. Complete sections 1, 2 and 3 and submit both pages to the Registrar’s Office by fax: 434-799-0658.

Transfer Student Questions

I am transferring to Averett University from another institution where I received financial aid funds. How does this affect my financial aid eligibility at Averett University?

Students who are transferring to Averett University from another institution may have limited financial aid funding for their first academic year at Averett University. Federal regulations require Averett University to review the aid received at the prior institution. If the loan period at the prior institution and your loan period at Averett University will overlap, funds received at the prior institution will be deducted from the maximum allowed for your grade level.

The remaining funds may need to be used to cover a complete academic year (24 credits and 40 weeks for undergraduates or 21 credits and 40 weeks for graduate students). This may result in your having to pay some tuition costs out of pocket.

NOTE: Please have your Admissions Counselor forward a copy of your most recent transcript to the Financial Aid Office.

I am attending college at another institution and want to transfer my existing financial aid to Averett University. What steps do I need to take?

Unfortunately, Financial Aid funding cannot be transferred to other schools. You will need to add the Averett school code (003702) to your FAFSA application, contact your current school to cancel the existing aid and contact the Averett Financial Aid Office to determine your potential eligibility.

Federal regulations prevent students from receiving aid at two institutions during the same time period, so your eligibility at Averett may be limited, or Averett may not be able to process aid for you.

Renewing Your Financial Aid

When will I be eligible for additional Financial Aid?

All students must successfully complete an academic year before they are eligible for additional financial aid funding. For undergraduate students, an academic year is defined as a minimum of 24 credits and 40 weeks. For graduate students (MBA or MED), an academic year is defined as a minimum of 21 credits and 40 weeks.

Once you receive notification that it is time to renew your Financial Aid Application, contact your Academic Advisor to ensure you are registered for all the courses you need to meet graduation requirements.

Course Exemptions, Leaves of Absence, Course Withdrawals and Program Withdrawals

I am exempt from some courses. How does this affect my financial aid?

Students who are exempt from courses need to submit a Leave of Absence request or substitute another course for the exemption in order to qualify for financial aid. Leave of Absence forms can be obtained from your Academic Advisor.

Any break of attendance that is more than 45 days may result in any unearned financial aid being returned per federal regulations.

I need to sit out a course. Will this impact my financial aid?

Any changes a student makes to their schedule can impact their eligibility for financial aid. Prior to making any changes, students are encouraged to call the Financial Aid Office and discuss the potential impact as soon as possible. Students will also need to complete a Leave of Absence request form at least one week before the course begins.

Any break of attendance that is more than 45 days may result in any unearned financial aid being returned per federal regulations.

What is a Leave of Absence, and how does it affect my financial aid?

A Leave of Absence is an official request that may allow a student to be out of class for more than 45 days. The Leave of Absence Policy and request form are located on Averett’s website and details all of the criteria.

Please review the policy as not all Leave of Absence requests are automatically approved. The request must be submitted to your Academic Advisor at least one week prior to the first night of class. Please contact the Financial Aid Office if you have questions as a Leave of Absence can affect each student differently. Any break of attendance that is more than 45 days may result in any unearned financial aid being returned per federal regulations.

My leave of absence was denied. Why? What impact does this have on my financial aid?

There are several reasons why your leave of absence may be denied. Primary causes for denial include:

  • Request for the leave of absence was made after the course began, and you did not submit documentation to substantiate an extenuating circumstance or that documentation did not adequately prove the need for an extenuating circumstance.
  • The current leave of absence, in conjunction with other leave of absences, would exceed the maximum number of days (160) allowed within a 12-month period.
  • You did not successfully complete a course since your last approved leave of absence.

When the leave of absence is denied, the Financial Aid Office is required to perform a return of funds calculation and return any unearned funds to the lender, per federal regulations. When you return to class, we may be able to have those funds reissued.

It is important that you contact the Financial Aid Office once you have returned to class to ensure the prompt reissuing of any returned funds, as additional financial aid paperwork may be required.

I need to withdraw from the program. How does this impact my financial aid?

Once the Financial Aid Office has received official notification of a student’s withdrawal from the program, a return of funds calculation is performed, in accordance with federal regulations. Any unearned funds are returned to the lender at this time.

The Accounting Department will forward you any excess funds that remain on your account after the return of funds has been completed. You may need to retain these funds to assist with covering tuition costs if you are planning on returning to Averett University in the near future.

PLEASE NOTE: In some cases, the return of funds may result in a student owing a balance to Averett University for tuition costs incurred during enrollment. These outstanding tuition costs must be paid by the student to the Averett University Accounting Department.

Contacting Financial Aid

How do I contact my Financial Aid Counselor?

You can contact your financial aid counselor by calling 1-800-283-7388 and asking for your counselor.

  • Faye Brandon: All MBA and MED students: extension 17146
  • Charlotte Wilson: General financial aid questions: extension 17147
  • Kara Hankins: Financial Aid for Transfer and IDEAL Students, extension 15665;

Fax documents to: 434-791-5647

Mail documents to:
Averett University
GPS Financial Aid Office
420 W Main Street
Danville, VA 24541

How does the financial aid department contact me?

Financial aid will only ever contact you via e-mail. We do not send postal mail. We will send any information or notifications to the e-mail address you provided on your FAFSA and to the Averett University e-mail you will be able to access as a student.

What if my question wasn’t answered?

Do you have an infrequently asked question about financial aid? Contact an admissions counselor today for help or request more information.

 

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Go back to Financial Aid Process, learn about Loans and Scholarships, see Financial Aid Forms, or review Glossary of Terms.

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