Application Procedure
Award and Disbursement Procedures
Over-Award Procedures
Financial Aid Application Procedure
A student completes and forwards a Free Application for Federal
Student Aid (FAFSA) or renewal FAFSA to the Federal Student Aid Program
by mail or on line at www.fasfa.ed.gov each academic year. The student
must list Atlantic Union College and its Title IV code #002119 on
the FAFSA so that the information will be forwarded to the Atlantic
Union College Financial Aid office. Application packets are available
in January of each year and may be obtained by contacting the Atlantic
Union College's Financial Aid office. Students are urged to complete
applications as early as possible after the family income tax returns
have been completed. A FAFSA must be filed even if the only Federal
Aid is a Parent Plus Loan.
Atlantic Union College receives a summary from the Federal Student Aid Program electronically: within 4-6 weeks if mailed and 7-10 days if completed on the internet.
The school electronically pulls in the information and sets up a file for that student in our financial aid processing system. This information received includes an "Expected Family Contribution" (EFC) number that is used by the school to determine all state, federal, and most institutional awards including grants, scholarships, loans and Federal Work Study.
Application summaries and all required documents received by April 15 will be given preference. Completed documents received after April 15 will be processed as long as time and funds permit.
To receive a loan, a student must complete and return a Stafford Loan Master Promissory Note to the Student Financial Services Office and complete a loan entrance interview if the student is a first time borrower. The promissory note and the loan entrance interview must be submitted only one time during a student's attendance at Atlantic Union College unless the lender of choice changes or the student's enrollment extends beyond ten (10) years. A student has a list of lenders to choose from.
Atlantic Union College completes 100% verification processing of all student files and will send out requests for required verification documentation when the FASFA is received by AUC. The following documentation must be submitted for each student's file:
- A signed copy of the student's previous year’s federal income tax forms or a "Non-filer Form" and copies of all W2 forms if the student did not and will not file taxes for that year.
- A signed copy of the parent's previous year's federal income tax forms (if student is dependent according to the federal government guidelines). If the parent(s) did not and will not file taxes, they must complete a "Non-filer Form" and forward copies of all W2 forms.
- A "Dependent Verification Form" or an "Independent Verification Form" as indicated in the federal government guidelines.
- Verification of all income not listed on the federal tax form as indicated on worksheets A, B, and C of the FASFA.
- Any further information requested by the Financial Aid office to ensure adequate verification of all information. As per the Federal Student Aid Handbook, Chapter 1, page 14: If a school has conflicting information for a student or they have any reason to believe his or her application information is incorrect, they MUST resolve such discrepancies before disbursing Federal Student Aid Funds. "If the school discovers a discrepancy after disbursing Federal Student Aid Funds, they must reconcile the conflicting information and require the student to repay any aid for which he/she was not eligible, unless he is no longer enrolled for the award year."
NOTE: Federal regulations now require the school’s Financial
Aid office to ensure proper tax filing procedures
for students and parents before awarding any Federal Financial Aid.
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Award and Disbursement Procedures
Once a Free Application
for Federal Student Aid (FASFA) and all requested documents are received
by the AUC Financial Aid office, eligibility for all federal funds
is determined by using a common nationwide formula given by the Federal
Government known as the Expected Family Contribution (EFC). This number
is used to determine a family’s
ability to pay for college. AUC also uses this
formula as a guideline in awarding AUC’s need-based funds by
comparing the EFC to an eligibility chart and awarding the funds to
the neediest students. As funding is limited, students who complete
their financial aid file on time may receive a better financial package
than those who file late. Once all documents are received, an award
letter is generated and mailed to a student indicating the different
financial awards he/she is eligible for. The awards may include federal,
state, institutional and other outside funds. It will be assumed that
students are accepting the full award amounts if the award letter
is not returned within ten (10) working days of the award letter date.
Financial aid awards are disbursed based on enrollment status each semester. The disbursement will show as a credit on a student’s account. Loan funds received from the federal loan programs will be automatically credited to the student's account (in most cases). In the case where the funds are received in the form of a check, the check will be available for signing in the Financial Aid office and then deposited to the student's account.
An "Entrance Interview" is required for all first-time borrowers of federal loans prior to receiving their loan funds. This interview explains the student's rights and responsibilities as a borrower of federal loan funds.
An "Exit Interview" will be required when a student graduates
or terminates his/her studies at Atlantic Union College. It is the
students’ responsibility to notify the Student Financial Services
office if they do not plan to return. A student's diploma and/or academic
transcripts will not be released until an exit interview is completed.
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Financial Aid Over-Award Procedures
When financial
aid recipients receive additional resources not included in the financial
aid award letter, it is the student's responsibility to report these
funds to the Financial Aid office. Federal regulations prohibit "over-awards." When
the total of all resources exceeds the allowable student financial
aid budget, financial aid awards must be adjusted. When financial
aid funds have already been credited to the student's statement, any
refunds due or over-awards will be charged to the student's account.
No student will be awarded grants, scholarships, or other funds not
in the form of loans in excess of tuition costs.
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