Prospective Freshman, Returning Sophomores, Juniors, Seniors and Transfer students for the 2014-2015 academic year will need to submit the 2014-2015 FAFSA, College Board PROFILE, and 2013 U.S. or Puerto Rico tax returns and Federal W-2 forms. All graduate students will need to submit the 2014-2015 FAFSA, and the 2014-2015 Graduate Aid Application.
Current Freshman, Returning Sophomores, Juniors, Seniors and Transfer students for the 2013-2014 academic year will need to submit the 2013-2014 FAFSA, College Board PROFILE, and 2012 U.S. or Puerto Rico tax returns and Federal W-2 forms. All graduate students will need to submit the 2013-2014 FAFSA, and the 2013-2014 Graduate Aid Application.
Upperclass students will be sent a Renewal FAFSA email if they previously completed a FAFSA on the Web. Returning students who began at Villanova during the 2010-2011 academic year will need to complete a Renewal FAFSA and a CSS PROFILE.
The 2014-2015 FAFSA form and the 2014-2015 CSS PROFILE must be received by February 7th and all appropriate tax documents must be received by March 1st for incoming Freshmen, March 1st for New BSN Express students, November 1st for Spring Transfer students, or June 1st for Fall Transfer students. Returning Undergraduates must submit the FAFSA, CSS PROFILE, and appropriate tax documents by April 30th. See the Key Dates page for more information.
Although we encourage you to complete your tax returns before completing the application process, we understand that sometimes this is not possible. You may use estimated data on the FAFSA and/or CSS PROFILE form. However, if we do not receive your tax return before the award is presented to you, the award is tentative and is subject to change once we receive actual tax returns for the prior year. Once we receive your completed tax returns, the file will be re-evaluated and aid may be adjusted, if necessary. We recommend that you submit your completed tax return to the Office of Financial Assistance as close to the deadline as possible if you are not able to meet the deadline to avoid receiving a tentative offer and the potential of a change to your need-based award. Please note that we cannot extend the deadline for submission of the FAFSA and/or CSS PROFILE due to taxes not being complete. Failure to file these forms by the published deadlines may result in a reduction or elimination of your need-based assistance.
You must actively choose to utilize the data retrieval tool. Your tax filing status on the FAFSA must be “Already Completed.” If they choose to do so, you will be transferred to the Internal Revenue Service website. There, the FAFSA Central Processing System (CPS) will conduct a data match with the IRS. Applicants will need to authenticate their identity before any information is displayed. Tax data will be presented and the applicant will have the option to "Transfer" the tax information to the FAFSA. Transferred data will have a notation —"Transferred from the IRS.” The address listed on the FAFSA application must match EXACTLY the address listed on your filed tax returns. For example: If the tax returns list 111 Main Street, you can not abbreviate to 111 Main St. on the FAFSA, and IRS Data Retrieval Tool.
You and your parents are eligible to use the IRS Data Retrieval Tool on the www.fafsa.gov website if you:
You and your parents are not eligible to use the IRS Data Retrieval Tool if:
According to the IRS, this tool cannot be used until 1-2 weeks after electronically filing a tax return and 6-8 weeks after filing paper tax returns. The primary tax filer must access the IRS Data Retrieval Tool through the www.fafsa.gov website by logging in with their PIN number and completing the IRS Data Retrieval process. If the primary tax filer does not have a FAFSA PIN please go to www.pin.ed.gov to retrieve a PIN.
Please note that signed copies of your 2013 federal tax returns, along with all schedules and W-2 forms, still must be submitted directly to IDOC as part of Villanova’s financial aid application process.
If you and/or your parents are not eligible, or choose not to use the IRS Data Retrieval Tool when updating your FAFSA, the US Department of Education requires our office to collect a certified tax transcript processed by the IRS. Please note that parents who are married but filing separately must submit 2 separate IRS transcripts. Transcripts are not required for those filing a foreign or Puerto Rican tax return.
There are two ways to obtain your tax return transcript: online or by mail. Please make sure you request a Return Transcript. Do not request an Account Transcript or Record of Account because they cannot be used for the federal verification process. Please be advised that our office cannot verify your financial aid award without a tax return transcript or IRS Data Retrieval Tool.
To obtain a tax return transcript online please follow these steps:
To obtain a tax return transcript by mail please follow these steps:
Yes. The majority of our students are notified of admission status on or about the third week of March. This is after our deadlines for both the FAFSA and the CSS PROFILE for Freshman and Transfer Students. You may apply after these deadlines; however, we cannot guarantee that institutional and/or certain Federal funds will remain available.
The Title IV school code for the FAFSA is 003388 and the CSS PROFILE School code is 2959.
We ask that Villanova be one of the first 10 schools listed. However, if Villanova is not listed on the FAFSA, you may replace one of the other schools listed on your Student Aid Report. You may do so by making the change directly on your paper Student Aid Report and returning it to the Central Processor by calling 1-800-433-3243, or by making the corrections on-line.
If there is anything you feel should be brought to our attention, contact our office in writing so that we may have a record of these circumstances. Depending on the circumstances, we may be able to use this information in determining financial need.
Make any necessary corrections online at www.fafsa.gov. Sign in using your Social Security Number, Last Name, Date of Birth and PIN. All corrections will be sent to Villanova University electronically.
Students who choose not to complete the CSS PROFILE form will only be considered for federal and state assistance, and will not be considered for any Villanova University Grants. We encourage all Freshmen, Returning Sophomores and Juniors, and Transfer students who are interested in admission for the 2013-2014 year to file the PROFILE.
Scholarships at Villanova are typically selected by committees formed by the Office of University Admission. Students are encouraged to complete the financial aid application process, but it is not a requirement in order to be considered for a scholarship. Preference may be given to students who have a demonstrated financial need.
Student account billing is presented electronically.
The bill for the Fall semester usually is available through the Bursar's Office webpage before the 10th of July and is due around August 10. The bill for the Spring semester is available in mid-November and is due around December 10. More information on billing and many other subjects may be found in the Parents' Handbook or on the Bursar's site.
The Financing Option on your award letter is the estimated amount that students/families will be responsible for contributing to their education. The dollar amount is the difference between the cost of attendance and the financial assistance awarded to the student. This portion can be financed through the monthly payment plan (TMS), a Federal Direct PLUS loan (parent loan) and/or an alternative educational loan. The Villanova University web page has more details about this option. Please see the Financial Information brochure on this page.
Work Study is a need based financial assistance program that allows students to work on-campus during the academic year. Students receive a paycheck bi-weekly for hours worked. Funds for work study are paid directly to the student and are not credited to the tuition account.
Villanova University does not accept monthly or weekly payments; therefore, your bi-weekly earnings from Federal Work-Study cannot be applied to your tuition account. Federal Work-Study is paid bi-weekly directly to the student in the form of a paper check mailed to their on-campus mailbox or by direct deposit. We strongly recommend direct deposit for efficient payment of your Work Study earnings.
Work-study jobs are included in financial aid packages, and most students elect to work 10 to 12 hours a week. However, if you elect not to work, you may request an alternative loan in lieu of all or part of your work-study job.
All students can track their loans that have been processed and disbursed on myNOVA under the Financial Aid Services section. On this site you will be able to see your total awards/loans for each year. This site will tell you when your loans have been certified and disbursed to your account. Additionally, the federal government’s National Student Loan Data System (NSLDS) is a repository of all sorts of information on federal loans and grants that you receive at all schools, so if you have attended more than one college or University or plan to track your loans after you graduate, NSLDS is a valuable resource. You can access NSLDS at www.nslds.ed.gov.
Financial assistance awarded by our office is based solely on financial need. However there are minimal requirements, per Federal regulations, for renewal of need-based financial aid. Our satisfactory academic progress policy requires a 2.0 GPA and completion of 24 credits each year. Please review all requirements for any merit-based aid the student may receive, as these requirements differ and are much stricter. There may be a different GPA or other academic requirements you must satisfy for the renewal of any Scholarships/Merit-Based aid.
Villanova University has a commitment to our students. Therefore, if the financial need does not change in the second year, the grant will remain the same. However, since circumstances may change either for better or worse, we evaluate financial need every year.
Your Financial Aid Award usually remains consistent over the four years of your education, assuming your financial situation remains consistent. However, Financial Aid is re-evaluated every year. Financial Need is calculated by both Federal Methodology (FAFSA) or College Board PROFILE and Institutional Methodology (Villanova University). Federal Methodology, determined by the calculation of the information submitted on the FAFSA application is used when awarding Federal PELL, Federal Supplemental Education Grant, Direct Loans, and Federal Perkins/Nursing Loans. Institutional Methodology is used when awarding need-based Villanova Grant. Institutional Methodology, is a separate calculation based on untaxed income, sibling(s) in graduate school, home and business/farm value (when students are required to file the PROFILE) and sibling(s) enrolled in college on a part-time basis, is used when awarding need-based Villanova grant funds.
At Villanova University, outside scholarships are considered a resource and must be included in the students' overall financial aid package. We will allow students to retain their outside aid if financial need has not been met. If a student’s need is met, we will reduce the Federal Work Study, then reduce the Federal Direct Subsidized Loan. However, once those options are exhausted, we are required to reduce Villanova Grant/Scholarship funds that have been awarded to the student. If any changes are made to the student's awards, it will be reflected on their MyNova account as well as a revised award letter will be sent to the student.
The cost of attendance (the budget) is the figure that is reported to the Federal Government to reflect allowable indirect as well as direct billable costs to attend Villanova University. Check your billing screen on myNOVA to determine your direct billable costs for which you are responsible to pay. The cost of attendance is the maximum amount that students/families can borrow, minus any financial aid that the student is awarded.
Because most Villanova students are not guaranteed housing in their fourth year, the Office of Financial Assistance will review, process, and disburse your aid as an on-campus student, you will see that your total cost of attendance will still include a meal and housing allowance. The only difference is that when living off-campus (not residing at your parents' home), you are paying rent to a landlord. In this case, students often receive a refund from our Bursar’s office. This refund can be used for rent and meals (room and board).
Students who study abroad are charged Villanova University’s tuition rate which allows financial assistance to be used for the Fall Semester, Spring Semester, or a combination of the Fall & Spring Semesters. Other program costs (e.g. room, board, transportation in a foreign country, airfare, visas, etc.) are recalculated according to the individual study abroad program to determine your cost of attendance. This recalculation of program costs can possibly result in a reduction of financial aid or an increase in loan eligibility.
After reviewing your financial aid file for any changes to your financial aid eligibility, grants and federal funds will be credited to your account as if you had stayed at Villanova. In addition, Villanova University academic scholarships are applicable for study abroad semesters.
Please Note: If you are a recipient of Tuition Remission, Tuition Exchange, or an Augustinian Relative Remission Grant, the value of these remissions do NOT apply for any study abroad programs. In these cases, the student will be charged the tuition of the sending school and not that of Villanova University, as well as a processing fee charged by our Bursar’s Office.
We strongly encourage students to visit the Office of Financial Assistance to discuss funding before making a final decision on a study abroad program.
Federal aid is reviewed under a federal process called “Return of Title IV Funds." The premise is that even though aid is packaged before the beginning of the semester, the aid is actually earned through being enrolled. The percentage of the semester that a student remains enrolled correlates to the percentage of federal aid “earned” as of that point.
For example, a student withdrawing at the 20% point in the semester has only earned 20% of the federal aid awarded, thus is at risk of having 80% of the federal aid returned. This may, in some cases, result in a fairly large balance, as tuition is adjusted according to a different schedule. See the Bursar’s Office website for more information about tuition adjustments for withdrawal.
Because Residential Assistants receive a stipend for their room and board, we need to include assistance received as an RA in the overall financial aid package. This could mean that some changes are made to the student’s financial aid. Students are encouraged to meet with a Financial Assistance Counselor before making their final decision regarding the acceptance of an RA position.
Yes, it will affect your financial aid. If you begin a semester full-time and then drop to half-time, aid will need to be adjusted and some sources may be reduced or canceled entirely. In general, we only offer Federal PELL grant (to those who are eligible), Direct Loans, and Alternative (Private Bank) Educational Loans to our part-time students. Villanova Grant assistance is not offered to students enrolled on a part-time basis; however, Villanova Grant consideration may be given to students who were enrolled as a full-time undergraduate student, but are now last-semester seniors enrolled in at least nine credits. Students are encouraged to meet with a Financial Aid Counselor before making a final decision to go to a part-time status.
Usually, your questions can be answered by any one of our student services representatives. However, if there are special circumstances that you would like to discuss with an administrator, you may ask for an appointment by calling our office at 610.519.4010 and speaking with one of our representatives.
Freshmen are notified by access to their myNOVA account and via an official award letter from our office prior to the start of classes. Once classes begin, all communications regarding the financial aid award is made via email and myNOVA. Upperclassmen receive emails to their Villanova email account informing them to check myNOVA for their financial award. Overall, students are expected to consistently review myNOVA or their Villanova email accounts for any updates pertaining to financial assistance.
A refund will be automatically processed if Federal Funds for the semester exceed the semester charges. Refund checks are mailed to the student’s permanent address unless a direct deposit account has been created. Students can create a direct deposit account by accessing “Bursar Links” under the Student tab in their myNova account. Students can also request a refund by contacting the Bursar’s Office at 610-519-4258.
Financial aid is not applicable to the summer term with the exception of the Federal Pell Grant. However, parents can apply for the Direct PLUS loan to cover the summer educational expenses and/or students can apply for an educational alternative loan for this time period. BSN Express students and graduate students are also an exception, and Direct Loans can be certified for the summer term.
Need-based financial aid is awarded for eight semesters as a full-time, day undergraduate student. In your last year, you will be considered to be a graduate student and would only be eligible for the Federal Direct Subsidized/Unsubsidized Loans of $20,500 per academic year, unless you are provided a graduate assistantship.
As a part-time matriculated student, you would be eligible for certain forms of aid if you registered for at least six credits per semester. This would include Federal Pell Grant, PA State Grant (for Pennsylvania residents) and Direct Loans. In addition, all part-time students have the option of utilizing our alternative tuition payment plan and/or other alternative loans. Financial aid forms and information on federal or state grants, loans, and scholarships are available through the Office of Financial Assistance 610-519-4010. Although students enrolled on a part-time basis are not eligible for Villanova University Grant, there are a limited number of scholarships available to part-time students. Please access the Part-Time Studies website for the latest information.
According to federal tax law: "Scholarship amounts that exceed the cost of tuition, fees, books, supplies, and equipment required for attendance and coursework are considered taxable income to the recipient. Amounts which would be considered taxable include scholarship funds which cover costs of room and board, travel, and optional equipment. "
Please consult your tax advisor for information regarding filing a tax return and reporting these amounts.