Frequently Asked Questions

Application Process

Award Letter Expectations

Renewal of Aid

Changes to Enrollment Status/Housing Status

Communicating with the Office of Financial Assistance?

Summer Programs, BS/MS Programs, Part-Time Studies

Reporting Scholarship funding on your Federal Income Tax Return

  • Is any part of my scholarship required to be reported on a Federal Income Tax Return?

 

 

How do I apply for financial assistance?

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.  

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Where do I get the applications for Financial Assistance?

If you are a high school student, the FAFSA form is available on the web at www.fafsa.gov and the CSS PROFILE is available on the web at http://profileonline.collegeboard.com.

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.

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What are your application deadlines?

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.

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What if our taxes will not be completed by your deadlines?

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.

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How do I complete the IRS Data Retrieval Process?

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.

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Who is eligible to complete the IRS Data Retrieval Process?

You and your parents are eligible to use the IRS Data Retrieval Tool on the www.fafsa.gov website if you:

  • Filed your 2013 federal tax return with the IRS.  You can only use the tool if you do not owe taxes, or have submitted payment for your taxes to the IRS. 
  • Have a valid social security number.
  • Have a Federal Student Aid PIN (if you do not have a PIN, you will be given the option to apply for one)

You and your parents are not eligible to use the IRS Data Retrieval Tool if:

  • Your marital status changed after December 31, 2013.
  • You filed married filing separately.
  • You filed Head of Household, but listed married as marital status on FAFSA application.
  • You filed an amended return.
  • You filed a foreign tax return.
  • You filed a tax return using a Tax ID Number (TIN).
  • The home address on the FAFSA does not match the address on the tax return.

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.

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How can I obtain an official IRS tax transcript?

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 three ways to request your tax transcript: by phone, 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 financial aid verification purposes. Please be advised that our office cannot verify your financial aid award without a tax transcript or IRS Data Retrieval Tool.

To obtain a tax return transcript online please follow these steps:

  • Go to www.irs.gov.
  • Click Order a Tax Return or Account Transcript located under Tools
  • Click Order a Transcript under Step 3.
  • Enter your SSN, Date of Birth, Street Address, and Zip Code.
  • Click Continue.
  • Select Return Transcript for Tax Year (i.e., 2013).
  • Click Continue.

To obtain a tax return transcript by phone please follow these steps:

  • Call the IRS at 1-800-908-9946 (7:00 a.m. to 10:00 p.m.).
  • Tax filers must follow prompts to enter their Social Security Number and the numbers of their street address. Generally, these will be the numbers of the street address that was listed on the latest tax return filed. However, if an address change has been completed through the U.S. Postal Service, the IRS may have the updated address on file.
  • Select "Option 2" to request an IRS Tax Return Transcript, and then enter "2012."
  • If successfully validated, tax filers can expect to receive a paper IRS Tax Return Transcript at the address that was used in their telephone request within 5 to 10 days from the time the IRS receives the request.
  • IRS Tax Return Transcripts requested by telephone cannot be sent directly to a third party by the IRS.

To obtain a tax return transcript by mail please follow these steps:

  • Complete Form 4506-TEZ (Request for Transcript of Tax Return).
  • Form 4506-T is available online.
  • Mail or fax the completed IRS Form to the appropriate address (or fax number) provided on page 2 of Form 4506T-EZ.
  • Your transcript(s) will be mailed within 5 to 10 days from the IRS.

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Do I need to apply for assistance before I know if I have been admitted?

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.

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What is Villanova's Title IV School code and the CSS PROFILE School Code?

The Title IV school code for the FAFSA is 003388 and the CSS PROFILE School code is 2959.

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What if I want to apply for assistance at more than 10 schools? The FAFSA only lets me list 10 at a time.

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.

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What do I do if I feel that I have a "special circumstance?"

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.

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I just received my Student Aid Report (SAR). The Processor says I need to make corrections. How do I do this?

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.

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What if I do not want to file the College Board PROFILE?

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.

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I'm only interested in merit-based money. Who do I contact?

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.  

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When can I expect to receive the tuition bill?

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.

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What is the Financing Option on my award letter?

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.

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What is Work Study?

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.

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Can work-study earnings be applied to my bill?

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.

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Am I required to work during my freshman year?

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.

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How can I keep track of my total loan debt?

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

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What is the minimum GPA for consideration or renewal of Financial Aid?

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.

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What happens to my financial assistance in my second year? Does Villanova reduce the grant automatically?

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. 

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Will I receive the same financial aid for all four years?

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.

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How do outside scholarships affect my financial aid award?

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 student loan debt, then reduce their Federal Work-Study. However, once those options are exhausted, we are required to reduce Villanova Grant/Scholarship funds that have been awarded to the student.

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On myNOVA I see that my cost of attendance allows for charges for room and board but I am living off campus?

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.

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How does living off campus affect my financial aid award?

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).

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How does studying abroad affect my financial aid?

Because students who are on Study Abroad are charged the University tuition, Financial assistance is permitted to be used for fall and spring Study Abroad programs.  However, the non-tuition charges are recalculated according to the cost of the individual Study Abroad program. This could mean a reduction in some financial aid. We encourage students to visit our office before making a final decision on your study abroad program. While most of your aid is able to be retained, there are some sources that cannot be used.

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How will my financial aid be affected if I withdraw?

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.

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What happens to my financial aid if I become a Residential Assistant (RA)?

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.

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Will dropping to a part-time student affect my financial aid?

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.

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What if I need to speak to a financial assistance counselor?

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.

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How does the Office of Financial Assistance send communications to the students?

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. 

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When will I receive my refund check if my account states that I have a credit balance?

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.   

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Will my financial aid cover my summer courses?

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.

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I have been accepted into the 5-year BS/MS Program. How will my financial aid be affected?

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.

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What about financial aid for adult or part-time students?

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.

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Where can I get information on the Yellow Ribbon Program at VU?

Information regarding the Yellow Ribbon Program can be found by clicking on the following link:

http://www1.villanova.edu/villanova/enroll/registrar/verification/veterans/YellowRibbon.html

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Downloads

*
* 20142015FABooklet.pdf
Click here for the 2014-2015 Villanova University Financial Aid Package Booklet for entering Freshmen and Transfer Students
* 1314_Returning_Undergrad_FinAid_Booklet.pdf
Click here for the 2013-2014 Villanova University Financial Aid Package Booklet for Returning Undergraduate Students