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Newsy Notes from the Financial Aid Office

The priority date for applying for institutional financial aid is fast approaching–March 1.  If you are planning on participating in the federal financial aid programs to help defray the cost of attending VLS this fall, you need to complete the Free Application for Federal Student Aid (FAFSA) and also our VLS Institutional Financial Aid Application.  You can complete the FAFSA electronically at http://www.fafsa.gov.  You can also print our application from the Tuition & Financial Aid page on our website.  Our plan is to start awarding first year accepted students very soon with the goal of having all awards done prior to the first deposit deadline on April 15.

We received really good news yesterday.  Our preliminary 2008 Cohort Default rate for federal student loans is 0.0%.  196 students went into repayment on their federal student loans in 2008 and not one student has defaulted (not making their monthly loan payments).  It is pretty much unheard of to have a zero percent default rate.

The Financial Aid Office offers several different workshops during the year.  Yesterday, we had a tax workshop where we brought in a CPA who spent the afternoon, along with the financial aid staff, helping students fill out their 2009 federal and state income tax returns.  The students were very appreciative of the help and all but one student left happy because they were getting a refund.  We are having another tax workshop next week.  Other workshops we will be offering during the semester are a credit workshop to help students work through negative credit issues they have, a workshop on student loan repayment and loan forgiveness options, a home buyers workshop for faculty, staff and students, and an “After Graduation” workshop for graduating students to help prepare them for the financial world they will soon be experiencing.

Stay tuned for more financial aid “Newsy Notes” in the near future.

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