Financial Aid Resource Guide | Valparaiso University

Financial aid can be confusing, but our goal at Valpo is to help you understand how it works and be there to support you. This booklet contains A LOT of information. It’s designed to be a resource throughout your entire time at Valpo to answer basic, and not so basic, questions.

Understanding Your Aid Offer and DataVU

Your Financial Aid Offer

The letter you receive in this packet includes the breakdown of annual direct University charges, which are:

• Tuition/Fees

• Room

• Meal Plan (valpo.edu/dining)

In addition to the charges is a breakdown of the financial aid offer, which can include a combination of grants, scholarships, loans, and/or work study. Your aid is based on (1) being a full-time student, (2) your housing status, (3) the results from your FAFSA, and (4) the availability of funds.

Grants: Money that does not have to be paid back and is typically based on financial need. Grants can be in the form of a government grant (Pell), Indiana state grant (Frank O’Bannon), and/or University grant (Valpo Fund Alumni Award).

Scholarships: Money you do not have to pay back that is based on merit, skills, or other unique characteristics. This includes scholarships offered at the time of admission.

Loans: If you completed a FAFSA, you automatically qualify for federal loans (Direct Subsidized and/or Unsubsidized Loans). These must be paid back.

Work study: A student can earn wages through an oncampus or approved off-campus community service job. The University offers both Federal Work Study (needbased) and Valparaiso University Work Study (non needbased) opportunities.

Estimated Annual Amount Due

You will see two sections on the aid offer: one listed as scholarships/grants, the other as loans. The total estimated out-of-pocket cost is listed below each section accordingly. If you choose to not use loans, your outof-pocket is what you will see in the scholarships/grants section.

What Happens After Reviewing My Offer

View Your Financial Aid Offer Online

To review your financial aid offer, use the DataVU login and temporary password listed at the top of your aid offer. Log into datavu.valpo.edu and select financial aid to view your aid offer online.

Once you are in DataVU, please review the checklist of documents that may be needed to complete your financial aid offer. If a document request notification is included with your offer, additional documents are needed to finalize your financial aid. A list of what is needed will be included in your packet and will appear in your financial aid offer. These forms MUST be submitted before any aid will transfer to your account.

Accept, Reduce, Or Decline Your Loans

In your financial aid account, you will need to accept, reduce, or decline the loans offered. If you accept your loans, your checklist will update and direct you to complete the Master Promissory Note (MPN) and entrance counseling at studentaid.gov.

Outside Scholarship

If you are receiving an outside scholarship, you can report this information in your financial aid account so it can be added to your aid offer. Once a check for your outside scholarship is received by the Office of Student Accounts, it will be credited to your account. Outside scholarships may affect your financial aid offer.

Indiana State Grants

INDIANA RESIDENTS: Log into scholartrack.in.gov to review your state grant notice. If your FAFSA has edits that need to be corrected for state grant consideration, you will receive an email from the state in April regarding the edits to be corrected. The state does not confirm state grant eligibility until closer to July.

• Secure your spot in the incoming class by submitting your enrollment deposit in your admissions portal (valpo.edu/admitted). Deposits are fully refundable until May 1. Deposits are credited toward your fall tuition bill.

• Register for and attend FOCUS, new-student orientation, to learn more about Valpo, register for your fall classes, and meet fellow classmates. Go to valpo.edu/focus for more details.

• Have your final (8th-semester) official high school transcript sent to the Undergraduate Admission Office.

• Transfer students should have your final college transcript sent to the Office of Undergraduate Admission.

Student Account Center (SAC) and Payment Plans

Enroll in the Student Account Center

An email with instructions will be sent from Valparaiso University Student Accounts to enroll in the Student Account Center (SAC). Once you are registered for classes, give your parent/guardian(s) proxy access to your account information. After enrolling into the SAC, you will have access to:

• View Account Information

Available 24/7 with real-time update of charges and payments, including tuition, room, books, meals, financial aid, parking charges, and more.

• Payment Plan and Billing

Create payment plans, make payment, manage refund, and view transaction details.

• View Current Bill

After registration, E-bill statements are available (ONLY) for fall and spring terms. Visit the QR code to the right to access the billing webpage for more information.

Proxy Access on DataVU, under Financial Aid

Due to federal regulations (FERPA), the student must grant proxy access to any additional users. Authorized proxy users may view account activity, make payments, or create payment plans on the student account.

NOTE: Registered students may view their E-bill, which is updated periodically until the due date, beginning early July for fall classes and midNovember for spring classes.

• View Available Payment Plan Options

View payment plan options for fall or spring at: mycollegepaymentplan.com/valparaiso

Accessing Student Account Center (SAC) SAC can be accessed by STUDENTS from the DataVU account at: datavu.valpo.edu.

Your total Valparaiso University grants and scholarships may not exceed the tuition charge. Total aid from all sources may not exceed Valpo’s cost of attendance.

What are Federal Student Loans?

Federal Direct Student Loans are awarded according to the information you provide on your FAFSA and require halftime enrollment (6 credit hours/semester). Funds come directly to Valpo from the federal government. Repayment begins six months after you are no longer enrolled at least half time. If you wish to borrow some or all of the Direct Student Loan(s) you will need to complete both entrance counseling and the Master Promissory Note (MPN) at studentaid.gov. Loans will need to be accepted, reduced, or declined through your DataVU financial aid account.

Types of Federal Direct Student Loans

The Federal Direct Subsidized Loan

This loan is based on demonstrated need as determined by the results of your FAFSA. For 2022–2023, the interest rate was fixed at 4.99%. A loan origination fee of 1.057% will be deducted from the loan before it is disbursed. The government pays the interest as long as you remain a halftime student. Repayment begins six months after you are no longer enrolled at least half time.

The Federal Direct Unsubsidized Loan

This loan is offered without regard to need but accrues interest during all periods, including enrollment. For 2022–2023, the interest rate was fixed at 4.99%. A loan origination fee of 1.057% will be deducted from the loan before it is disbursed. You may defer making the interest payments during this time, but the interest will be added to the principal, increasing the amount you pay. Repayment begins six months after you are no longer enrolled at least half time.

Special Circumstances

Annual borrowing limits are as follows:

Freshman: (0–23 credits completed): $5,500, up to $3,500 in a subsidized loan

Sophomore: (24–55 credits completed): $6,500, up to $4,500 in a subsidized loan

Junior/Senior: (>55 credits completed): $7,500, up to $5,500 in a subsidized loan

Determination of subsidized/unsubsidized combination is based on the FAFSA results and the other financial aid you are receiving.

Loan Disbursement

Loans for the academic year are equally divided for the fall and spring semesters.

Did you know?

Your admission deposit credits to your student account in the fall semester and reduces your tuition.

Entrance Counseling and Loan Agreement/MPN

Federal regulations require all students who have not previously borrowed a Federal Direct Student Loan to complete:

• Entrance counseling

• Loan Agreement Master Promissory Note (MPN)

Both of these documents can be completed at studentaid.gov

Entrance counseling is designed to help you better understand the terms and conditions of the loan and your rights and obligations when you borrow money from the federal government.

The Loan Agreement/MPN is your agreement to repay the loans once you have graduated or are no longer in school half time.

Entrance counseling and the MPN are required the first time you borrow a federal student loan. You are only required to complete the process again if you have been out of school for more than 10 years or if the promissory note becomes inactive because no disbursements were made on the loan.

Both steps must be completed in order for your loans to disburse to your account. Not completing the documents can delay the disbursement of your loans.

Some things to remember:

• The student signs into studentaid.gov using their FSA ID to complete the forms.

• Entrance counseling takes about 30 minutes.

• MPN requires two personal references (U.S. citizens) who have known you at least three years. Make sure you have different addresses for each person.

• Review all four sections of the terms and conditions and mark the check box acknowledging that you have reviewed the information.

• Review the promissory note, type your name, and click the “sign” button; then open the promissory note, click “submit,” and you should receive a page letting you know you have finished the process.

• Valpo will be notified electronically when you have completed each item.

Additional Student Loan Options

In most cases, families will need to pay something toward the cost of attending college. Once you have reviewed your aid offer and determined if additional financial aid is needed, here are some options:

• Parent PLUS Loans (see page 8 for more information)

• Private Alternative Student Loans

At the beginning of the term, students should allow a minimum of three to four weeks for disbursement from a private loan to apply to their student account. Valpo will work with the lender of your choice.

Visit the QR code to the right for more specific information on these loans and links to online applications.

We understand that students and families sometimes experience changes to their financial situation that may impact their ability to pay for college. Depending on what has occurred, the student may request a review of special circumstances that may cause a revision to the FAFSA and increase the amount of aid to help pay for your Valpo education.

Financial Aid reviews these circumstances on an individual basis. Some examples of what might have occurred include, but are not limited to: one-time non-recurring income, change in employment status or marital status, medical expenses, private elementary or secondary school tuition, and daycare/eldercare expenses. To view the full list or provide information about a circumstance that may not be listed, scan the QR code to the right and scroll down to special circumstances

Private loans are available through a number of private lenders to help cover educational expenses. Applications for private loans are available 120 days before classes begin (may vary by lender). Check with your loan servicer for details. The student is the borrower, but will usually need a credit-worthy co-signer.

These loans offer:

➡ Borrowing option for full-time or part-time students (up to cost of attendance less other assistance)

➡ Variable and fixed interest rates

➡ Low or no origination, guarantee, or repayment fees

• Institutional Loans (limited amounts available through Valpo)

The annual borrowing amounts are limited, and some institutional loans are restricted to certain majors, county of residence, or year in school. These institutional loan funds are available only after you have used all your other student loan or parent loan options.

Contact the Office of Financial Aid for more information.

Federal Direct Parent (PLUS) Loan

The Federal Direct Parent PLUS Loan is available to parents of undergraduate dependent students who are enrolled at least half time (6 credit hours or more). The annual loan limit is the total cost of attendance minus all other aid received. The interest rate for 2022–2023 is 7.54%.

Although this loan is not based on financial need, a FAFSA and a credit check are required. Repayment begins 60 days after full disbursement, or the parent can request a deferment if the student is enrolled at least half time.

The loan origination fee of 4.228% will be deducted from the Federal Direct Parent PLUS Loan before it is credited toward your charges.

Credit Worthiness Standards for the PLUS Loan: To meet the credit worthiness requirements, an applicant cannot be 180 days or more delinquent on repayment of any debt or the subject of a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write-off of a Title IV debt during the last five years.

How to Apply for a PLUS Loan

To apply for the Parent PLUS Loan, you must complete the loan application and, if a first-time borrower for this student, complete the Master Promissory Note (MPN) for a PLUS Loan. The student will need to have filed a FAFSA for the year.

Some things to remember:

• The parent(s) are logging into studentaid.gov and locating loans and grants.

• Use the parent(s) FSA ID and password to apply for the Parent PLUS Loan

Borrow Conservatively

• The first information provided is for the student for whom the parent(s) are borrowing, followed by their information, which includes: personal, employer information (if employed), academic year for the loan, deferment choices, where to allocate the funds, school information, and loan amount.

• If the loan is approved, the parent borrower will then be directed to complete the MPN for that student. The loan funds will be credited directly to the student’s account. If you choose to borrow through the Direct PLUS Loan program in future years, you will need to complete a new application each year, but you will not have to sign another MPN for that student. The MPN is good for up to 10 years.

If the loan is denied, you will be given the option to appeal the credit decision, obtain an endorser for the loan, or allow an increase in the student’s unsubsidized loan.

Federal Direct “Additional" Unsubsidized Loans are available for independent undergraduate students or for dependent undergraduates whose parents have been denied a Federal Direct Parent PLUS Loan for the current academic year. Although this loan is available without regard to need, a FAFSA must be submitted in order to be eligible.

Annual borrowing limits for the "Additional" Unsubsidized Loans are as follows:

• Freshman/Sophomore: $4,000

• Junior/Senior: $5,000

Work Study

• All Valparaiso University students are eligible to apply for a job on campus through the student employment program, regardless of financial need. Please visit valpo.joinhandshake.com/login and use your DataVU username and password to log into Handshake for available jobs. Search “work study” for a list of on- and off-campus jobs.

• Students will interview with those departments who have shown an interest in hiring them for work study.

• Once hired, students will complete paperwork, which includes providing proper identification, completing I-9, federal W-4, and state W-4 forms, and completing direct deposit information for bi-weekly pay.

For more information on student loans (repayment calculators, loan cancellation options, and other loan resources), please go to studentaid.gov

• Actual earnings depend on the number of hours worked per week and are paid directly to the student through direct deposit into their bank account.

• A standard $2,000 is put in place for all work study positions (this can vary based on hours and the job secured).

Other Reminders

• Your fall account balance must be under $3,000* in order to register for spring semester.

• Your account statement will be emailed for the spring semester and is due by January 5. The spring semester bill is based upon spring semester enrollment credits.

• If enrolling for summer classes, you must complete Valpo’s summer financial aid application in addition to the upcoming year FAFSA. The summer financial aid application will be available on our website in February.

• Spring semester classes begin January 10, 2024.

(available online after April 1)

Finalizing and Renewing Your Aid Offer

Receiving Your Aid

Your financial aid will credit to your student account after the drop/add period each semester if all required documents have been submitted and reviewed by the Office of Financial Aid. Normally, it takes two weeks after classes start for aid and charges to post to your account.

These documents may include, but are not limited to:

1. Copies of tax transcript or signed tax return

2. Verification worksheets

3. Master Promissory Note (MPN)

4. Entrance counseling

Aid cannot be disbursed until all documents have been received and reviewed. After items are submitted, please allow two weeks for them to be reviewed. You may check the receipt date under financial aid on DataVU

If a credit balance exists on a student account after all financial aid credits have been applied, the student may request a refund using the student refund request form.

You can submit the student refund request form two ways:

In-person The form is available in the Student Accounts Office, or

Online The online form is available through DataVU, or via the QR code to the right.

NOTE: A student refund request Form must be submitted for each refund issued.

Initial refunds are available approximately two to three weeks after the term begins. After all initial refunds are processed, subsequent refunds will be available each week, typically on Tuesdays and Fridays. For exact disbursement dates, please contact Student Accounts at 219.464.5101.

All student refunds will be processed through the Student Account Center. To receive your refund by direct deposit, register your payment preference and delivery address on your Student Account Center.

Other Important Information

Renewal of Financial Aid

Most merit scholarships are renewable by maintaining satisfactory academic progress (SAP). Some scholarship and special/departmental awards are renewable when you maintain the specified grade point average noted in your scholarship letter. You do not need to file the FAFSA to receive these awards. Our SAP policy can be found on valpo.edu/finaid or by scanning the QR code to the right.

Federal, state, and University grants, loans, and work programs are based on the FAFSA. Renewal of these awards is contingent upon the availability of funds and maintaining SAP.

Indiana residents: Your FAFSA must be received by the federal processor by April 15 for Indiana state grant consideration (Indiana grants are only available for eight semesters).

Financial Aid staff will try to keep award levels consistent from year-to-year; however, there are some factors that can affect your eligibility for need-based aid. Some of these factors include, but are not limited to: an increase in either the parents’ or the student’s income as compared to the prior year, a decrease in the number of family members, a decrease in the number of family members in college, and an increase in the parents’ or the student’s assets as reported on the FAFSA.

Information regarding eligibility and renewal of your aid is listed on our website at valpo.edu/finaid or in the General Catalog.

Dropping One or More Courses

Students may drop one or more courses during the drop/add period. Tuition charges will be reassessed at the end of that period. There will be no adjustments to tuition for courses dropped after the drop/add period. There will also be no refund of the special, laboratory, or general fees.

Your financial aid will be reviewed at the end of the drop/add period. If needed, it will be adjusted to reflect enrollment at that time.

Withdrawal From All Classes

If, for whatever reason, a student needs to withdraw from Valparaiso University, they may be eligible for a prorated refund of their tuition, room, and meal charges according to the schedule. This feature can be accessed under the registration tab in DataVU

Visit our website at valpo.edu/finaid to review the following information:

• Tuition & Fees*

• Applying and Renewal of Financial Aid

• Scholarships, Grants, and Loans

• Veterans Information and Resources

• Billing

• Forms

• Student Employment

• Student Financial Services Contact Information

* There are additional fees for some programs. Please go to valpo.edu/student-financial-services/tuitionfees/direct-charges to review this information.

Important Links

datavu.valpo.edu Access to Financial Aid Self-Service and Student Account Center (SAC)

valpo.edu/admitted Enrollment deposit link studentaid.gov This site gives you access to the FAFSA, entrance counseling, Master Promissory Note, Parent PLUS Loan application, and information about the borrowing process and loans. To reach someone regarding issues with your FAFSA, call 1.800.433.3243.

Federal and State Offices

Indiana Commission for Higher Education (ICHE) Phone: 317.464.4400

scholartrack.in.gov View your state grant eligibility if a resident of Indiana

irs.gov Tax return transcripts, verification of non-filing letter, wage and income transcript