Yes. Attendance and academic progress must be acceptable within the guidelines established by the school being attended. If the student is suspended from school for any reason, his/her benefits will be terminated form the VDMSDEP.
Yes. Attendance and academic progress must be acceptable within the guidelines established by the school being attended. If the student is suspended from school for any reason, his/her benefits will be terminated form the VDMSDEP.
VMSDEP is a Commonwealth of Virginia Program, and is administered by the Virginia Department of Veterans Services, state agency. The Dependents’ Educational Assistance Program (Chapter 35 of Title 38 of the U.S. Code) is a federal government program and is administered by the U.S. Department of Veterans Affairs (also called the VA).
Yes. Future students may use VMSDEP and chapter 35 benefits at the same time, however, please note that the eligibility periods for the two programs are different. Depending on a students’ circumstances, he/she may decide to use each programs benefit(s) concurrently, or separately.
Whether you receive your Student Aid Report (SAR) online or on paper depends on whether you provide an email address on your FAFSA. If you apply for FAFSA online, it may take 3-5 days to receive SAR. If you provide a valid email address, you’ll receive an email with instructions on how to access an online copy of your SAR. Also, you can use, FAFSA4caster, which is a free financial aid calculator that gives you an early estimate of your eligibility for federal student aid. (FAFSA4caster is not an application for aid; it’s a planning tool.)
Your school determines the loan type(s), if any, and the actual loan amount you are eligible to receive each award year. However, there are limits on the amount in subsidized and unsubsidized loans that you may be eligible to receive each award year (annual loan limits) and the total amounts that you may borrow for undergraduate and graduate study (aggregate loan limits). The actual loan amount you are eligible to receive each academic year may be less than the annual loan limit. These limits vary depending on: Your cost of attendance Expected Family Contribution Other financial aid received [...]
The school will first apply your loan funds to your school account to pay for tuition, fees, and other school charges. If any additional loan funds remain, they will be returned to you. All loan funds must be used for your education expenses. • Enrollment is at least half-time at the college • False information made the student eligible for the loan
Direct Subsidized and Unsubsidized Loans—Repayment begins after a 6-month grace period. The grace period begins the day after you cease at least half-time enrollment. Direct PLUS Loans—Repayment begins 60 days after the student has received the last installment of the loan for a school year. However, as long as the student is still enrolled at least half-time, the Department of Education will grant a deferment that allows a student to postpone payments while he/she is continuing his/her education.* There is no grace period for PLUS loans, however, so the parent (of the student) will be expected to begin repayment as soon [...]
Generally, borrowers have from 10 to 25 years to repay his/her loans, depending on the repayment plan chosen. Monthly payment amounts will be based on the amount borrowed and the repayment plan selected. Standard Repayment Plan—Fixed monthly payments for up to 10 years. Extended fixed repayment or extended graduated payment plan—You will make fixed or graduated monthly payments and repay your loan in full over a period of time, not to exceed 25 years (not including periods of deferment or forbearance). Graduated Repayment Plan— Payments start off lower at first and then gradually increase, usually every 2 years. The loan must [...]
Borrowers are considered delinquent if their monthly payment is not received by the due date. If he/she fails to make a payment, he/she will receive a warning notice and reminder of the loan obligations and the consequences of default from the company or companies that offered loans to the student. Late fees may be added if payments are late, and delinquency will be reported to one or more national credit bureaus.
