YVC assigns student budgets based on the student’s dependency status for financial aid and the housing arrangements selected when completing the application form. Financial aid officers may adjust the student budget with documented allowable expenses such as childcare expenses, expenses related to a disability, student medical/dental expenses, or other educational expenses with a Budget Revision Request and appropriate documentation. However, the financial aid office cannot consider non-education related expenses, expenses for other members in the household, undocumented expenses or expenses related to life style or consumer choices. Start-up costs that are unique to specific programs (tools, uniforms, equipment) should be documented at the time of any request for additional funding, such as loans that are not offered in the original financial aid package.
Need-based Assistance Programs
There are three main types of need-based financial aid that may be included in a student’s financial aid award notice from the financial aid office:
- GIFT AID (funds not repaid by eligible students) May be in the form of a grant, scholarship or waiver. Awards are based on student eligibility, need based on FAFSA data, and available funds. Awards are posted on the financial aid portal and do not require the student to formally accept each award.
- LOAN (funds must be repaid, but may be deferred while the student is in school) Federal Direct Stafford Loans are based on student request after eligibility for grants has been determined. Loan request forms are available on the forms webpage and at the financial aid office after initial grant awards have been issued.
- WORK (a job for which the student is paid) Work Study awards are based on student request after eligibility for grants has been determined. Awards are restricted by the availability of funded positions. Each student must attend an initial Student Work Study Orientation and verify eligibility for employment before being awarded. Watch the announcements on the financial aid office web-site for dates and times of upcoming orientation sessions.