Collegiate Times

University financial aid offices everywhere are feeling the pressure as they confront a deluge of scholarship applications left and right.

Virginia Tech's financial aid office coordinated delivery of $302 million in university, state and federal aid to its students last year.  That number includes undergraduate, graduate, and professional loans, grants, scholarships and work programs.

Back then, such an undertaking was hard enough.  Tech received more than 20,000 applications in 2008.  Barry Simmons, financial aid director, expects a 9 percent hike in scholarship applications that will intensify the already fierce competition for aid.

"It's critical for students to apply early for financial aid.  It truly is a business when there's not enough money for all needy students that the early bird gets the worm," said Marilynn King, senior associate director of financial aid.

New and transfer students can generally expect their award package notification to occur in April, shortly after notification of acceptance and certainly before the May 1 deposit deadline.

Given the current economic situation, one would expect offered financial aid to play a major role in the enrollment decisions of many incoming students.  That's why many public universities in the state try to offer financial award packages for accepted students only a few business days after acceptance notifications.

"We can't go out before people have been admitted by the university," said Brad Benett, senior associate director of financial aid and scholarships at James Madison University.  "We have to make sure the student knows that they've been admitted to the university before they receive their financial aid package."  

"It's usually about three or four days behind the admit notices," Benett said.  "We've actually had the same timeline for years, and it's worked out very well."

Current students applying for financial aid do not receive notification of their award packages until much later, usually in June at Tech, Simmons said.  This is so staff can verify the student's "reasonable academic progress."  

For example, students must earn 75 percent of credits attempted - withdrawing courses mid-semester counts against this requirement.  If an application is rejected because they fail such a requirement, the student has 30 days to appeal.

Next year, Tech will try something different: currently enrolled students will start to receive their preliminary award packages around the same time as incoming students, in April.  

The trade-off is that packages are conditional on a number of factors.  Awards are based on estimations of tuition and fees.  If the estimate is off, the award must be revised.  If the student does not show "reasonable academic progress" when grades become available, their offer may be rescinded.

For both incoming and currently enrolled students, Simmons advised they apply as early as possible.  One myth, he said, was "that they don't have to apply for financial aid until after they receive the admissions decision.  That's not just a problem at Virginia Tech."

Simmons encourages all students, regardless of individual circumstance, to apply for aid.  "Donald Trump, if he had students going to college, they could at least get a student loan through the feds by filling out a FAFSA," he said.  

The Free Application for Federal Student Aid, a required document for any general scholarship application, becomes available every New Year's Day.  Students must submit their General Scholarship Application - FAFSA included - by March 11.  Next year, that date will be moved up to March 1 to help deliver award packages to students earlier.