Apply for Aid

Apply early for financial aid and submit all required documentation upon request. There are application deadlines and limited funding for some financial aid programs. The following five steps take you through the financial aid process from application to payment.

1. Application Review

To be considered for financial aid at the AVERETT, you must comply with the general eligibility requirements. You will also need to complete Free Application for Federal Student Aid (FAFSA) either online at FAFSA on the Web, or by mailing an application to the Federal Processing Center at the Department of Education.

It will take approximately four weeks for the Federal Processing Center to process your FAFSA, determine your Expected Family Contribution (EFC), and send you a Student Aid Report (SAR). If after four weeks you do not receive an SAR, contact the Federal Processing Center (1-800-433-3243) to verify that they received your FAFSA.

Once you receive your SAR, review the answers for accuracy. Correct only items that were inaccurate as of the date you signed your FAFSA. Averett may require you to provide documentation verifying the correction(s) you make. Also, verify that Averett's name and school code (003702) are listed on your SAR; if not, call the Federal Processing Center at 1-800-433-3243 and ask them to add Averett to your SAR, so that Averett will receive your information.

Keep your SAR for your records. Do not submit your SAR or any documents unless requested by the Office of Financial Aid.
Once Averett receives your FAFSA from the Federal Processing Center, we will review your application for completeness and accuracy.

2. Awarding

After the application review is complete, Averett will determine your financial aid award(s). Every application is reviewed for eligibility for all federal, state, and institutional programs. Averett knows that each student has a different financial situation. A financial aid award package consists of funding from one or a combination of financial aid programs and is designed to help meet your educational costs.

Unfortunately, Averett cannot always completely meet the needs of every student due to the funding limits of the various aid programs. The primary responsibility for paying for school rests with the family. Financial aid is intended to supplement, not replace, financial support from you and your family.

3. Notification/Acceptance

Averett will mail a financial aid award package to your current address. You can accept, reduce, or decline your financial aid award(s). Please sign and return one copy of this award letter.

4. Entrance Counseling and Promissory Notes

Entrance Counseling explains your rights and responsibilities as a borrower. The promissory note is the legal document in which the borrower promises to repay the loan.

When you accept a federal loan, you will need to complete the following:

New Student Borrowers must complete an On-line Entrance Counseling Session before receiving your first Stafford Loan disbursement. You must fill out a Master Promissory Note (MPN) to apply.

New Parent PLUS Loan Borrowers must complete PLUS Request form and return to the Office of Financial Aid with the award letter.

5. Financial Aid Disbursement

Congratulations! You are almost done!
Now, how does your financial aid get applied toward your University billing account? Most financial aid awards credit electronically to your student account approximately one week after the start of the semester. Some private loans and outside scholarships require your signature before the funds can be applied toward your bill. Your financial aid will be applied towards your tuition, fees and other charges on your student account. Your financial aid is term-specific and will not pay any past due or prior year unpaid charges to your student account. It is your responsibility to pay any past due balance from previous terms at Averett. If any excess funds remain, you will receive a surplus check. Click here for our disbursement policy.