Financial Aid Frequently Asked Questions

Submitting the FAFSA online is the fastest and easiest way to apply. Follow the steps here to learn more about the application process.

No. All letters will be converted to uppercase when you submit your FAFSA.

If a financial question doesn’t apply to you, you can either leave it blank or enter 0 (zero). Do not type N/A into the answer field.

No. Do not enter a decimal point or cents. Instead, round off your answer to the nearest dollar and type in this amount. Do not enter commas.

Federal loans and grants are aid-year-specific. This means a new FAFSA must be completed for each aid year in which you need federal aid. The FAFSA application typically opens on October 1st of the year prior to the start of the fall semester. This means that most months of a calendar year will have two FAFSA applications open: one for the active aid year and one for the next aid year.

Your Expected Family Contribution (EFC) is used to determine the need for aid for the following types of federal student financial aid: Federal Pell Grant, TEACH Grant and Stafford Subsidized Loans.

All data used to calculate your EFC comes from the information you provide on the FAFSA. A variety of factors affect your EFC from the FAFSA: household size, number of people in college in your household, household income levels, state of residence, etc. Once you have completed your FAFSA, it is processed by the Department of Education’s Central Processing System. Once processed, you will receive an output document containing a summary of your FAFSA as well as your results (Student Aid Report).

The Department of Education has provided a document that provides additional information about the EFC Formula.

Like the EFC, the Student Aid Index (SAI) helps determine your eligibility for federal student aid. Beginning in the 2024-2025 aid year, the SAI replaced the EFC on the FAFSA. This number can range from negative to positive numbers but is not a dollar amount of aid eligibility or what your family is estimated to contribute financially. It is an eligibility index number calculated based on your tax return and the net worth of your assets. For most students, this information is transferred directly from the Internal Revenue Service (IRS) to your FAFSA.

The Student Financial Aid Office uses the SAI to determine your eligibility for the Federal Pell Grant, TEACH Grant and Stafford Subsidized Loans. To determine your eligibility for need-based aid, your SAI is subtracted from your cost of attendance (COA).

Once the Student Financial Aid Office has received a processed FAFSA, we will send a notification letter to you with instructions on your next steps. This letter will include your Regent University Genisys/Student ID, a temporary PIN (if you are a new student), and a list of your satisfied and unsatisfied requirements. You can also look in Genisys to determine what requirements are still outstanding.

Once in Genisys, click on the following menu items: Financial Aid -> Select Aid Year -> Step 2: Financial Aid Requirements.

The Department of Education began processing FAFSA applications in March 2024, but additional issues have been discovered during the processing phase. The Department of Education will continue working to resolve known issues, but this may take several weeks.

At the end of March, universities began receiving FAFSA files from the Department of Education. Regent University will work as quickly as possible to process FAFSA records as they are received. However, because of the known issues, Regent University is taking extra care to create your aid package to ensure your aid is as accurate as possible. You will receive an email notification with next steps once your FAFSA has been received and processed by Student Financial Aid.

Direct Subsidized Loans and Direct Unsubsidized Loans are federal student loans offered by the Department of Education. These loans have both annual and lifetime aggregate limits. Loan limits can be viewed here. Loans should only be taken when necessary to limit your financial burden when you enter your repayment period.

Direct Loans are subject to loan origination fees and varying interest rates. The origination fee is a percentage of the loan to cover the cost associated with the loan servicer creating the loan. Current interest rates and origination fee percentages can be viewed here.

A Direct PLUS Loan assists graduate students or parents of dependent undergraduate students with paying for education expenses that the student’s other financial aid does not cover. Unlike Direct Subsidized Loans and Direct Unsubsidized Loans, PLUS loans are based on a review of the graduate student’s or parent’s adverse credit and often offer a lower interest rate than most private educational loans. Graduates can visit our Graduate PLUS Loan webpage, and parents can visit our Parent PLUS Loan webpage for additional details.

You have a six-month grace period on your federal loans. If you have prior loans for which you had already begun repayment, there is no additional grace period. Contact your lender(s) to determine if you qualify for a deferment or forbearance.

The Federal Pell Grant is intended for undergraduate students who have not received a previous bachelor’s (or above) degree. If eligible, Federal Pell Grant amounts may vary from student to student and year to year based on each individual’s specific financial need within an aid year. Current Federal Pell Grant amounts can be viewed here.

Similar to loans, there is a lifetime aggregate limit for the Federal Pell Grant. More information about the Federal Pell Grant’s lifetime limit can be viewed here.  

The TEACH Grant is only awarded to students intending to teach. A student must agree to serve as a full-time teacher in a high-need field in a school serving low-income students for at least four academic years within eight years of completing the program of study for which you received the grant. If you do not complete your service as a teacher, the grant will convert to a loan. Only certain programs will qualify for the TEACH Grant. For a list of eligible programs and more information TEACH requirements, visit our TEACH Grant page.

Similar to other federal grants, TEACH Grant amounts may vary from student to student and year to year. Current TEACH Grant amounts can be viewed here.

The Iraq and Afghanistan Service Grant is intended to provide additional federal aid to students not receiving the maximum amount of Federal Pell Grant due to their EFC (or, beginning 2024-2025, SAI), but are otherwise eligible for the Federal Pell Grant, and who had a parent or guardian in the U.S. armed forces die as a result of military service performed in Iraq or Afghanistan after September 11, 2001 and who were under 24 years old or enrolled at least half-time at the time of their parent’s/guardian’s death.

If you meet the above requirements, the Student Financial Aid Office will be notified to review your account for eligibility after you have completed the FAFSA. Current Iraq and Afghanistan Service Grant amounts can be viewed here. The same lifetime aggregate limits for the Federal Pell Grant apply to the Iraq and Afghanistan Service Grant.

FSEOG is intended for undergraduate students demonstrating exceptional financial need. Unlike the Federal Pell Grant, FSEOG funds are awarded on a first-come, first-serve basis. Currently, Regent University does not participate in the FSEOG program.

VTAG is available to all Virginia residents who attend private institutions in the Commonwealth and provide sufficient information on their intent to remain in Virginia after the completion of their degree. Certain programs are ineligible for VTAG and awards amounts may vary from year to year. Similar to some federal programs, there is a limit on the how long a student may receive VTAG. Visit our VTAG webpage for additional information on the application and eligibility process.

If you graduated from a Virginia Community College, you may be eligible. Like VTAG, some programs are ineligible for the Virginia Community College Transfer Grant and award amounts may vary from year to  year.  Visit our Virginia Community College Transfer Grant webpage for information on the grant application and eligibility process.

VTSLP is a program funded by the State of Virginia to support students who are interested in pursuing a teaching career in one of the top ten critical shortage teaching areas. VTSLP does not have an application process and funding amounts may vary from year to year. Teacher candidates must be nominated by the School of Education in early May each year for the upcoming fall semester. Visit our VTSLP webpage for more information.