Financial Information

Tuition expenses and the availability of financial aid are considerations of immense importance to both students and their parents. Ferrum College endeavors to ensure that qualified and deserving applicants are given adequate financial assistance, enabling them to meet their educational goals. The College has an extensive program of financial aid, including loans, scholarships, grants, and a highly successful work-study program.

Charges for students entering in the 2020-2021 academic year are listed below.

Expenses (2020-2021)

Fees

Tuition                          $450 per credit hour

Technology Fee          $50 per 8-week module, or $100 per semester

Students are billed prior to the beginning of each module for tuition and fees. Student accounts, after adjustments for Financial Aid, are required to be paid in full prior to the student attending classes. (Exceptions: Monthly Payment Option.) For payments other than cash or credit cards, Ferrum College reserves the right to withhold services including, but not limited to, transcripts, grades and diplomas until method of payment has successfully been processed through all financial institutions. Any unpaid balances after the start of the module may be subject to a finance charge.

In order to avoid a delay in receiving academic information, all costs and charges must be paid in full prior to the student leaving college due to graduation, transfer, or any other reason. Any student who has an account balance will not receive a transcript, certificate, diploma, or any other academic information. Furthermore, should formal collection become necessary to collect past due accounts, an additional 50% of the unpaid balance plus all attorneys’ fees will be assessed by the collection agency for expenses incurred in the collection process. Accounts placed with a collection agency will also be reported to a credit bureau

Payment Options

Students are billed prior to the beginning of each semester.  Full payment or payment arrangements to cover the entire balance (tuition and fees less financial aid) is required before participating in any college program and before attending any class.

Check or Money Orders

The Office of Student Accounts is open Monday – Friday from 8:00 a.m. to 5:00 p.m. You may contact the Office of Student Accounts via e-mail at stacctm@ferrum.edu or by phone at 1-800-868-9797 and choosing option #7. Checks or money orders may also be mailed to the address below. 

Ferrum College
Attn: Accounting Department
P.O. Box 1000
Ferrum, VA 24088

Student name and Ferrum College account number (ID number) should be included on the payment.

Payment Plan, Credit Cards, ACH Debit to Checking

Students who would like to make a payment in full or in part via the phone or web may do so by a variety of methods through our payment partner, Nelnet Campus Commerce.

Whether students can pay in full or need help, we highly recommend they consider paying education expenses monthly by using the Interest-Free Monthly Payment Option offered by Nelnet Campus Commerce. The payment plan is available for a small enrollment fee and includes personal account service.

Visit the Nelnet Campus Commerce web site www.ferrum.afford.com for information on payment options, free education payment counseling, and the many ways they can help you afford education. You may also call them toll free at 800-722-4867.

Financial Policies

Payment of Tuition and Fees

Students are billed prior to the beginning of each module for tuition and fees. Student accounts, after adjustments for Financial Aid, are required to be paid in full prior to the student attending classes. (Exceptions: Monthly Payment Option.) For payments other than cash or credit cards, Ferrum College reserves the right to withhold services including, but not limited to, transcripts, grades and diplomas until method of payment has successfully been processed through all financial institutions. Any unpaid balances after the start of the module may be subject to a finance charge.

All inquiries concerning financial aid and student loans should be made to the Office of Financial Aid in advance. Prompt return of accurate and complete documents will prevent delays in financial aid processing.

In order to avoid a delay in receiving academic information, all costs and charges must be paid in full prior to the student leaving college due to graduation, transfer, or any other reason. Any student who has an account balance will not receive a transcript, certificate, diploma, or any other academic information. Furthermore, should formal collection become necessary to collect past due accounts, an additional 50% of the unpaid balance plus all attorneys’ fees will be assessed by the collection agency for expenses incurred in the collection process. Accounts placed with a collection agency will also be reported to a credit bureau.

Institutional Withdrawal Policy

Students enrolled in an 8-week module who withdraw will be charged based on the following:

The above scale does not apply to fees. Fees are charged at 100%.

The College’s complete refund policy is published on the Ferrum College website under Financial Aid.

Graduate Return of Title IV Funds Policy (Federal Withdrawal Policy)

Title IV funds are awarded to a student under the assumption that the student will attend school for the entire period for which the assistance is awarded.

A student is considered to have withdrawn from a nonstandard term program if the student does not begin another course within a payment period or period of enrollment for more than 45 calendar days after the end of the module the student stopped attending, unless there is an approved leave of absence from the institution.

For the graduate degree program at Ferrum College, there will be 2 modules per payment period. (2-8 week modules within one semester of 16 weeks total)

For students who receive an incomplete for a course in the second module and take that course in module three, he or she is not considered to be enrolled in the course for Title IV purposes. Therefore, attendance in just that course does not count as attendance for purposes of the Return of Title IV Funds requirements

For the student not to be considered a withdrawal for Title IV purposes, the student must have either: (1) submitted written confirmation of future attendance in a Title IV eligible course later in the semester; or (2) have an approved leave of absence. A LOA may not exceed 180 days in a 12-month period.

If the student subsequently returns and begins attending a Title IV eligible course later in the period, the student’s Return of Title IV Funds calculation would be undone in accordance with 34 CFR 668.22(a)(2)(iii). 

If the student doesn’t return after the scheduled LOA, the withdrawal date will be counted as the students last day of attendance.

Documenting attendance when students are enrolled in distance education courses

Simply logging into an online class is not sufficient, by itself, to demonstrate academic attendance by the student.

Students may document attendance by the following examples:

• student submission of an academic assignment
• student submission of an exam
• documented student participation in an interactive tutorial or computer-assisted instruction
• a posting by the student showing the student’s participation in an online study group that is assigned by the institution
• a posting by the student in a discussion forum showing the student’s participation in an online discussion about academic matters
• an e-mail from the student or other documentation showing that the student-initiated contact with a faculty member to ask a question about the academic subject studied in the course

Withdrawals from programs offered in modules

A student is considered to have withdrawn for Title IV purposes if the student ceases attendance at any point prior to completing the payment period or period of enrollment, unless the school obtains written confirmation from the student at the time of the withdrawal that he or she will attend a module that begins later in the same payment period or period of enrollment. 

In addition, a student is considered to have withdrawn from the program if the student is not scheduled to begin another course within the payment period or period of enrollment for more than 45 calendar days after the end of the module the student ceased attending, unless the student is on an approved leave of absence. 

If written confirmation of future attendance is obtained but the student does not return as scheduled, the student is considered to have withdrawn from the payment period or period of enrollment.

Unless a student provides written confirmation of future attendance in the payment period or period of enrollment, a student who drops all the future classes that he or she was scheduled to attend between modules (when the student is not attending classes) is considered to have withdrawn, and a Return of Title IV Funds calculation is required. Adjustment to a student’s enrollment status made after a student has ceased attendance have no bearing on the Return of Title IV Funds requirements.

Therefore, if a student who is scheduled to attend all three modules in a payment period or period of enrollment drops all future classes (the two remaining modules) during the period between the first and second module (when the student is not attending any classes), the days in modules two and three are included in the total number of calendar days in the payment period or period of enrollment. The days in the remaining modules are included whether the student ceased attendance during or completed the first module. The days in the remaining modules are included in the number of days in the payment period or period of enrollment whether the student’s future enrollment is cancelled by the student or by the school (for example, because the school cancels the class or drops the student from the class because the school determines that the student’s grades in prior classes do not allow the student to progress to the next class).

For example, if a student withdraws on day 30 of a semester that is 100 days in length they essentially would be eligible for 30% of any Title IV aid (Federal Direct Unsubsidized Stafford Loans) received (30/100 = 30%). This percentage is the amount of Title IV aid “earned” by the student.

Assume that the student received an award of $7380 in Federal Direct Unsubsidized Stafford Loan for the semester.

Total Federal Funds                            $7,380

multiplied by percentage earned        30%

Federal Funds Earned to Date            $2,214             

Essentially the institution would be required to refund $5,166 ($7,380 - $2,214) of the students Title IV federal aid since this portion is considered “unearned” by the student. The student would then be responsible for payment of these funds and any other outstanding balance to Ferrum College after all adjustments have been made.

Only aid that is final and disbursed is eligible to be included in the total Title IV aid figure. (i.e. if a student fails to sign a promissory note and their Stafford Loan has not yet been disbursed, the student may no longer be eligible for those funds).

Financial Assistance

Graduate students will not be eligible for institutional merit or need based financial aid. The following federal programs will be available to graduate students assuming they meet all criteria for funding:

Financial Aid Application Procedure

1. New students will automatically receive aid information from the Ferrum College Office of Admissions; returning students should use the FSA ID information created in the previous academic year.
2. The Free Application for Federal Student Aid (FAFSA) should be completed prior to the start of the academic semester in which they plan to enroll.
3. If a student is chosen for verification of income information, appropriate documentation must be provided to the Office of Financial Aid before financial aid is disbursed or made final.
4. The Financial Aid staff will develop a financial aid package which may be composed of self-help aid (loans). The student is notified of his or her financial assistance in a letter or through the institution’s student portal.
5. New aid applications must be completed for each academic year. In order to receive financial assistance, students must be enrolled at Ferrum College and must be making satisfactory academic progress (see Academic Policies  section).
6. There may be some instances when a student’s financial aid award must be adjusted. Students will receive a revised award letter if adjustments have been made to their aid award.
7. Financial aid is usually disbursed in 50% increments, i.e. 50% in the fall term and 50% in the spring term.

Financial General Policies

There will be no refund of tuition, fees, charges, or any other payments made to Ferrum College in the event that the operation of the College is suspended at any time as a result of any act of God, strike, riot, disruption, or for any other reason beyond the control of the College.

Graduate Assistantships

Assistantships provide training and valuable work experience in higher education. Assistantship duties should not interfere with academics but should contribute to the student’s growth as a professional.

Assistantships are considered financial aid to help graduate students complete their graduate program requirements. An application is required. Applications can be accessed at the School of Graduate and Online Education webpage. Graduate assistantships may be awarded outside of the student’s home program. Assistantship appointments may vary in length and are contingent upon the availability of funding and academic standing in one’s graduate program. Assistantships are granted for one academic semester or year with reappointment dependent upon performance review. Before any assistantship can be awarded, students must be admitted to the Graduate School as a degree-seeking student.

Students selected for a graduate assistantship are required to work no more than 20 hours per week on the Ferrum College campus and will receive free tuition only for the online graduate program(s) of their choice.

Students may wish to apply for a Federal Direct Unsubsidized Stafford Loan to defray the costs of living, transportation etc.

Assistantships may be awarded, competitively, to those students who have applied for an appointment and who are academically eligible. A student must be enrolled full-time (i.e., at least nine credit hours per semester) in a specific degree program. Part-time and non-degree graduate students are not eligible for graduate assistantships.

Students will have to provide documentation to the Human Resources Office regarding their eligibility to work and complete all federal and state tax forms.

Loan Programs

Loan funds borrowed from the following programs are to be repaid according to the guidelines established in the federal regulations. By accepting a loan, the student has a legal responsibility to repay the loan amount as instructed in the promissory note. In fulfilling this obligation, the student establishes an early credit reference. Students must maintain satisfactory Academic Progress in order to be eligible for any Title IV Federal Loan Program.

Federal Unsubsidized Stafford Loans

Federal Unsubsidized Stafford Loans are available at an interest rate as determined by higher education legislation. Financial need is not a requirement for an unsubsidized Stafford Loan, but interest accrues during college enrollment. Repayment commences six months after the student leaves school or drops to less than half-time. Students must complete a Stafford Loan Master Promissory Note and Stafford Loan Entrance Counseling as first time borrowers to apply for the Stafford Loan. Returning students who have borrowed previously may not need to complete any additional loan information. Students who wish to decline all or a portion of their Stafford Loan should visit Panther Portal to accept or decline their loan offered. The school determines the amount you can borrow based on your cost of attendance and other financial aid you receive. Annual Loan limits for graduate programs is $20,500.

Veteran’s Benefits

Ferrum College complies with all policies set forth by the United States Department of Veterans Affairs, including the Veterans Benefits and Transition Act of 2018, Section 3679 of title 38.Veteran’s Benefits may be available for active duty or retired military students, or dependents of military personnel. All educational benefit information as stated below, as well as current application process and payment amounts are available online at www.gibill.va.gov.

IMPORTANT NOTE:  Students who are reviewing other programs not specifically listed below should contact the Veteran’s Benefit Administrator at Ferrum College to ensure that the institution participates in those potential military benefit programs.

Receipt of Chapter 33/Yellow Ribbon Veteran’s Benefits and Financial Aid

Students who will receive Chapter 33 Veteran’s Benefits/Yellow Ribbon will have their Financial Aid evaluated based on receipt of this program.  Students from Virginia are required to complete a Military Benefits Worksheet that will assist the Financial Aid Office in determining the student’s eligibility for available state funding (i.e. Virginia Tuition Assistance Grant etc.).  All Veteran’s Benefit programs and all funds received must be counted as financial aid when determining eligibility for state funds.

Students will be allowed to utilize their merit scholarships (Ferrum Scholarships/Merit Grants, Ferrum Transfer Scholarships/Grants) to assist with paying up to 50% of room and board costs.  All other institutional need based grants (Ferrum Grant, Endowments and Foundation Grants, and some other federal or state need based programs will not be available to students receiving this benefit.

Students who qualify for Pell Grants may use those funds to assist with costs for the academic year.  Student Loans are also available for students to assist with additional costs if necessary.

Receipt of Other Veteran’s Benefit Programs and Financial Aid

Students who receive other Veteran’s Benefit programs (Chapters 31, 35, 1606, 1607, etc.) will have their financial aid reviewed to determine eligibility for state funding (i.e Virginia Tuition Assistance Grant).  All Veteran’s Benefit programs must be counted as financial aid when determining eligibility for state funds.  The Financial Aid Office will use the most current payment rates on the GI Bill website to determine eligibility for state funding.  To learn more on eligibility, transfer of benefits, payment rates, etc. students and parents should visit the GI Bill Website.

To Apply

• The student must have applied for Admission to Ferrum College.  Students can apply online at www.ferrum.edu.
• The Parent should submit the TEB (Transfer of Education Benefits) online with the Department of Defense.
• Upon approval of the benefit transfer, the student will need to apply for the education benefits (GI Bill) with the Department of Veteran’s Affairs.
• Upon approval of your Veteran’s Benefits, you will receive a Certificate of Eligibility from the Department of Veteran’s Affairs.  Forward a copy of your Certificate of Eligibility, which designates your benefit information/eligibility, to the Veteran’s Benefits Certifying Official at Ferrum College, PO Box 1000, Ferrum, VA 24088.
• Students or parents with questions should contact the Veteran’s Benefits Certifying Official at (540) 365-6924.