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 2019-2020 academic year are listed below.

Expenses (2019-2020)

First Semester

New students are required to make a $250 confirmation deposit within thirty (30) days of acceptance (refundable until May 1).

Returning students must indicate their intention of enrolling for the next academic year by remitting a confirmation deposit of $250 prior to March 15 (refundable until May 1).

Second Semester

New students are required to make a $250 confirmation deposit within thirty (30) days of acceptance (non-refundable).

Note: Financial aid will not cover confirmation deposits.

Fees

FULL-TIME TUITION (12-19 credit hours)

Students are billed prior to the beginning of each semester.

Payment in full for the first semester is due by August 1, 2019.

Payment in full for the second semester is due by December 15, 2019.

*Varies per housing option and does not include apartment style accommodations.

Part-Time Tuition/Fees

One to six hours: $710 per credit hour

Seven to eleven hours: $985 per credit hour

Special Instructional Fees (In addition to tuition)

Miscellaneous Fees

E-Term Cost – Fees may apply.

Overload fees will be waived if caused by E-Term course.

The college reserves the right to make necessary adjustments in the fees at any time.

The annual estimated cost for books is $800.

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 Student Accounts via e-mail at stacctm@ferrum.edu or by phone at 1-800-868-9797 and choosing option #7. The College will receive checks or money orders at the address below:

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

Include your name and Ferrum College account number (ID number) on your payment.

Payment Plan, Credit Cards, ACH Debit to Checking

If you would like to make a payment in full or in part via the phone or web, you may do so by a variety of methods through our payment partner, Tuition Management Systems.

Whether you can pay in full or need help, we highly recommend you consider paying your education expenses monthly by using the Interest-Free Monthly Payment Option offered by Tuition Management Systems. The payment plan is available for a small enrollment fee and includes personal account service and counseling, automated account information 24 hours a day, and access to your account through their website.

Visit Tuition Management Systems web site www.ferrum.afford.com for more information on payment options, free education payment counseling, and the many ways they can help you afford education. You can also call them toll free at 1-800-722-4867.

Overload Fee

Students may not register in excess of 19 hours of credit per semester without the approval of the Provost of the College. If such approval is granted, the student will be charged $710 per semester hour for all coursework in excess of 19 hours.

Special Categories

Senior citizens, age 65 and older, may attend Ferrum classes tuition-free; however, this policy does not apply to Continuing Education, or special programming.

Financial Policies

All returning students must indicate their intention of enrolling for the next academic year by remitting a confirmation deposit of $250 prior to March 15.

Payment of Tuition, General Fees, Room and Board

Students are billed prior to the beginning of each semester for tuition, general fees, and room and board. Student accounts, after adjustments for Financial Aid, are required to be paid in full prior to the student attending classes, or participating in other college activities. (Exceptions: See the Monthly Payment Option above.) 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. Payments in full for the first semester is due by August 1 and payment for the second semester is due by December 15.  Payments not received by the due date are subject to a monthly late payment penalty.

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

(Also applies to moving off campus during the semester)

SCALE 1: Students who withdraw will be charged for tuition, room and board, based on the following:

SCALE 2: In situations involving suspension or expulsion of a student, charges for tuition, room and board will be based on the following:

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

After four weeks of any semester, no adjustments to any charges will be given.

Title IV aid recipients will have their financial aid pro-rated if they withdraw within the first 60% of the semester.

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

Ferrum College Grant Funds Policy

Ferrum College funds (Merit Grants, FC Grants, FC Scholarship, Endowments, etc.) will be prorated based on SCALE 1 as listed above (i.e. Students will receive 10% of total Ferrum College Grant funds if they are charged 10% and withdraw in the first week).

Students who are expelled/suspended will receive institutional funds based on SCALE 2 (i.e. If a student is suspended in the first week, the student will be charged 20% and only receive 10% of their institutional funds).

Return of Title IV Funds Policy (Federal Withdrawal Policy)

When a student withdraws from coursework before 60% of the semester is completed (regardless of the reason for the withdrawal), a Title IV refund is required by federal laws. Title IV refund refers to all Title IV Federal funds such as Pell Grants, SEOG Grants, Iraq/Afghanistan Service Grant, TEACH Grants, Perkins Loans, Stafford Loans (Subsidized and Unsubsidized), and PLUS Loans.

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 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 $2,775 Pell Grant, $350 SEOG, $750 Perkins, and $1,742 in Subsidized Stafford Loan for a total of $5,617 (both Federal and Institutional funds) for the semester.

Essentially the institution would be required to refund $3,931.90 (5,617 - $1,685.10) 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 the adjustments have been made.

Only aid that is final and disbursed is eligible to be included in the total Title IV and Ferrum Grant 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).

Additional Information

A student who earns a grade of “F” or “I” in all classes at the end of the semester is also subject to the Return of Title IV policy. Professors will be e-mailed to verify the last date of attendance in class and the withdrawal calculation will be completed based on the professor’s certification of the last day the student attended the course.

Note: If a student withdraws before census date (3rd Friday of classes or end of drop/add period) they will lose eligibility for state aid such as the Virginia Tuition Assistance Grant (VTAG) and the College Transfer Grant. 

Financial Assistance

Ferrum makes every effort to provide financial aid consistent with individual and family ability to meet college expenses. A comprehensive assistance program, including campus jobs, scholarships, grants, and loans, is available. The majority of Ferrum College’s financial aid programs are awarded to students based on financial need (in combination with other factors such as academic achievement) as determined by the results of the Free Application for Federal Student Aid (FAFSA). Award programs which are not based on need include the Virginia Tuition Assistance Grant (VTAG), Ferrum College Merit Grants and Scholarships, Unsubsidized Stafford Loans, PLUS (Parent) Loans and alternative educational loans available through lending institutions.

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) may be completed after October 1 for the next academic year. Priority deadline for receipt of the FAFSA results is February 1 for all students. Students whose forms are received after the priority deadline will still be considered for financial aid. However, self-help (loans or work) may constitute a larger portion of the aid “package” and/or the student may receive less total aid.
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 gift aid (grants, scholarships) and/or self-help aid (work-study, loans). The student is notified of his or her financial assistance in a letter or through the institutions online web 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.

Change of Residency Status

Students who move off campus, whether with a relative or in their own residence, will see a change in their financial aid award. Merit awards, including Ferrum College Scholarships and Grants, as well as Federal or Ferrum College need based financial aid awards will be reduced for students who move off campus. Students should make an appointment to speak with a staff member in the Office of Financial Aid to learn about changes to their financial aid award should you wish to live off campus.

Grants/Scholarships

The following programs are sources of gift assistance. They do not require repayment. Students must maintain Satisfactory Academic Progress as designated in the College Catalog to be eligible for any Title IV Federal Grant Programs.

Virginia Tuition Assistance Grant (VTAG)

Virginia residents who plan to attend Ferrum College may be eligible for a grant from the Commonwealth of Virginia which is not based on financial need. The program was established to assist Virginia’s private colleges in reducing the tuition gap between private and public in-state colleges. Grant funding is determined by the General Assembly and amounts reflected on the student and award letter are estimated and not guaranteed. For the academic year 2019-2020, the estimated grant amount is $3,400. Applications are available from the college in the spring of each year. The completed application must be returned to the Office of Financial Aid by July 31. Late VTAG applications may be submitted, but awards for late applicants are contingent on available funds remaining after the July 31 applicants are funded. Students may receive VTAG funds for a maximum of eight semesters (undergraduate).

Federal Pell Grant

Pell is a federal aid program which provides grants to high need students. Students apply by submitting the FAFSA. The maximum Pell Grant award is based on Federal allocations approved by Congress.

Federal Supplemental Educational Opportunity Grant (FSEOG)

The FSEOG was also established under the federal aid programs. By completing the FAFSA, each student with exceptional financial need is automatically considered for an award. Priority is given to Federal Pell Grant recipients.

Praise and Worship Team Scholarships

This scholarship is offered up to 10 students per year who are interested in a leadership position within Spiritual Life and worship experience. Recipients will consist of musicians, singers, dancers, worship leaders, and individuals to assist in managing sound and promotion, singing and/or playing contemporary Christian music. Recipients of the scholarship will receive $1600 per year ($800 per semester). An in-person or videotaped audition may be required and can be arranged through the Office of Spiritual Life. This scholarship is renewable annually if the recipient maintains a minimum 2.3 GPA and fulfills all other requirements of the scholarship.

Academic Scholarships

Ferrum College offers academic scholarships based upon scholastic achievement for entering students. Only full-time students are eligible for academic scholarships. Students who are eligible for more than one scholarship, or other tuition scholarships, such as Tuition Remission or certain Veteran’s Benefit programs receive only the higher award.

Ferrum College Scholarships and Merit Grants

Entering freshmen and transfers seeking their first bachelor’s degree are eligible for Ferrum College Scholarships or Merit Grants ranging of $13,500 to $23,500. To be eligible, students must be accepted for admission. Students must have a GPA of 2.0 or higher (on a 4.0 scale) and a minimum combined SAT score of at least 810 on the two-part test or 15 on ACT test. Amounts will vary, depending upon the above criteria, as well as resident/commuter status and transfer credits. Awards are renewable for each year of enrollment as long as students maintain Satisfactory Academic Progress. Resident students who elect to move off campus will see their Ferrum College merit scholarships and grants reduced. Students are advised to consult with staff in the Office of Financial Aid should they wish to live off campus.

Work Programs

All students who complete the FAFSA and are eligible for need-based aid are considered for a work-study position. Approximately 825 students are awarded work-study positions each year, working approximately 6-13 hours per week in areas as diverse as faculty and administrative offices, food services, the library, science labs, facility services and maintenance shops. Funds are provided by the Federal Work Study Program (FWS) and various college programs. Federal Work Study funds are paid directly to the student for hours completed. Students must maintain satisfactory Academic Standards in order to be eligible for any Title IV Federal Work Study funds.

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 Stafford Loans

Stafford Loans are available at an interest rate as determined by higher education legislation. A student with financial need as determined by the FAFSA can apply for the Subsidized Stafford Loan. Interest does not accrue until graduation, and loan repayment is deferred during college enrollment. A student without financial need (also determined by the FAFSA) can apply for the Unsubsidized Stafford Loan, but the 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 do not need to complete any additional loan information. Students who wish to decline all or a portion of their Stafford Loan should reject their eligible loan program on Panther Portal or by contacting the Office of Financial Aid by phone, e-mail, or written notification. Each student will be informed of his/her rights and responsibilities through the entrance counseling session.

Federal PLUS Parent Load

PLUS is a federal loan program designed to assist parents of dependent undergraduate students. Parents must provide documentation which verifies the dependency status of the student. A credit check is required. Interest rates are determined by July 1 of each year by the Federal Government. Repayment commences within sixty days after the loan funds are disbursed. Loan eligibility is determined by subtracting the student’s expected financial aid from the total estimated cost of attending Ferrum. PLUS applications are available in the Office of Financial Aid or online. Deferment options are available for PLUS Loans. Parents should contact COD (Common Originations and Disbursements) at 1-800-557-7394 for information on deferment request.

Alternative Loans

In addition to federal loans, financing options are available through banks and other educational lending institutions. These programs are designed to assist students and their families who may not be eligible for federal grant and loan funds or who need additional educational financing. Most alternative loans require that the borrower/cosigner demonstrate credit-worthiness. These alternative loan institutions may be searched for online.

United Methodist Aid Programs

United Methodist students are encouraged to apply for assistance from The United Methodist Church programs which are described below.

Students can visit:http://www.ferrum.edu/financial-aid/united-methodist-programs/ or visit the Office of Financial Aid for more information.

• United Methodist Scholarships
  Ferrum nominates qualified applicants annually for the United Methodist Scholarships available through the General Board of Higher Education and Ministry in Nashville, Tennessee. Financial need, superior grades, and church membership are factors in selection. A FAFSA must be filed to determine eligibility. Scholarships, available to four or five students each year, range from $500 to $1,000. Nominations end on June 1.
• United Methodist Foundation Scholars Program
  The purpose of the scholars program is to value-centered education in a Christian context in United Methodist-related institutions through scholarship assistance to United Methodist students. This program provides four (4) $1,000 scholarships at each United Methodist-related precollegiate school and four-year college or university. One scholarship is earmarked for an entering first-year college student, one for a second-year college student, one for a third-year college student, and one for a rising college senior. Nominations end on June 1.
• Other United Methodist Programs
  Many other United Methodist programs are available. Ferrum College participates in the Triple and Double Your Dollar for Scholars Programs, as well as the United Methodist Leadership Scholars Program. United Methodist scholarship information is available online at www.gbhem.org or www.umhef.org. Students may be limited to one United Methodist program per year.
• United Methodist Student Loans
  Low interest student loans are available through the United Methodist Church Office of Loans and Scholarships in Nashville, Tennessee. Need is a factor, as are grades, church membership, and U.S. citizenship. Loan applications are available from the General Board of Higher Education and Ministry at www.gbhem.org.

Endowed Scholarships

Numerous endowed scholarships are available to students who demonstrate financial need. Endowed scholarships may be used to replace the Ferrum Grant during the academic year. There are no additional applications for endowed scholarships.

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.