Awarding of Title IV Funds
1. All Title IV funds are awarded based on the information received from the FAFSA. You must complete the FAFSA to be eligible. The FAFSA can be found at www.fafsa.gov.
2. City Vision University has five terms per year: Fall 1, Fall 2, Spring 1, Spring 2, and Summer. For financial aid purposes, the academic year begins with Fall 1 and continues to Summer.
New students starting in the Summer may apply their financial aid to either the past or next academic year. Students beginning in a term other than Summer should complete the FAFSA for that academic year. For example, students planning to start in Summer 2017 could complete either the 2016-2017 FAFSA or the 2017-2018 FAFSA. However, students planning to start in Fall 1 2017 or later should complete the 2017-2018 FAFSA.
If you have any questions about which FAFSA you should file, please contact Ann Marie Cameron-Thompson, Director of Financial Aid, at financialaid [at] cityvision [dot] edu for clarification.
3. Once the FAFSA is received and processed in our office the student's file will be pulled for awarding in groups based on the date all the information was received, including any required verification documents. Awards are made on a first-come, first-served basis.
As part of processing the FAFSA, an Estimated Family Contribution (EFC) will have been calculated for the student by the Department of Education using the Federal Methodology (FM). The FM is a formula that consider income and assets and size of the family and number in college to determine the EFC. It also applies standard allowances against those resources to determine how much you and/or your family can contribute.
4. An estimated Cost of Attendance (COA) will be assigned by City Vision University for packaging purposes. The COA includes all tuition costs and the cost of books and supplies as direct costs. City Vision University is an online-only institution, but the COA also includes the cost of the student's living expenses for the year as indirect costs.
5. The Estimated Family Contribution (EFC) is subtracted from the COA to determine each student's demonstrated financial need.
COA – EFC = NEED
The sum of all need based awards will not exceed the need of the student.
The sum of all awards (need and non-need) will not exceed the COA.
The packaging methodology for undergraduate students is as follows:
- Pell Grants are automatically awarded based on the student's EFC and the Pell tables published by the US Department of Education.
- Other sources of financial aid, such as Workforce Investment Act and Veteran's Educational Benefits, are included.
- All institutionally awarded tuition discounts are included.
- Eligibility for Subsidized and/or Unsubsidized Direct Loans is calculated and added to the package.
A COA is calculated to establish the amount that can be awarded. A FAFSA form is necessary to gather the information required for students to participate in the federal Title IV aid programs (Pell and loans).
Pell Grant Formula
Pell grants are calculated on the basis of full-time enrollment for an academic year: total Pell awarded for year / 5.
If a student is half-time in a particular term, instead of full-time, then the Pell grant is pro-rated to be one half of what it otherwise would be.
A student is full-time if he or she takes 6 or more credits in a given term; a student is half-time if he or she takes 3.
Tuition Billing Date
City Vision does not bill students until after they complete the 5th week of each term or until after the 8th week of the term (whether or not they have completed the 5th week), whichever comes first. We do this because as an online-only university, if students are late submitting their assignments, we may not have an accurate estimate of students’ attendance. Because students attending less than 2 weeks are given a full refund and those attending 2 to 5 weeks are given a partial refund, by waiting to bill students, we are able to have a more accurate attendance and bill. Refunds are given based on the date that the bill is paid either directly by the student or by financial aid.