If you are planning on living at Vulcan Village, we would like to share with you some important points in how financial aid is used by the Vulcan Village staff in paying your monthly rent.

1. The Vulcan Village staff will use only financial aid awards that have been "finalized" by the beginning of each semester in order to determine the amount of financial aid that can be used toward Vulcan Village costs. Any financial aid that is available after all university tuition, fees, mean plan (if applicable), and other costs have been deducted (excess financial aid) will be used by Vulcan Village for payment of rent.
   

2. Vulcan Village at California is only permitted to use excess financial aid in increments of a full months rent. For example, if your rent is $500 monthly and you have excess financial aid in the amount of $1,700. Vulcan Village staff can only use $1,500 of the $1,700 since only three full months of rent can be taken from the total $1,700 excess financial aid amount.
   

3. Vulcan Village at California must apply all payments from the end of the semester to the beginning. Therefore, the months that are affected are determined by which lease option you have chosen as indicated below:
   • 12-payment lease – The fall semester runs from August through January and the spring semester runs from February through July. This is broken down into two six-month payment segments.
   • 10-payment lease – The fall semester runs from August through December and the spring semester runs from January through May. This is broken down into two five-month segments.
4. Using the example in #2 above, the three (3) months that would be covered are January, December, and November if you are on a 12-payment lease and December, November, and October if you are on a 10-payment lease. Using this example, there would be out of pocket expenses on the front end of each semester.
5. Village at California residents must have a qualified guarantor for the lease arrangement. The exceptions are as follows:
   • Qualify with an I-20
   • Pay in full (all 10 or 12 months) prior to July 1st.
   • Have enough excess certified aid to cover the entire semester