How Financial Aid Works At Vulcan Village

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

1. Your Aid must be showing on your student account as excess certified aid prior to the beginning of each semester in order for the staff to place a hold on the money. Excess certified aid is money that has been approved for disbursement to the University from various lending agencies after all of the University’s tuition, fees, and other costs are subtracted.

2. Vulcan Village is only permitted to hold full months rent. Example: If your rent is $500.00 monthly, and you have excess certified aid in the amount of $1,700.00, we can only take $1,500.00. This will be enough to cover three (3) rental payments. The remaining money ($200.00) will be refunded to you by the University during their regular refund schedule.

3. We have to apply the money from the end of the semester to the beginning. The months that are affected are determined by which rental payment you may be on.

• If you are on a 12-payment lease the “semester” runs from August through January and then from February through July. This is broken down into two 6-month segments.
• If you are on a 10-payment lease the “semester” runs from August through December and then from January through May. This is broken down into two 5-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. Therefore, there will be out of pocket expenses on the front end of each semester.

5. All residents must have a qualified guarantor. 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