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 2023-2024 academic year are listed below.

Payment Schedule 2024-2025

PAYMENT OPTIONS

Full payment or payment arrangements to cover the entire balance for the current academic year (tuition and fees less financial aid) is required before participating in any college program and attending any class.

Checks or Money Orders

The Student Accounts Office is open Monday-Friday from 8 a.m. to 5 p.m. You may contact Student Accounts via e-mail at stacctm@ferrum.edu or by phone at 800-868-9797 option 7. The College will receive checks or money orders at Ferrum College, Attention:  Accounting, 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, Nelnet Campus Commerce.

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 Nelnet Campus Commerce.

The payment plan is available for a small enrollment fee and includes automated account information 24 hours a day through their web site.

Visit Nelnet Campus Commerce web site http://mycollegepaymentplan.com/Ferrum  for more information on payment options. You can also call them toll free at 800-722-4867.

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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 $755 per semester hour for all coursework in excess of 19 hours.

Special Categories

Senior citizens, age 65 and older, may attend Ferrum College 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 an enrollment 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.

Policy for Withdrawal

(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:

Semester start date through last day to add a semester course          10%

Course add period end date through Census Date                             50%

After Census Date (last day to drop a course without penalty)         100%

SCALE 2:

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

Semester start date through last day to add a semester course          20%

Course add period end date through Census Date                             60%

After Census Date (last day to drop a course without penalty)         100%

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

Title IV aid recipients will have their financial aid pro-rated if they withdraw within the first 60% of the semester.  The Institutional Withdrawal Policy is published on the Ferrum College website under Financial Aid.

Unofficial Withdrawal Policy

Students who do not notify the institution regarding their leaving campus or not returning during a semester are considered an unofficial withdrawal.

Once faculty or any office/staff on campus is made aware of a student’s unofficial withdrawal, they should e-mail the Registrar’s Office immediately at registrar@ferrum.edu.

The Registrar’s Office will contact faculty regarding the last date of attendance in an academically related event. Faculty or staff should respond on the dates as quickly as possible as there is a limited time frame to complete the Return of Title IV process. Students who unofficially withdraw are subject to the same policies as those who notify the appropriate offices to officially withdrawal.

Once the last date of attendance has been verified, the Financial Aid Office will complete the Return of Title IV process based on federal guidelines.

Winter Term, May Term and Enrollment in only one Summer bi-term (1-7 week term)

Students must drop courses from these terms by Day 2 of the beginning of the term to receive a full refund of the course(s) cost. Costs will be assessed at 100% after Day 2.

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

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 withdrawal), a Title IV refund is required by federal law.  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 $2775 Pell Grant, $350 SEOG, $750 Perkins and $1742 in Subsidized Stafford Loan for a total of $5617 in Federal funds for the semester.

Essentially the institution would be required to refund $3931.90 ($5617 - $1685.10) 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 all 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 (end of drop period) they will lose eligibility for state aid such as the Virginia Tuition Assistance Grant (VTAG) and the College Transfer Grant.

Refund Order-Title IV funds are returned in the following order:

Federal Direct Unsubsidized Stafford Loan

Federal Direct Subsidized Stafford Loan

Federal Direct PLUS Loan

Federal Pell Grant-for which a return is required

Federal SEOG-for which a return is required

TEACH-for which a return is required

Iraq and Afghanistan Service Grant-for which a return is required

Disclosures and Important Information

Students can receive information regarding the Return of Title IV Policy on the Financial Aid website: https://www.ferrum.edu/downloads/financialaid/2021%20Financial%20Aid%20Documents/2021%20Return%20of%20Title%20IV%20Funds%20Policy.pdf or by visiting the Financial Aid Office and speaking to a Financial Aid Representative. Once official withdrawal dates are received by the Assistant Registrar and shared with the Director of Financial Aid, financial calculations are completed and financial aid awards updated based on the reported last date of attendance of an academically related event. Students will then receive a memorandum at the home address on file detailing the amounts and programs returned to the Department of Education from the Director of Financial Aid, along with a copy of the Return of Title IV policy. Students are encouraged to contact the Student Accounts Office to inquire about any updated balance due to the institution or the Department of Education.

The Office of the Registrar is responsible for contacting faculty and other staff on campus to determine the student’s last date of an academically related activity. After the last date is received from all contacts, the Financial Aid Office is notified of the last date of an academically related activity.

If the student owes funds to the Department of Education, a memorandum is mailed to the home address on file with the amounts, program affected and details on how to contact the required department to repay the funds.

If a student is eligible for a post withdrawal disbursement of funds, a memorandum is mailed to the home address on file notifying the student of the programs and amounts of eligible disbursements. Grant disbursements will be automatically credited to the Student Account on the student’s behalf, while loan funds must be accepted by the borrower. The student or parent borrower will have approximately two weeks to accept or decline their post withdrawal disbursement proceeds in writing.

The Return of Title IV return will occur as soon as possible but no later than 45 days after receiving the student’s last date in an academically related activity.

Financial Assistance

Ferrum College 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 January 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. FAFSA 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 2024-2025, the estimated grant amount is $5,125. 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.

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 

Entering freshmen and transfers seeking their first bachelor’s degree are eligible for Ferrum College Scholarships ranging from $4,000 to $16,000. To be eligible, students must be accepted for admission. Students must have a GPA of 2.0 or higher (on a 4.0 scale). 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. 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 630 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 Loan

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 College Grant during the academic year. There are no additional applications for endowed scholarships.

Veteran’s Benefits

This institution is approved to offer GI Bill® educational benefits by the Virginia State Approving Agency. 

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) 365-4282.

Grievance Policy

The Virginia State Approving Agency (SAA), is the approving authority of education and training programs for Virginia. Our office investigates complaints of GI Bill® beneficiaries. While most complaints should initially follow the school grievance policy, if the situation cannot be resolved at the school, the beneficiary should contact our office via email saa@dvs.virginia.gov. GI Bill® is a registered trademark of the U.S. Department of Veteran Affairs (VA). More information about education benefits offered by the VA is available at the official U.S. government website at http://www.benefits.va.gov/gibill.”

Delayed Policy

A covered individual student entitled to Chapter 33 Post 9/11 GI Bill®, Chapter 31 Voc Rehab, Chapter 35 DEA (Dependent Assistance Education), or Chapter 1606 benefits will be allowed to enroll even though VA has not yet paid tuition and fees to the college by the published payment deadline. Under the Veteran Benefits and Transition Act of 2018 (section 3679 of title 38, United States Code), a covered individual student will not be assessed a penalty for non-payment of benefits from the Department of Veteran affairs as long as the student submitted the VA’s Certificate of Eligibility by the first day of class in order for the tuition amounts to be certified.

Refunds, credits, and reinstatement as a result of military service

Ferrum College provides for the tuition relief, refund, and reinstatement of uniformed services (active duty Armed Forces, including the National Guard or Reserves) that are ordered to active duty which requires the withdrawal or period of absence from enrollment, as described in the Code of Virginia, Section 23-96:2 and the State Council’s Virginia Tuition Relief, Refund, and Reinstatement Guidelines.

• Tuition and Required Fees

Students can elect for a withdrawal after census data. The grade “W” will be assigned with no refund of tuition and required fees. Student must provide the military orders as documentation and complete the requirements of the “Withdrawal Policy “or students can elect to be deleted from the registration file and be awarded a full refund of tuition and required fees. The student must contact the Certifying Official and must provide the military orders as documentation.

• Reinstatement

Students who are in good standing academically and are called to active duty or deployed will be able to reinstate without re-applying for admission. The student will be admitted to the same field of study upon their return, up to two academic semesters from the students discharge date. Military documentation of discharge must be provided.

Adverting Statement: “This institution is approved to offer GIBILL® educational benefits by the Virginia State Approving Agency”

“GI Bill® is a registered trademark of the U.S. Department of Veteran Affairs (VA). More information about education benefits offered by the VA is available at the official U.S. government website at http://www.benefits.va.gov/gibill.”