Veteran's facing financial aid challenges

Most students, whether traditional or not, depend on some sort of financial aid. This year, Veterans are required to fill out a “Veteran’s Benefits Verification Form” on which they are required to disclose the amount of veterans benefits they receive.

Here in lies the problem, veterans who are applying for the Post 9/11 GI Bill don’t know how much there benefit will be next year. For starters, there’s no guarantee that their application will be approved. Secondly, the final numbers, detailing the exact dollar amount of the benefit, has not yet been released.

This creates quite the conundrum. The form is a requirement for the Financial Aid office to determine the amount of aid each student is eligible for. For example, the total estimated cost of attendance for an in-state student is approximately $18,500 per year. This means that, for an in-state student, the total amount of aid and benefits a student receives can’t exceed $18,500; this includes Pell Grants, loans and veteran’s benefits.

So, what now? Angy, a financial aid counselor with ODU’s Financial Aid Office, recommends turning the form in now so that the office can start calculating the award you’re eligible for. “Just put a notation on the form explaining that you’ve applied for the other benefit and don’t yet know if you’ll receive it,” she added.

Here’s the catch. The Office of Finance does receive notification of how much aid each student is receiving. The office also runs reports and students have received more than they should (more than $18,500 for the example) will be flagged as “over awarded.” If the student received a refund check, as I often do, will have to return some money.

Here’s some good news. August 1st is the estimated beginning date for the Post 9/11 GI Bill. According to Angy, financial aid is dispersed in mid-August. So, in theory, students should know if they will receive the Post 9/11 GI Bill before Financial Aid is dispersed. Angy also explained that a student can cancel a student loan before it’s awarded, thereby mitigating the possibility of being over awarded and owing the school money.

Angy also recommends keeping the school in formed as you progress through the application process and giving the Financial Aid office copies of anything you receive over the summer in regards to your Veteran’s Benefits. The Financial Aid counselors will work with you to ensure you’re not over awarded.