What is Financial Aid?
Financial Aid is money loaned or granted to help students and their families pay for the cost of tuition, fees, books, supplies, room and board, transportation and miscellaneous expenses. Financial aid can be:
- Student Loans: A student loan is borrowed funds designed to help students pay for tuition, books, and living expenses.
- Grants: A grant is money set aside by the state of Texas, the federal government, and UHV for students who have documented financial need.
- Scholarships: Scholarships are awarded on various criteria usually reflecting the values of the donor. Scholarships can be based on merit, need, demographics, degree program, athletic ability, etc. They do not need to be repaid.
- Work Study: Federal and State Work-Study Programs provide part-time jobs for students who have financial need, allowing them to earn money to help pay educational expenses.
- Waivers and Third Party Contracts: An exemption or a waiver is a 3rd party payment of all or part of a student's tuition and fee bill (i.e. not through normal financial aid programs or scholarships). Waivers are considered a financial resource and go towards the cost of attendance. Also, agencies outside the University may set up third-party billing arrangements that pay for all or part of a student's tuition and fees.
- Veterans Benefits: UH-Victoria is approved by the Texas Education Agency for VA educational benefits for veterans, children and spouses under Chapters 32 and 35, Title 38, U.S. Code.
UHV awards financial aid based on student eligibility and the availability of funds.
How is Financial Need Determined?
First, the student must complete a Free Application for Federal Student Aid (FAFSA) and submit it to the U.S. Department of Education's processor. The processor will determine the Expected Family Contribution (EFC). The Expected Family Contribution measures your family's financial strength and is used to determine your eligibility for federal student aid. Financial need is the cost of attendance minus the expected family contribution.
- Need-based aid is based on a family's financial need for assistance. Students will need to complete the FAFSA application to determine a student's financial need.
- Non-need based aid is based on a student's academic merit, talent, major field of study, etc.
Your financial aid awards are based on information you reported on the FAFSA. In addition, information from the Records Office will determine eligibility for aid, such as your career, (graduate or undergraduate) and enrollment status (full-time, half-time, etc.). Any change to your enrollment status may change your financial aid awards. You must report any changes to the Office of Financial Aid immediately. A reduction or cancellation of your award may result in a balance owed to the university.