Financial Aid is funds provided to students and their families to help pay for postsecondary educational expenses such as tuition, fees, books, supplies, etc. The basic sources of aid are grants, scholarships, employment and loans. Students and their parent(s), if considered dependent, are considered the primary sources of funding for these costs. Financial aid is intended to fill the gaps where students and their parent(s) might fall short in paying for college.
Federal and state financial aid (“need-based” aid) is based on demonstrated financial need, cost of attendance, enrollment status, academic progress (SAP), and program of study. The financial need is calculated by the following standard federal formula:
Estimated Cost of Attendance (COA)
- Expected Family Contribution (EFC)
= Financial Need
The estimated cost of attendance includes tuition, fees, books and supplies, room and board and other school-related expenses such as transportation.
A student’s EFC is calculated from the information reported on the Free Application for Federal Student Aid (FAFSA) and is used by VGCC to calculate how much financial aid a student is eligible to receive. The EFC is calculated according to a formula established by law. A student’s (and parent, if dependent) taxed and untaxed income, assets, and benefits may all be considered in the formula. In addition, family size and the number of family members attending college are also considered. It is important to remember the EFC is not the amount of money a student and/or parent will have to pay for college nor is it the amount of federal student aid one will receive.
It is important to know some scholarship programs may award funds based on academic merit or program of study. Eligibility for these programs is normally established by the college, state agency or private organization.
To view additional information about VGCC’s tuition and fee rates, cost of attendance and textbook information, please click on the information below: