What is Financial Aid?Financial Aid can include loans, scholarships, and grants and is available to qualified students to assist in paying for expenses directly related to the cost of their medical education. Financial Aid should be used only for the student’s education-related and personal living expenses.VCOM offers the following options for Financial Aid:
Caution: Do Not Over-borrow Students are cautioned against over-borrowing; this could lead to loan default which is the failure to make installment payments when they are due or the failure to meet other terms of the loan’s promissory note. Defaulted loans are reported to national credit agencies and will affect credit ratings and future ability to borrow money. If a student’s loan goes into default, VCOM, the organization that holds the loan, and the federal government can all take action to recover the money. To protect a student’s personal credit rating and the school’s ability to continue to provide financial aid to future students, VCOM encourages students to learn basic budgeting techniques, keep track of the amount they are borrowing, and borrow wisely.Caution: Be Aware of Financial Aid Fraud Each year millions of students seek creative ways to finance the costs of their education. In the process, they sometimes fall prey to scholarship and financial aid scams. Before deciding to use a for-fee financial aid advice service or respond to offers received via email, phone, etc., contact the VCOM Financial Aid Office. You can also go to http://www.ftc.gov/scholarshipscams for more information.
|
|