Our office follows key Institute, state, and federal policies as part of the financial aid process for students at VMI. Please be sure to review this important information and reach out if you have questions. You can also find some key definitions and link at the bottom of this page under Financial Literacy.
Satisfactory Academic Progress Policy
I. Purpose
The establishment of a Satisfactory Academic Progress policy at Virginia Military Institute (VMI) is mandated by the Department of Education in order to be eligible for Federal Title IV aid. All schools that receive these funds must have a reasonable policy for monitoring that progress. The Department considers a satisfactory academic progress policy to be reasonable if it meets both the qualitative and quantitative criteria established by the school.
II. Definitions
- Regular semester denotes fall term or spring term
- A full-time student is enrolled in at least 12 credit hours per semester
- Completed semester hours are hours successfully completed with a passing grade
- Attempted semester hours are hours attempted and successfully completed or not successfully completed. Attempted semester hours include incompletes, official withdrawals, unofficial withdrawals, unsatisfactory grades, failing grades, repeated and audited courses.
- Title IV funds include Federal Pell Grant, Federal Supplemental Educational Opportunity Grant, Federal Direct Subsidized, Unsubsidized. Parent PLUS Loans, and Veterans Administration Benefits.
- Academic year reflects fall semester, spring semester and summer I, summer II and Summer Transition Program for first-year students.
III. Requirements
The eligible Title IV applicant at VMI must meet all of these minimum requirements: qualitative, quantitative and maximum timeframe as defined below. More detailed information is provided in the Academic Standards as published by the Registrar’s Office and approved by the Deputy Superintendent for Academics.
- Qualitative Requirement. Minimum cumulative grade point average (GPA) per established academic standards.
- Quantitative Requirement. Cadets must, at a minimum, receive satisfactory grades in 67% of cumulative credits attempted. This calculation is performed by dividing the cumulative total number of successfully completed credits by the cumulative total number of credits attempted. All transfer credits accepted count as both attempted and completed.
- Maximum Timeframe. All cadets must complete program requirements within 10 regular semesters.
Notification. VMI measures Satisfactory Academic Progress at the end of each spring semester. The Financial Aid Office suspends Federal Title IV aid, to include VA Educational Benefits, and notifies each cadet who fails to meet all three measures of academic progress (qualitative, quantitative, and maximum timeframe).
Appeal. A cadet has the right to appeal the decision to suspend Title IV eligibility based on failure to meet minimum standards of academic progress. The Financial Aid Office provides the appeal form and reviews each appeal promptly and notifies the cadet of its decision. Cadets are limited to one financial aid appeal per cadetship. Satisfactory Academic Progress (SAP) Appeal Form
Categories for appeal consideration include:
- Medical (Injury/Illness of cadet)
- Death of a relative (immediate family member)
- Military service/mobilization
- Other special circumstances
Reinstatement. A cadet who is not making satisfactory academic progress and loses Title IV eligibility may attend VMI without the benefit of Title IV aid if the cadet is otherwise eligible to enroll. If the cadet’s academic progress improves and meets the standards of satisfactory academic progress, eligibility for Title IV aid will be reinstated for the following regular term. Cadets are encouraged to take advantage of the VMI Summer Sessions I /II in order to improve their academic standing. They may also attend summer school in their local area and have these courses used to improve their eligibility for meeting SAP. All transfer courses must be submitted and approved through the VMI Registrar’s course evaluation process before enrolling in any transfer course.
IV. Applicability
This policy shall apply to all enrolled cadets.
Return of Title IV Funds
Federal Title IV funds (Pell Grant, SEOG, Iraq Afghanistan Service Grant, unsubsidized and subsidized Direct Loans, Perkins Loan, Children of Fallen Heros Scholarship, and Direct PLUS Loan) may be required to be returned to the respective programs based on Federal guidelines.
When a cadet officially withdraws or is withdrawn, a determination is made on the amount of earned and unearned Title IV funds. If a cadet withdraws prior to completing 60% of the semester, a pro-rata schedule determines the amount of Title IV funds a cadet has earned at the time of withdrawal. A cadet has earned 100% of Title IV funds after they have attended VMI for more than 60% of the semester. If a cadet withdraws prior to completing 60% of a semester, it is likely costs covered by Title IV funds will not be covered and the cadet will have a balance due to VMI.
The withdrawal process normally begins in the Commandant’s office and the process includes out processing with Cadet Accounting and the Financial Aid office. Cadets considering leaving VMI are advised to talk with Cadet Accounting and/or the Financial Aid Office to determine the financial implications of withdrawal.
Financial Literacy
Part of understanding financial aid is having a basic understanding of financial literacy.
Topics such as budgeting, interest rates, identity theft, and other issues should be researched and understood as students can encounter throughout their cadetship.
Budgeting
A budget is a compass that enables a person to stay on the path to reach financial goals. It’s an invaluable tool to help you prioritize your spending and manage your money. Some good starter information for this important topic are:
Borrowing
Student borrowers should understand the general terminology of the student loan process and gain some basic understanding of the related concepts listed below:
- Loan types – federal vs. private
- Subsidized vs. Unsubsidized loans
- Determining how much to borrow
- Borrowing and credit
- How current borrowing affects future credit
- Impacts on credit score
- Virginia Student Loan Help, which provides financial aid and literacy education in partnership with the State Council of Higher Education for Virginia (SCHEV).
Repayment
Repayment of education loans kicks in once a student drops below half-time attendance or graduates from college. Student borrowers should understand the following concepts:
- There are repayment plan options beyond the standard repayment plan, such as Income-Based Repayment and Pay-As-You-Earn. Federal Student Aid offers a loan simulator to explain these options.
- Loan grace periods vary based on type of loan and funding source.
- It is important to know the name and contact information of loan servicer(s) and understand their role.
- The National Student Loan Data System (NSLDS) is the national database of information about loans and grants awarded to students under Title IV of the Higher Education Act (HEA) of 1965, as amended.
- The Consumer Financial Protection Bureau provides consumer education resources to help borrowers make the best decisions for their individual circumstances regarding their student loans.
Repayment Options
| Repayment Plan | Eligible Loans | Monthly Payment & Time Frame | Quick Comparison |
|---|---|---|---|
| Standard Repayment | Direct Subsidized and Unsubsidized Loans Direct Parent PLUS Loans | Fixed payments, at $50 per month Up to 10 years | Pay less interest over time |
| Graduated Repayment | Direct Subsidized and Unsubsidized Loans Direct Parent PLUS Loans | Graduated payments, begin lower and increase, usually every two years Up to 10 years | Pay more interest over time than standard plan |
| Extended Repayment | Direct Subsidized and Unsubsidized Loans Direct Parent PLUS Loans | Payments may be fixed or graduated. Must have more than $30,000 in Direct or Parent PLUS loans Up to 25 years | Monthly payments are lower than the standard plan |
| Income-Based Repayment (IBR) | Direct Subsidized and Unsubsidized Loans | Maximum monthly payments are 15% of discretionary income; payments change as income changes Up to 25 years | Monthly payments are lower than standard plan; Pay more interest over time than standard plan; After 25 years of monthly payments, the unpaid portion will be forgiven |
| Pay As You Earn Repayment | Direct Subsidized and Unsubsidized Loans | Maximum monthly payments will be 10% of discretionary income; payments change as income changes Up to 20 years | Monthly payments are lower than standard plan; Pay more interest over time than standard plan; After 20 years of monthly payments, the unpaid portion will be forgiven |
| Income-Contingent Repayment | Direct Subsidized and Unsubsidized Loans | Payments are calculated each year and are based on your adjusted gross income, family size, and the total amount of your Direct Loans; Payments changes as income changes Up to 25 years | Monthly payments are lower than standard plan; pay more interest over time than standard plan; after 20 years of monthly payment, the unpaid portion will be forgiven |
| Income-Sensitive Repayment | Direct Subsidized and Unsubsidized Loans | Monthly payment is based on annual income; payments change as your income changes Up to 10 years | Monthly payments are lower than standard plan; Each lender formula for determining the monthly payment amount under this plan can vary. |
| Revised Pay As You Earn (REPAYE) Repayment | Direct Subsidized and Unsubsidized Loans | Maximum monthly payments will be 10% of discretionary income; payments change as income changes Up to 20 years | Monthly payments are lower than standard plan; Pay more interest over time than standard plan; After 20 years of monthly payments, the unpaid portion will be forgiven; *amount forgiven may be subject to federal income tax* |
College Financial Planning Resources
There are a number of resources at both the state and national level that can be useful when weighing your options for affording college and creating a plan for your academic and financial future.
- U.S Department of Education – A collection of resources from the DOE for researching costs of programs and aid available.
- Financial Aid Toolkit – Downloadable resource from the U.S. Department of Education to assist in making informed financial decisions.
- College Board Calculators – Interactive calculators that help to provide an estimate of your net price — the real price you’ll pay — for any college.
- Invest529 – Plans focused on investing after-tax contributions into investment portfolios like a mutual fund, able to be used at in-state, out-of-state, public, or private schools
- Federal Student Aid – Information regarding the FAFSA®, federal loans, and grants.
- State Financial Aid Programs from the State Council of Higher Education for Virginia (SCHEV).
- Level Up Virginia: Finance – a new resource from SCHEV providing information and tools related to financing your after-high school education.
Questions? We’re Here to Help
Connect with Financial Aid
Email: financialaid@vmi.edu
Phone: (540) 464-7208
Financial Aid Office
307 B Letcher Avenue