Navigating Financial Aid at Old Dominion University: A Comprehensive Guide

Planning for college expenses is a crucial part of the application process. Old Dominion University (ODU) offers various financial aid programs to assist students and families in managing the cost of education. Understanding these options and requirements is essential for making informed financial decisions. The Office of Student Financial Aid at ODU supports the university's mission by helping students and their families overcome financial obstacles to participate in educational programs. This office provides exemplary customer service, distributes funds equitably and promptly, and ensures compliance with federal, state, and institutional regulations. They also educate students, parents, the community, and colleagues to promote informed financial decisions.

Understanding the Cost of Attendance

Knowing what a school costs is the first step in managing college expenses. The "Cost of Attendance" represents the total amount of money the average student needs to pay, without any financial aid, to attend a particular school. It can be considered a school's sticker price. The Cost of Attendance breakdown for ODU depends on whether you’re an in-state or out-of-state student, with in-state students generally facing lower tuition and fees. ODU's tuition is $13,320 for in-state students and $33,885 for out-of-state students. Compared to the national average cost of in-state tuition of $12,436, ODU is more expensive. For out-of-state students, the tuition is more expensive than the national average cost of out-of-state tuition of $29,815. The total cost includes the sticker price, plus the cost of food and housing, books and supplies, and transportation and personal expenses.

Types of Financial Aid Available

ODU administers financial aid programs funded by federal, state, university, and private sources. These programs include grants, federal work-study programs, merit-based scholarships, and need-based scholarships. Federally supported loans are also available to qualified applicants through Federal Direct Subsidized Loans and the William D. Ford Federal Direct Unsubsidized Loan program.

Grants

Grants are a form of financial aid that does not need to be repaid. They are typically awarded based on financial need.

Federal Pell Grant: This grant, unlike a loan, does not have to be repaid and is awarded to undergraduate students who have not earned a bachelor’s degree. It often serves as a foundation of financial aid to which other aid may be added.
Federal Supplemental Educational Opportunity Grant (FSEOG): Like the Federal Pell Grant, this award assists undergraduate students only and does not have to be repaid. This grant is made to students who demonstrate exceptional financial need and must be Pell grant eligible. Students who meet all other eligibility criteria and whose FAFSAs were received by the federal processing agency by Old Dominion University priority deadlines are considered for this grant. It is awarded on a first-come, first-served basis.
TEACH Grant (Teacher Education Assistance for College and Higher Education): Through the College Cost Reduction and Access Act of 2007, Congress created the Teacher Education Assistance for College and Higher Education (TEACH) Grant Program that provides grants of up to $4,000 per year to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families.
Virginia Two-Year College Transfer Grant Program: This is a need-based grant for transfer students who have earned an Associate's Degree at a Virginia two-year institution and transfer to a participating Virginia four-year institution.

Scholarships

Scholarships are another type of funding that you don’t need to pay back. Need-based scholarships consider a student’s financial status, while merit-based scholarships are awarded for academic or athletic achievement. Some students receive enough scholarship money to cover their tuition and living expenses.

Read also: A Look at Old Dominion Sports

Need-Based Scholarships: These scholarships take a student’s financial status into account.
Merit-Based Scholarships: These scholarships are awarded to students for academic or athletic achievement. You might also qualify for a scholarship based on your community service involvement, unique hobbies or traits, your personal background, or a parent’s employer or military affiliation.
Children of Fallen Heroes Scholarship: Under this scholarship, beginning with the 2018-2019 award year, a Pell-eligible student whose parent or guardian died in the line of duty while performing as a public safety officer is eligible to receive a maximum Pell Grant for the award year for which the determination of eligibility is made.

Federal Work-Study Program (FWS)

This program provides jobs for undergraduate or graduate students with financial need, allowing them the opportunity to earn money for educational expenses. The FWS program encourages community service work such as tutoring and work related to the course of study. A student who qualifies for FWS is not automatically guaranteed employment. Students must apply for available positions and cannot be a participant of the Learn and Earn Advantage Program (*LEAP). Federal Work Study (FWS) funds are not automatically applied to the student account. Funds must be earned through employment in an eligible FWS position within the university.

Student Loans

Aside from grants, the other major way to pay for college is with student loans. The more student loan money you borrow, the more debt you’ll end up with after graduation. Ideally, you want to minimize your student debt as much as possible.

Federal Direct Subsidized Loans: Old Dominion University participates in the William D. Ford Federal Direct Loan Program with the U.S. Department of Education upon disbursement (payment) to eligible students. The federal government will pay the interest on these loans while students are in school and during deferments (postponements of repayment). Students must demonstrate financial need to receive this type of loan. Only undergraduate students may be eligible and must be enrolled at least half time.
Federal Direct Unsubsidized Loans: Old Dominion University participates in the William D. Ford Federal Direct Loan Program with the U.S. Department of Education upon disbursement (payment) to eligible students.
Federal Direct PLUS Loans: This is available for parents of dependent students who filed the FAFSA and who meet other general eligibility requirements. Graduate or professional students are eligible to borrow under the PLUS Loan Program up to their cost of attendance minus estimated financial assistance in the Direct Loan programs. This requirement includes a determination that the applicant does not have an adverse credit history, repayment beginning on the date of the last disbursement of the loan.

Emergency Assistance

The Virginia Commonwealth Emergency Assistance Fund provides short-term financial assistance of up to $2,000 to undergraduate enrolled students with demonstrated financial need who experience unforeseen emergencies that could disrupt their academic progress or degree completion. Emergency funds are for unexpected financial emergencies and may not be used for tuition and fees.

Eligibility Requirements for Financial Aid

To be eligible for assistance from most aid programs, a student must meet several requirements:

Be a citizen or an eligible non-citizen.
Be admitted and enrolled in an eligible degree program. An exception applies to students admitted for teacher certification purposes who apply for a William D. Ford Federal Direct Loan.
Be registered with the Selective Service (if required).
Not be in default or owe a repayment or refund on a federally guaranteed loan or grant.
Be in good academic standing (making satisfactory academic progress).
Maintain at least half-time enrollment (6 hrs. undergraduate or 4 hrs. for graduate students). Students pursuing a second undergraduate degree may be eligible for federal loans, provided they have not reached the maximum limit for undergraduate borrowing.
Certain aid programs require a student to maintain full-time status.

Financial aid eligibility is determined annually for one academic year (Fall, Spring). Students must reapply each year for continued eligibility. Students must submit the summer aid request form to request summer aid review, keeping in mind that not all students will be eligible for summer aid.

Read also: Paying for ODU

How to Apply for Financial Aid

To be considered for financial aid, students must complete the Free Application for Federal Student Aid (FAFSA) as soon as it becomes available preceding the academic year for which application is made. For example, a student planning to attend during the Fall Semester, 2025 would submit a financial aid application on or after October 1, 2024.

Steps for Applying

Complete the FAFSA: Submitting a completed and signed FAFSA initiates the process of applying for financial aid. The information provided by the student (and his/her parents) is used by the University and other awarding agencies to determine financial need and general financial aid eligibility. When filing the 2025-26 FAFSA, tax information for 2023 will be submitted.
Use ODU’s Title IV Institution Code: When completing the FAFSA, use Old Dominion University’s Title IV Institution Code (003728).
File Annually: The FAFSA must be filed each year for which the student is requesting aid.
Review the FAFSA Submission Summary: Students are strongly encouraged to review and keep their FAFSA Submission Summary and all other financial-aid-related documents for future reference. The FAFSA Submission Summary contains valuable information as well as a unique data release code.
Monitor LEO Online: Once admitted into an eligible degree program, the student will automatically receive a notice of tentative financial aid eligibility. In addition, the admitted student is encouraged to monitor the status of his/her application for aid and its subsequent processing by accessing his/her records on the University’s secure online site, LEO Online.

Priority Deadlines

Priority awards of grants funded by the Commonwealth of Virginia and the Federal Supplemental Educational Opportunity Grant (FSEOG) Program are awarded to eligible students whose Free Application for Federal Student Aid (FAFSA) is received by the federal processing agency no later than the established University priority deadlines each academic year of interest. To be considered for the Annual and Endowed Scholarships administered by the University, an Admissions application or the Scholarship Application for Continuing Students must be received by the University by March 1 preceding the academic year of interest.

Understanding Your Student Aid Report (SAR)

The results of your need analysis will be returned directly to you in the form of a Student Aid Report (SAR). Thoroughly review the SAR as soon as you receive it. If the expected family contribution is less than the cost of attendance, the Old Dominion University Office of Student Financial Aid will attempt to meet the difference with a combination of need-based aid. This process is called packaging, and a student's aid is packaged on a first come-first served basis. The student must accept or decline the aid as offered via online within 10 days of the date of the notification or by May 1, whichever date is latter. Your financial aid award may be adjusted. Funds are first applied ("disbursed") to a student's account to pay University charges. If a student's charges exceed the aid disbursed, the student is responsible for paying the balance due by the published tuition deadline. If a student is registered, aid which the student has accepted (with the exception of Federal Work Study) will be credited automatically to his or her account provided certain conditions are met. Additional documents are required for Federal Direct Loans.

Satisfactory Academic Progress (SAP)

Maintaining Satisfactory Academic Progress (SAP) is essential for continued financial aid eligibility. Federal Regulation 668.00, titled Student Assistance General Provisions Final Regulation, Section 58, requires that all student financial aid and enrollment information be accurate, and warrant the approved level of financial aid awarded. SAP requirements are a component of financial aid eligibility. Your academic progress will be evaluated at the end of the spring semester and if the GPA or hours completed do not meet minimum requirements, you will be placed on financial aid suspension.

SAP Standards

To maintain SAP, students must meet specific standards related to:

Read also: A Guide to ODU Scholarships

PACE: The number of credits earned in relation to those attempted.
Qualitative (GPA) Standard: Maintaining a minimum cumulative GPA.
Allowable Time: Completing the academic program within the maximum time frame allowed.

No student may exceed 150% of the published length of their educational program. Students will be notified and will need to appeal for financial aid when they are approaching 150%. Students must complete their degree within a specified amount of time. This standard will depend on the student’s enrollment status and degree. Undergraduate student students pursuing their first degree must complete the requirements for their program without exceeding 180 attempted credits. Graduate students may attempt a maximum of 90 hours.

SAP Review and Appeals

The Office of Student Financial Aid will conduct a review of Satisfactory Academic Progress at the end of each academic year. Please note that students who have not received financial aid in previous years but are applying for financial assistance for the first time will also be held to the requirement of maintaining Satisfactory Academic Progress. Satisfactory Academic Progress is reviewed for all semesters of a student’s enrollment regardless of whether the student was eligible for financial assistance during a term.

Students who fail to meet satisfactory academic progress are placed on financial aid suspension. You have the option to appeal this suspension. An appeal must be based on significant mitigating circumstances that seriously affected academic performance. Appeals must be submitted 10 days after notification of appeal or by the deadline on the appeal form. Appeals must be submitted 10 days after notification of appeal or by the deadline on the appeal form. These dates vary from year to year; however, the deadline will be the Friday before classes begin.

The University will consider appeals for uncontrollable events, students having trouble adjusting to college, special circumstances that happen in a student's life such as death of a family member, student illness, transition to college issues, being called to the military, etc. The student must describe what impact the circumstance had on academics, what the student has done to address the impact and how the student plans to be successful. Acceptable reasons for appeal often include:

Death in the family.
Disabling illness or injury to the student.
Disabling illness or injury of immediate family member that required the student's care.
Emotional or mental health issue (for student) that required professional care.

Documentation or evidence that supports the reason(s) must be included with the appeal. This might include a letter from a doctor, court documents, death certificates or copies of university documents, layoff notices, foreclosure notices, etc.

If your appeal is approved, the decision notification will outline the conditions of your contract for reinstatement of aid eligibility. The contract is binding, and your academic progress will be reviewed at the end of the enrollment period specified.

Re-establishing Eligibility

Students may re-establish their eligibility for financial assistance by achieving the satisfactory progress standards. Keep in mind this will be at the student’s own expense as they are ineligible for financial aid. Sitting out a semester at Old Dominion University will not assist in re-establishing eligibility.

Impact of Withdrawals on Financial Aid

Withdrawing from courses may impact students' financial aid awards. Students who totally withdraw and receive aid may owe the University money. Students who withdraw from all courses are subject to regulations regarding the Return to Title IV Funds requirement. If the date of complete withdrawal precedes the date on which 60% of the academic semester has been completed, a prorated portion of all Title IV student financial assistance will be due back to the federal programs. The University policy regarding tuition refunds following withdrawals is stated in the catalog and is independent of the Return to Title IV funds regulations. Students who withdraw from the University before 60% of the semester has elapsed should anticipate repaying a significant portion of the Title IV financial assistance.

Repeating Courses and Financial Aid

Federal regulations limit the number of times a student may repeat a course and receive financial aid for that course. A student may receive aid to repeat a previously passed course (grade of ‘D’ or higher) one additional time. Important Note: The Financial Aid Office does not determine if a student may repeat a class, only whether a student may be eligible for financial aid for a repeat class.

Additional Resources and Information

Office of Student Financial Aid: This office is your primary resource for all financial aid-related questions and assistance.
LEO Online: Monitor your application status and financial aid eligibility through the University’s secure online site.
FAFSA Website: Complete the FAFSA online and access helpful resources and information.

Net Price and Affordability

Above, we've covered ODU's Cost of Attendance (tuition, room and board, books, and more). The Net Price is the total cost minus the total aid given. In other words, this is the price you have to pay to the school out of pocket. Most schools have an updated Net Price calculator available. Once you have a Net Price estimate, you’ll want to figure out whether your family can afford to pay ODU tuition and costs. Once again, the Net Price is the total cost of attending, minus the aid you can expect to get (grants and scholarships). The US government has come up with a standardized way to calculate how much a typical family can afford to pay without help. Colleges use this number as a guideline to decide how much aid to give you, but it's just a guideline.

Student Loan Debt at ODU

How much student loan debt you accumulate can affect your financial life long after college ends. Ideally, your total student loan debt should fall below your anticipated starting salary once you graduate. At Old Dominion University, the median federal loan debt among borrowers who completed their undergraduate degree is $24,000. The median monthly federal loan payment (if it were repaid over 10 years at 5.05% interest) for student federal loan borrowers who graduated is $254. Additionally, 17% of graduating students at Old Dominion University took out private loans. Students with private loans had an average of $34,804 in private loan debt at graduation.

Changes to the FAFSA

The FAFSA will reduce the maximum number of questions from 108 to 46. Some students will need to answer fewer questions due to the intelligent skip logic and better alignment of the form with the federal income tax returns. Beginning with 2024-25, all persons on the FAFSA must provide consent for the Department of Education to receive tax information or confirmation of non-filing status directly from the IRS. A contributor-a new term being introduced on the 2024-25 FAFSA-refers to anyone who is required to provide information on a student's form (such as a parent/stepparent or spouse). A student's or parent's answers on the FAFSA will determine which contributors (if any) will be required to provide information. A notable terminology update within the new FAFSA is the replacement of the term Expected Family Contribution (EFC) with the Student Aid Index (SAI).

tags: #old #dominion #university #financial #aid #requirements