All grants, loans and scholarships are electronically credited to a student’s account and can be applied toward the students tuition and fees, book and dorm charges. The student may also provide written authorization to charge minor prior year institutional charges of $200 or less, or any other educationally related cost to their financial aid account.
Grant, scholarship and loan balances will be disbursed by the Business Office within 30 days after the beginning of the semester. Grant and scholarship balances for students enrolled in the second compressed semester (Fall II, Spring II and Summer II) will be disbursed within 30 days after the beginning of that semester. As per federal regulations. Direct Loans are issued to students in a multiple disbursements. Generally this means students will receive equal portions of their loan each semester, except if their loan is only one semester in length. If one semester, then generally the loan will be split into two disbursements in that semester. Also as per federal regulations, the first disbursement of a student loan to a first-year first-time borrower, must be held for at least 30 days. Exact disbursement dates will be posted on the VC Financial Aid webpage.
The financial aid office must receive the student’s Student Aid Report while the student is still enrolled. Failure to do so forfeits the student’s right to receive financial aid. For students who complete their file after the semester is completed, their award will be based upon their final enrollment status and will include only courses completed (includes earned F's, in progress and incompletes), and dropped classes or withdraws will not be included in determining enrollment status.
The Business Office disburses balances at least twice monthly. Financial aid balances will be placed on the student’s Chaparral Card unless the student has designated a different direct deposit account. Students who do not have a Chaparral Card or who do not designate a direct deposit account will be mailed a check. Any financial aid awards will first be applied to the balance due Vernon College before being issued to the student.
Students must meet all enrollment and eligibility requirements in order to receive financial aid. Students who fail to establish eligibility (do not begin attendance in each class or do not attend classes through count day) will have their financial assistance reduced or canceled.
Students employed through the work-study program are paid twice monthly. Time sheets must be submitted on the appropriate dates each month in order to receive a paycheck. Students, who fail to submit their time sheets by the designated date, will not receive payment until the following pay period.