Financial Aid Frequently Asked Questions
How long does it take for my financial aid application to be processed?
Once you submit your financial aid application online (FAFSA), Verve College receives it in approximately two business days. If your financial aid application has been selected for verification, once we receive all the required documents and send your application on to our compliance company, we receive results in approximately 7 business days.
How do I know which financial aid year to apply for?
If your class starts after July 1st of any given year, complete the application for the current year/future year. For example, if your class starts September 17th, 2021, you must complete the 21/22 financial aid application.
If your class starts before July 1st of any given year, complete the application for the previous year/current year. For example, if your class starts March 20th, 2021, you must complete the 20/21 financial aid application.
If your class is in attendance both before July 1st and after July 1st of any given year, you must complete both applications.
What documents will I need to fill out the financial aid application?
A federal income tax return, W-2’s, and other records of money earned (taxes and income from year 2018 if application is a 20/21 application, taxes and income from year 2019 if application is a 21/22 application).
Records of untaxed income, if applicable.
An FSA ID to sign electronically (save this password, as you will need it in the future).
What is a Master Promissory Note (MPN) and how do I complete it?
An MPN is an agreement in which you state that you will pay back your federal student loans and any interest that accrues with that loan. You can complete it here: https://studentloans.gov/myDirectLoan/index.action under ‘Undergraduate Loans’. You will need your FSA ID and password. When completing the MPN, you must select Verve College and ‘notify this school’. Completing an MPN is mandatory for all students beginning a program using financial aid.
What is Entrance Counseling and how do I complete it?
Entrance counseling is a short section in which loan borrowers receive information about their loans and repayment strategies. You can complete it here: https://studentloans.gov/myDirectLoan/index.action under ‘Undergraduate Loans’. This counseling is required by the government for all loan borrowers to make sure that the borrower completely understands all of the responsibilities of paying back student loans. When completing entrance counseling, students must select Verve College and ‘notify this school’. Completing entrance counseling is mandatory for all students beginning a program using financial aid.