What are some options for financing the cost of the computer through financial aid?
We recommend that all students file the Free Application for Federal Student Aid (FAFSA) to apply for federal and state financial aid. This is the first step in the application process. After completing the FAFSA, many parents of dependent students choose to borrow funds for a computer through the Federal Direct PLUS Loan Program, which is a low interest rate federal loan borrowed by one of the student’s parents. By filing the FAFSA, students and parents can be considered for a variety of aid programs that may help pay for a computer purchase. Since Fall 2001, all new freshmen that apply for financial aid have a computer purchase allowance (estimated at $800-$950) built into their financial aid Cost of Education. This is done specifically because the purchase of a computer is required for all new VCU freshmen and transfer students and to increase a family’s eligibility for financial aid. While this allowance increases eligibility, there is no guarantee there will be increased financial
