Title IV Financial Aid

SOMI participates in the following Title IV programs: Federal Pell Grant, and Federal Direct Loans (Subsidized, Unsubsidized and Parent PLUS). Descriptions and definitions of these programs are contained in the Appendix to the Finance section. SOMI is required to maintain Institutional Eligibility to participate in Title IV programs. Additionally, SOMI must adhere to Administrative Capability requirements, general provisions and comply with all requirements contained in Title IV of the Higher Education Act of 1965, as amended (Title IV Regulations). Additional information is contained in policy ADM 4.01. Federal Financial Aid Administration and policy ADM 4.02 Federal Financial Aid Programs. Additionally, students have many responsibilities as participants in Title IV programs. To participate in Title IV programs, students are first required to complete and submit the Free Application for Federal Student Aid (FAFSA) annually. When utilizing Federal Direct Loans, students are required to complete a Master Promissory Note and complete Entrance and Exit counseling per Title IV Regulations.

Verification

Students who are selected for Verification (by the U.S. Department of Education or SOMI Financial Aid Office) are subject to the requirements as further outlined in policy ADM 4.03 Federal Financial Aid Verification and Conflicting Data policy. In such cases, the Financial Aid Office will notify the student and provide a list of all required documentation to be submitted, student responsibility for correction of information, method for submitting such documentation and consequences for failure to adhere to requirements and/or deadlines within the established time frame. Failure to meet Verification and Conflicting Data requirements will result in the loss of Title IV Financial Aid eligibility. In the event that correction(s) to the FAFSA are required and such a correction results in a change to Student Aid Index (SAI), the Financial Aid Office will recalculate Title IV Financial Aid eligibility and/or amount of Title IV Financial Aid award based on the revised SAI. In the event that the Financial Aid Office identifies conflicting data, resolution is required.

Alternative/Private Loans

The Financial Aid Office recommends that Alternative/ Private Loan options be considered only after all other Financial Aid resources are exhausted, which includes Federal Direct Loans. Upon selection of an Alternative/Private Loan lender, the student is required to inform the Financial Aid Office. The Financial Aid Office does not endorse any lender and encourages students to thoroughly research all alternative lending options. The student is required to submit a Self-Certification Form to lenders. Students can explore Alternative/Private Loans on the web at www.elmselect.com for more information.

Third-Party Payors

SOMI participates with several Third-Party payors such as VA529, EdAssist, Veteran Affairs and various employers. SOMI will invoice most Third-Party payors on the student’s behalf and apply the resulting payment to the Student Account. For Invest529 accounts, the student is responsible for requesting funds directly from the Third-Party Payor. It is the student’s responsibility to contact the Bursar, and in cases of Veteran Affairs benefits, the Director of Financial Aid, submit applicable documentation (i.e., voucher), and confirm that the proper Financial Aid award is scheduled thirty (30) calendar days prior to the start of each Semester.

Veteran Education Benefits

Veterans, active service members, spouses and dependents may use benefits and/or Tuition Assistance programs offered by the U.S. Department of Veteran Affairs (VA) or related federal and state agencies. Additional information is contained in ADM 4.07 Establishing Principles of Excellence — Military policy found on the SOMI website. At the time of admission, veterans are encouraged to request an official evaluation of military experience and training for college credit. Submit Joint Military Service transcripts to the admissions department. Upon enrollment, the student is responsible for submitting the VA Certificate of Eligibility and Joint Services Transcript (when applicable) to SOMI’s School Certifying Official (SCO), who is the Director of Financial Aid. The SCO is responsible for completing the enrollment certification on a Semester by-Semester basis after the Add/Drop Period is complete. In accordance with Title 38 US Code 3679(e), SOMI adopts the following additional provisions for any students using Post-9/11 GI Bill® (Ch. 33) or Vocational Rehabilitation & Employment (Ch. 31) benefits, while payment to the institution is pending from Veteran Affairs education benefits. SOMI will not prevent the student’s enrollment, assess a late penalty fee to the student, require the student to secure alternative or additional funding, or deny the student access to any resources (access to classes, libraries, or other institutional facilities) available to other students who have satisfied their tuition and fee bills to the institution. The Virginia State Approving Agency (SAA) is the approving authority of education and training programs for Virginia. Their office investigates complaints of GI Bill® beneficiaries. While most complaints should initially follow the school grievance policy, if the situation cannot be resolved at the school, the beneficiary should contact their office via email at saa@dvs.virginia.gov. GI Bill® is a registered trademark of the U.S. Department of Veterans Affairs (VA).

Book Voucher

SOMI provides a Book Voucher that is issued to students in conjunction with SOMI’s online bookstore so that students have a financial resource to purchase books required by the academic program in advance of the applicable Semester and (when applicable) prior to disbursement of Title IV Financial Aid funds. All students enrolled in any upcoming Semester are issued Book Vouchers (up to $1,600), regardless of Title IV Financial Aid utilization. Book Vouchers are generally issued and available to students via SOMI’s online bookstore thirty (30) days in advance of the upcoming Semester. Students are notified electronically via the Student Information System (SIS), in accordance with ADM 10.01 Communications policy, when the Book Vouchers are issued with instructions on how to utilize the Book Voucher.

The Book Voucher is a mechanism in which students may order and receive books prior to the start of the Semester. The dollar value of books ordered with the Book Voucher will be included on the Student Account (Registration Bill and Student Ledger Card) as an eBooks Charge. It is the student’s responsibility to ensure that payment is received, or adequate Financial Aid is scheduled, to cover Book Charges in accordance with the payment deadlines established in ADM 4.04 Student Accounts policy. Further, it is the student’s responsibility to know and understand which Financial Aid funds may be utilized to cover Book Charges.

SOMI’s online bookstore allows returns of certain books within certain time frames. Generally, physical copies of any book can be returned to eCampus within thirty (30) days of the first day of the Semester, and electronic copies within fourteen (14) days of the first day of the Semester. Students are responsible for adhering to return policies as indicated by eCampus. Any eligible credits for such book returns will be posted to the Student Account. Students may incur shipping and/or restocking fees, which are also posted to the Student Account. Students are not required to utilize the Book Voucher and may “opt-out” by not ordering books through SOMI’s online bookstore.