Policies and Regulations Regarding Financial Aid
11.1 Financial Aid Policy
While Virscend is working on acquiring financial options for students, at the moment, Virscend university is not affiliated with any private or government financial institution. Students enrolled in an unaccredited institution are not eligible for federal financial aid programs. There are no loan programs or federal financial aid. Students must finance their own tuition or apply for Virscend University’s academic scholarships. Currently, Virscend offers 3 types of scholarships: Presidential Scholarship, Academic Scholarship and Professional-Scholarship to qualified students. The Presidential Scholarship allows the student to waive 100% of the cost of tuition. The Academic Scholarship allows students to waive 75% of the full cost of tuition and Professional Scholarship allows students to waive 50% of the full cost of tuition. All scholarships do not waive any applicable fees such as the registration fee. Candidates who apply for scholarships are evaluated based on individual qualifications which may include the following criteria: GPA, standardized test scores, and work experience. Students must maintain satisfactory academic progress to remain eligible for the scholarships. For more information on our scholarship, email us at firstname.lastname@example.org.
To finance their own tuition, students either pay in-person via check (cash is not accepted) at the Office of Admissions office or online by visiting our website: www.virscend.com. In person, students may pay either using cash, visa, master or American express or a check payable to: Virscend University. Online students pay using credit cards only.
11.2 Loan Repayment Policy
If a student obtains a loan to pay for an educational program, the student will have the responsibility to repay the full amount of the loan plus interest, less the amount of any refund, and that, if the student has received federal student financial aid funds, the student is entitled to a refund of the moneys not paid from federal student financial aid program funds.
Also, as established in BPPE Ed. Code §94911 the following actions may take place:
“An enrollment agreement shall include, at a minimum, all of the following:
(g) A statement specifying that, if the student is eligible for a loan guaranteed by the federal or state government and the student defaults on the loan, both of the following may occur:
(1) The federal or state government or a loan guarantee agency may take action against the student, including applying any income tax refund to which the person is entitled to reduce the balance owed on the loan.
(2) The student may not be eligible for any other federal student financial aid at another institution or other government assistance until the loan is repaid.”
Student Tuition Recovery Fund Disclosures:
In compliance with BPPE code, Virscend University provides the following regulations regarding STRF.
5 CCR §76215(a)
“The State of California established the Student Tuition Recovery Fund (STRF) to relieve or mitigate economic loss suffered by a student in an educational program at a qualifying institution, who is or was a California resident while enrolled, or was enrolled in a residency program, if the student enrolled in the institution, prepaid tuition, and suffered an economic loss. Unless relieved of the obligation to do so, you must pay the state-imposed assessment for the STRF, or it must be paid on your behalf, if you are a student in an educational program, who is a California resident, or are enrolled in a residency program, and prepay all or part of your tuition.
You are not eligible for protection from the STRF and you are not required to pay the STRF assessment, if you are not a California resident, or are not enrolled in a residency program.”
5 CCR §76215(b)
“It is important that you keep copies of your enrollment agreement, financial aid documents, receipts, or any other information that documents the amount paid to the school. Questions regarding the STRF may be directed to the Bureau for Private Postsecondary Education, 1747 N. Market Blvd #225 Sacramento, CA 95834, (916) 574-8900 or (888) 370-7589.
To be eligible for STRF, you must be a California resident or are enrolled in a residency program, prepaid tuition, paid or deemed to have paid the STRF assessment, and suffered an economic loss as a result of any of the following:
The institution, a location of the institution, or an educational program offered by the institution was closed or discontinued, and you did not choose to participate in a teach-out plan approved by the Bureau or did not complete a chosen teach-out plan approved by the Bureau.
You were enrolled at an institution or a location of the institution within the 120 day period before the closure of the institution or location of the institution, or were enrolled in an educational program within the 120 day period before the program was discontinued
You were enrolled at an institution or a location of the institution more than 120 days before the closure of the institution or location of the institution, in an educational program offered by the institution as to which the Bureau determined there was a significant decline in the quality or value of the program more than 120 days before closure.
The institution has been ordered to pay a refund by the Bureau but has failed to do so.
The institution has failed to pay or reimburse loan proceeds under a federal student loan program as required by law, or has failed to pay or reimburse proceeds received by the institution in excess of tuition and other costs.
You have been awarded restitution, a refund, or other monetary award by an arbitrator or court, based on a violation of this chapter by an institution or representative of an institution, but have been unable to collect the award from the institution
You sought legal counsel that resulted in the cancellation of one or more of your student loans and have an invoice for services rendered and evidence of the cancellation of the student loan or loans.
To qualify for STRF reimbursement, the application must be received within four (4) years from the date of the action or event that made the student eligible for recovery from STRF.
A student whose loan is revived by a loan holder or debt collector after a period of non collection may, at any time, file a written application for recovery from STRF for the debt that would have otherwise been eligible for recovery. If it has been more than four (4) years since the action or event that made the student eligible, the student must have filed a written application for recovery within the original four (4) year period, unless the period has been extended by another act of law.
However, no claim can be paid to any student without a social security number or a taxpayer identification number.”