Using Financial Aid

  

Financial Aid & Your Veritas Program

Using Financial Aid for Payment

 
The following is a preliminary checklist of items that you must complete. Please make sure to check-off each step as you complete it:

  • Inform your university study abroad and financial aid offices of your interest in using financial aid to pay for a Veritas study abroad program and ask about their requirements.
  • Ask your financial aid office if there is a Contractual Agreement (sometimes referred to as a Consortium Agreement) that needs to be completed. If so, have that form sent to Veritas at info@studiesabroad.com or via fax to (512) 777-2866 as soon as possible so that it can be completed and returned to your university.
  • Sign the Veritas Verification of Award (VOA), which accompanies the Veritas acceptance forms (if you checked the financial aid box on the Veritas application). If you did not receive the VOA with your acceptance materials, please contact your Veritas Program Manager to request one.
  • Ask your university financial aid office to complete the VOA and return it to Veritas.
  • Let your financial aid office know about the payment due date of the Veritas program that you have chosen. 
  • Turn in all necessary payments and your “hold” check to Veritas by your program due date.

 

Remember that it is ultimately up to you to ensure that Veritas receives one of the following by the Veritas payment due date for your program.
OPTION 1:    FULL PAYMENT FOR THE VERITAS PROGRAM
OPTION 2:    GUARANTEE OF FULL PAYMENT FROM YOUR U.S. UNIVERSITY TO VERITAS DIRECTLY
OPTION 3:    GUARANTEE OF FULL PAYMENT & YOUR GOOD FAITH PAYMENT
OPTION 4:    GUARANTEE OF PARTIAL PAYMENT & YOUR ADDITIONAL PAYMENT (MOST COMMON OPTION)
Failure to follow through with one of the four options by the payment due date could result in added fees to your Veritas program cost and/or cancellation of your Veritas application.
If the VOA is not available by the Veritas program due date, the Good Faith Payment will be required regardless of your award.

As you may know, it is crucial for you to play an active role in ensuring that the process of getting your aid is carried out properly and in a timely manner. Please contact the Veritas office if you feel that none of the options are applicable to your situation.

 
Program Payment Descriptions
OPTION 1: FULL PAYMENT FOR THE Veritas PROGRAM
You can make the full payment for your program and use your financial aid award as a reimbursement.
OPTION 2: GUARANTEE OF PAYMENT FROM YOUR U.S. UNIVERSITY TO VERITAS DIRECTLY*
The VOA, completed by your university, will state that your funds will be sent directly to Veritas. If funds to Veritas are equal to or in excess of your balance due, this should fulfill your financial obligation to Veritas for your program cost. If your funds are less than the balance due, you will owe the difference to Veritas by the payment due date. The completed VOA, indicating these details, is due to Veritas by the payment due date. If the VOA is not available by that time, you will need to proceed with a minimum of the Good Faith Payment. *This is typically not the student’s choice, as many universities must release funds to the student rather than to Veritas.
OPTION 3: GUARANTEE OF FULL PAYMENT & YOUR GOOD FAITH PAYMENT
The completed VOA will state the amount you will be receiving, which will cover your full Veritas balance, and that the payment will be sent to you. You will be responsible for sending Veritas a Good Faith Payment, in the appropriate amount, and a check in the amount of your financial aid award (minus the Good Faith Payment amount) that is dated for one week after your funds are to be released. The Good Faith Payment will be deposited upon receipt by Veritas, and you must contact Veritas as soon as your financial aid funds have been disbursed to you so that we may deposit your “hold” check. Keep in mind that the Good Faith Payment and “hold” check must add up to your balance due to Veritas.
OPTION 4: GUARANTEE OF PARTIAL PAYMENT & YOUR ADDITIONAL PAYMENT
(MOST COMMON OPTION)
The completed VOA will state the amount you will be receiving and that the payment will be sent to you. You will be responsible for sending Veritas a check in the amount of your financial aid award, dated for one week after your funds are to be released, and a check for the remainder of your balance to be deposited immediately by Veritas. If the remainder of your balance is less than the Good Faith Payment amount for your program term, you are then responsible for paying the Good Faith Payment amount. You may then reduce your “hold” check accordingly. Keep in mind that the additional payment and “hold” check must add up to your balance due to Veritas. You must contact Veritas as soon as your financial aid funds have been disbursed to you so that we may deposit your “hold” check.