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Variable Interest

Interest rates for the Federal Stafford Loans (subsidized and unsubsidized) are set by the government each year and therefore vary from year to year. The interest rate is set annually each July 1. See your Financial Aid Administrator for specific rates.

Verification

A procedure where a school checks the information a student reported on the FAFSA, usually by requesting a copy of signed federal tax returns filed by the student and, if applicable, the student's parent(s) and spouse. Schools must verify students selected for verification by the federal central processing system, following procedures established by federal regulations. The contractor prints an asterisk next to the Expected Family Contribution (EFC) on SAR to identify students selected for verification. Many schools also select students for verification in addition to those selected by the central processing system.

Verification Worksheet

A form sent by the college to students who are selected for verification by the Department of Education's Central Processing System.

Veteran

For federal financial aid purposes, such as determining dependency status, a veteran is a former member of the US Armed Forces who served on active duty and was discharged other than dishonorably.

Vocational Education

Organized educational programs, services, and activities that are directly related to the preparation of individuals for paid or unpaid employment, or for additional preparation for a career, requiring other than a baccalaureate or advanced degree.

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