Federal Financial Aid Application Instructions

Federal Financial Aid Application Instructions

Applicable for U.S. citizens and eligible non-citizens only

Hult International Business School’s Boston, Dubai, and London locations participate in the Federal Direct Student Loan programs. The Pell Grant program is available for the undergraduate programs in London for those who qualify.

The Free Application for Federal Student Aid (FAFSA) is primarily used to determine whether a student qualifies for federal financial aid and how much aid will be received. Federal Loans are not free money and must be paid back. The amount that may be borrowed and the loan type(s) depend on financial need and student enrollment status. Students are encouraged to borrow no more than they need to complete their educational program.

Hult International Business School has partnered with an external organization to automate the processing of all federal financial aid applications. This system is called the Virtual Financial Aid Office (VFAO). To receive federal financial aid at Hult International Business School, students must use this system.

To start the online financial aid application, students who are U.S. citizens or eligible non citizens1 may apply by following the steps below.

  1. Go to: https://hult.vfao.com/
  2. Register as a new user to create an account or log in with your username and password (if already a user). Follow the link to the “Student Interview Center.” Refer to the FAQs in the right-hand column for tips and instructions.
  3. Follow the FAFSA link to complete the FAFSA for 2014/2015 (using 2013 tax information) if you have not completed a FAFSA for the 2014/2015 award year. Hult International Business School’s school code is 041432. If you have already completed a FAFSA for 2014/2015 and did not include Hult International Business School’s school code number, you will need to add Hult International Business School’s school code to the FAFSA. To apply for Federal Direct student loans, you must also follow the link to complete a Master Promissory Note (MPN). If you already have an MPN on file with the Department of Education, simply indicate your requested loan amount on the VFAO interview.
  4. During the interview, you will receive a detailed Financial Plan. For Graduate Students, the Financial Plan automatically quotes Direct loan amounts for an independent graduate student. For the 2014/2015 award year, Pell Grants for undergraduate students range from $0-$5,730. The annual Direct Loan limits are as follows:

    Type of Student Year 1 Limit  Year 2 Limit  Year 3-5  Cumulative 
    Undergraduate Dependent $5,500 $6,500 $7,500 $31,000
    Undergraduate Independent  $9,500 $10,500  $12,500  $57,500 
    Graduate Student $20,500 n/a  n/a  $138,500 ($65,000 subsidized)
  5. Click “Done” to submit the application.
  6. Finally, if additional funding is required and you want to apply for a Graduate PLUS Loan (Graduate students only) or your parents want to apply for a PLUS (dependent students), follow the links listed on the VFAO website homepage. The PLUS Loan is credit based. Note that the terms for PLUS Loans are different from Direct Loans. PLUS Loans are limited to the cost of attendance less other financial aid.
  7. If you have federal loans from prior institutions, you may defer those loans. Please see Student Loan Deferment Instructions.

If additional information is required to complete the process, you will be notified via email. Once you complete the process, your financial aid package will be confirmed. If a Direct Loan is awarded, you should expect to receive an award letter of approved aid by email within 2-3 weeks from the date the application and all required documentation is submitted.

Additional Information about federal student loans can be found at www.studentloans.gov. This includes all terms and conditions for each loan type. If you need more information and guidance to complete the process, or if you have questions or concerns about Financial Aid, contact:

Financial Aid Officer: Karen Van Dyne
Telephone: +1 617 619 1097
Email: financialaid@hult.edu
Skype: Karen.VanDyne.hult

1To review eligibility requirements, click here.