i just may be making this up, so correct me if im wrong.
what financial aid is most likely talking about is securing private loans, which typically have higher interest rates and aren't as 'borrower-friendly' as gov't-regulated stafford, perkins, grad plus, etc. loans. Unless you're really in a bind (and even then the school will offer you an emergency loan, if you really need it) you shouldn't have any reason to get private loans when you have the option of just waiting a bit longer and getting the Stafford, Perkins, Grad PLUS loans (which are contingent on the school creating and approving a budget and your enrollment, so you can't just ball out on your own and snag your own Stafford). Mid-August isn't too late from the school's point of view, because they can waive late fees and due dates since it's their problem; you won't be punished by the school. The only issue you may worry about is your rent and other living costs that you may not have money to pay for; in this case you should contact EVMS first and explain your situation and inquire about an emergency loan. What the financial aid dept is talking about is that you shouldn't panic and run out and grab 50k in private loans because its a raw deal when you can just wait a bit and get the govt-regulated ones.