Lesson 1: Introduction to Financial Aid


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Lesson 1: Introduction to Financial Aid

  1. 1. FinAid Tutor: Lesson 1 Introduction to Financial Aid
  2. 2. Lesson 1: Learning Objectives <ul><li>By the end of this lesson, you will understand: </li></ul><ul><ul><li>Principles of Financial Aid </li></ul></ul><ul><ul><li>Students’ Rights & Responsibilities, including Maintaining Satisfactory Academic Progress </li></ul></ul><ul><ul><li>Habits for Financial Well-Being </li></ul></ul>
  3. 3. Principles of Financial Aid <ul><li>Advance planning, financial as well as academic, is the key to achievement of any student’s educational goal. </li></ul><ul><li>To the extent they are able, parents have the primary responsibility to pay for their children’s education </li></ul><ul><li>Students also have a responsibility to contribute to their educational costs </li></ul><ul><li>Applying for financial aid is the student’s responsibility </li></ul>
  4. 4. Students’ Rights <ul><li>Students have the right to know: </li></ul><ul><ul><li>What financial aid assistance is available </li></ul></ul><ul><ul><li>Deadlines for submitting applications </li></ul></ul><ul><ul><li>The Cost of Attendance (COA) for WVU </li></ul></ul><ul><ul><li>How WVU determines your financial need </li></ul></ul><ul><ul><li>Details about loans, including interest rates and repayment policies </li></ul></ul><ul><li>Further information can be found on our website at: www.finaid.wvu.edu </li></ul>
  5. 5. Students’ Responsibilities <ul><li>Students have the responsibility to: </li></ul><ul><ul><li>Complete all application forms accurately </li></ul></ul><ul><ul><li>Know & comply with all deadlines </li></ul></ul><ul><ul><li>Read all forms that you are asked to sign & keep copies of them </li></ul></ul><ul><ul><li>Notify Financial Aid of any changes to your financial status </li></ul></ul><ul><ul><li>Accept responsibility for any agreement you sign </li></ul></ul><ul><ul><li>Maintain Satisfactory Academic Progress </li></ul></ul><ul><li>Further information can be found on our website at: www.finaid.wvu.edu </li></ul>
  6. 6. Maintaining Satisfactory Academic Progress <ul><li>To remain eligible for financial aid, students must be making measurable academic progress toward completion of a degree </li></ul><ul><li>Students must complete at least 70% of all hours attempted, with a minimum GPA: </li></ul><ul><ul><li>Freshman (0-28 credits): 1.6 GPA </li></ul></ul><ul><ul><li>Sophomore (29-58 credits): 1.9 GPA </li></ul></ul><ul><ul><li>Juniors & Seniors (59-192 credits): 2.0 GPA </li></ul></ul><ul><li>Students who do not meet these standards will be placed on probation and could ultimately loose their financial aid eligibility </li></ul><ul><li>Further information, including the appeals process, can be found in the WVU Undergraduate Catalog </li></ul>
  7. 7. Habits for Financial Well-Being <ul><li>Live within your means while in school—don’t live a lifestyle you can’t afford </li></ul><ul><li>Budget your money carefully—get on a monthly budget and stick to it </li></ul><ul><li>Save a little each month & plan for your financial future (even if its only $5) </li></ul><ul><li>Keep accurate, well-organized financial records </li></ul><ul><li>Establish and maintain a strong credit history </li></ul>
  8. 8. Habits for Financial Well-Being (Cont.) <ul><li>Borrow the minimum amount you need </li></ul><ul><li>Be a well-informed borrower—not all loans are alike; know the differences </li></ul><ul><li>Limit your use of credit cards—save them for emergencies </li></ul><ul><li>Pay your credit card bill(s) in full each month </li></ul><ul><li>Be realistic about how much money you will earn once you graduate—don’t count on immediate financial windfalls </li></ul>
  9. 9. Financial Aid Contact Information <ul><li>WVU Financial Aid Office—Main Campus </li></ul><ul><li>Website : www.finaid.wvu.edu </li></ul><ul><li>Phone : (304) 293-5242 </li></ul><ul><li>Fax : (304) 293-4890 </li></ul><ul><li>Address : Financial Aid Office </li></ul><ul><li>West Virginia University </li></ul><ul><li>PO Box 6004 </li></ul><ul><li>Morgantown, WV 26506-6004 </li></ul>