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Lesson 1: Introduction to Financial Aid
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Lesson 1: Introduction to Financial Aid

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