Lesson 3: Applying for Financial Aid


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Lesson 3: Applying for Financial Aid

  1. 1. FinAid Tutor: Lesson 3 Applying for Financial Aid
  2. 2. Lesson 3: Learning Objectives <ul><li>By the end of this lesson, you will understand: </li></ul><ul><ul><li>How to apply for financial aid </li></ul></ul><ul><ul><li>The deadlines for submitting financial aid applications </li></ul></ul><ul><ul><li>The meaning of “Expected Family Contribution” </li></ul></ul><ul><ul><li>The purpose of “Verification” </li></ul></ul>
  3. 3. How to Apply for Financial Aid <ul><li>To receive Federal Financial Aid, students must complete the Free Application for Federal Student Aid (FAFSA) </li></ul><ul><li>The FAFSA is the federal application used to determine your eligibility for financial aid </li></ul><ul><li>Everyone is encouraged to complete the FAFSA, since there is no charge for applying </li></ul>
  4. 4. When to Apply for Financial Aid <ul><li>The priority deadline for primary consideration is February 15 </li></ul><ul><li>March 1 st is the final deadline for: </li></ul><ul><ul><li>Federal Supplemental Educational Opportunity Grant (SEOG) </li></ul></ul><ul><ul><li>Federal Work-Study </li></ul></ul><ul><ul><li>Federal Perkins Loan </li></ul></ul><ul><li>Don’t wait for your tax returns: </li></ul><ul><ul><li>Provide your best estimate and then update the FAFSA once your taxes are completed </li></ul></ul><ul><li>A new FAFSA must be completed each year </li></ul>
  5. 5. Where to Obtain the FAFSA <ul><li>The FAFSA is available from your high school counselor, local library, or the WVU Financial Aid Office </li></ul><ul><li>The FAFSA can also be completed online at: www.fafsa.ed.gov </li></ul><ul><ul><li>FAFSA on the Web requires individual Department of Education PIN# for the student’s and the parent’s electronic signatures </li></ul></ul><ul><ul><li>The PIN can be obtained at: www.pin.ed.gov </li></ul></ul>
  6. 6. Student Aid Report (SAR) <ul><li>A copy of your SAR will be mailed to you and to your school once federal government has processed your FAFSA </li></ul><ul><li>It contains the information reported by the you and your family on the FAFSA </li></ul><ul><li>It also contains your Expected Family Contribution (EFC) amount </li></ul>
  7. 7. Expected Family Contribution (EFC) <ul><li>The EFC is the amount you and your family is expected to contribute towards your educational costs </li></ul><ul><li>The federal government determines your EFC, based on family income, assets, the number of family members, and the number of members attending college </li></ul><ul><li>It DOES NOT represent the amount you owe to WVU </li></ul><ul><li>If your family’s financial circumstances change, contact the Financial Aid Office </li></ul>
  8. 8. Verification Process <ul><li>Each year a number of financial aid applicants are selected for a review process called verification </li></ul><ul><li>WVU will request additional documentation from those selected for verification </li></ul><ul><li>Students have 30 days to provide this documentation or their eligibility for financial aid may be adversely affected </li></ul><ul><li>Your financial aid will not be processed until all of the requested documents are received </li></ul><ul><li>During verification, WVU checks the information you reported on the FAFSA with these requested documentation </li></ul>