Lesson 4: Your Award Package

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Lesson 4: Your Award Package

  1. 1. FinAid Tutor: Lesson 4 Your Award Package
  2. 2. Lesson 4: Learning Objectives <ul><li>By the end of this lesson, you will understand: </li></ul><ul><ul><li>The components that determine Cost of Attendance </li></ul></ul><ul><ul><li>How financial need is calculated </li></ul></ul><ul><ul><li>The additional requirements that students must complete </li></ul></ul>
  3. 3. Financial Aid Process <ul><li>Student completes the FAFSA </li></ul><ul><li>WVU estimates student’s Cost of Attendance </li></ul><ul><li>WVU determines student’s Financial Need </li></ul><ul><li>Student accepts or denies offered financial aid package </li></ul><ul><li>Student completes additional requirements </li></ul>
  4. 4. 1. Student completes FAFSA <ul><li>Student completes the FAFSA: </li></ul><ul><ul><li>FAFSA on the Web ( www.fafsa.gov.ed ) </li></ul></ul><ul><ul><li>Paper FAFSA </li></ul></ul><ul><li>The federal government processes the FAFSA & calculates student’s Expected Family Contribution (EFC) </li></ul><ul><li>A Student Aid Report (SAR) is sent to the student and the colleges listed on the FAFSA </li></ul>
  5. 5. 2. Cost of Attendance is Estimated <ul><li>COA is an estimate of your educational costs for a full academic year (Fall & Spring) </li></ul><ul><li>COA includes: </li></ul><ul><ul><li>Tuition & fees </li></ul></ul><ul><ul><li>Books & supplies </li></ul></ul><ul><ul><li>Room & board </li></ul></ul><ul><ul><li>Personal/Miscellaneous Expenses </li></ul></ul><ul><li>These estimates are designed to provide a modest but adequate lifestyle </li></ul><ul><li>Your actual costs may exceed this estimate depending on your financial choices </li></ul>
  6. 6. 3. Financial Need is Determined <ul><li>Financial need is determined by subtracting your Expected Family Contribution (EFC) & scholarships from your Cost of Attendance (COA) </li></ul><ul><li>COA – EFC & Scholarships = Need </li></ul><ul><li>WVU creates student’s award package based on the student’s need and eligibility </li></ul>
  7. 7. 4. Award Letter is Calculated <ul><li>Once the student’s need has been calculated, WVU sends the student an award letter </li></ul><ul><li>The award package can include any combination of scholarships, grants, employment, and loans, based on your eligibility </li></ul><ul><li>A student must accept or deny the offered aid </li></ul><ul><li>Student must notify the Financial Aid Office if they are receiving any money from sources other than WVU </li></ul>
  8. 8. 5. Complete any Additional Requirements <ul><li>Some types of aid have additional requirements that must be fulfilled before funds are disbursed, including: </li></ul><ul><ul><li>Federal Work-Study </li></ul></ul><ul><ul><li>Federal Perkins Loans </li></ul></ul><ul><ul><li>Federal Direct Subsidized Loans </li></ul></ul><ul><ul><li>Federal Direct Unsubsidized Loans </li></ul></ul><ul><ul><li>Federal Direct PLUS Loan </li></ul></ul><ul><li>Lesson 2 contains additional information about these loans/programs </li></ul>
  9. 9. Revised Award Letters <ul><li>You may receive a revised award letter if you receive additional financial aid, such as scholarships or grants </li></ul><ul><li>Revised award letters are intended to prevent overawards </li></ul><ul><li>Overawards occur when the total of the student’s financial aid exceeds the student’s Cost of Attendance (COA) </li></ul><ul><li>Like your initial award letter, the revised award letter is based on your financial need and eligibility </li></ul>

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