FinAid Tutor: Lesson 3

Applying for Financial Aid

Lesson 3: Learning Objectives

By the end of this lesson, you will understand:How to apply for financial aidThe deadlines for submitting financial aid

applicationsThe meaning of “Expected Family

Contribution”The purpose of “Verification”

How to Apply for Financial Aid

To receive Federal Financial Aid, students must complete the Free Application for Federal Student Aid (FAFSA)

The FAFSA is the federal application used to determine your eligibility for financial aid

Everyone is encouraged to complete the FAFSA, since there is no charge for applying

When to Apply for Financial Aid

The priority deadline for primary consideration is February 15

March 1st is the final deadline for: Federal Supplemental Educational Opportunity

Grant (SEOG) Federal Work-Study Federal Perkins Loan

Don’t wait for your tax returns: Provide your best estimate and then update the

FAFSA once your taxes are completed A new FAFSA must be completed each year

Where to Obtain the FAFSA

The FAFSA is available from your high school counselor, local library, or the WVU Financial Aid Office

The FAFSA can also be completed online at: www.fafsa.ed.gov FAFSA on the Web requires individual Department

of Education PIN# for the student’s and the parent’s electronic signatures

The PIN can be obtained at: www.pin.ed.gov

Student Aid Report (SAR)

A copy of your SAR will be mailed to you and to your school once federal government has processed your FAFSA

It contains the information reported by the you and your family on the FAFSA

It also contains your Expected Family Contribution (EFC) amount

Expected Family Contribution (EFC)

The EFC is the amount you and your family is expected to contribute towards your educational costs

The federal government determines your EFC, based on family income, assets, the number of family members, and the number of members attending college

It DOES NOT represent the amount you owe to WVU

If your family’s financial circumstances change, contact the Financial Aid Office

Verification Process

Each year a number of financial aid applicants are selected for a review process called verification

WVU will request additional documentation from those selected for verification

Students have 30 days to provide this documentation or their eligibility for financial aid may be adversely affected

Your financial aid will not be processed until all of the requested documents are received

During verification, WVU checks the information you reported on the FAFSA with these requested documentation