FinAid Tutor: Lesson 4

Your Award Package

Lesson 4: Learning Objectives

By the end of this lesson, you will understand:The components that determine Cost of

AttendanceHow financial need is calculatedThe additional requirements that students

must complete

Financial Aid Process

1. Student completes the FAFSA

2. WVU estimates student’s Cost of Attendance

3. WVU determines student’s Financial Need

4. Student accepts or denies offered financial aid package

5. Student completes additional requirements

1. Student completes FAFSA

Student completes the FAFSA:FAFSA on the Web (www.fafsa.gov.ed)Paper FAFSA

The federal government processes the FAFSA & calculates student’s Expected Family Contribution (EFC)

A Student Aid Report (SAR) is sent to the student and the colleges listed on the FAFSA

2. Cost of Attendance is Estimated

COA is an estimate of your educational costs for a full academic year (Fall & Spring)

COA includes: Tuition & fees Books & supplies Room & board Personal/Miscellaneous Expenses

These estimates are designed to provide a modest but adequate lifestyle

Your actual costs may exceed this estimate depending on your financial choices

3. Financial Need is Determined

Financial need is determined by subtracting your Expected Family Contribution (EFC) & scholarships from your Cost of Attendance (COA)

COA – EFC & Scholarships = Need

WVU creates student’s award package based on the student’s need and eligibility

4. Award Letter is Calculated

Once the student’s need has been calculated, WVU sends the student an award letter

The award package can include any combination of scholarships, grants, employment, and loans, based on your eligibility

A student must accept or deny the offered aid Student must notify the Financial Aid Office if

they are receiving any money from sources other than WVU

5. Complete any Additional Requirements

Some types of aid have additional requirements that must be fulfilled before funds are disbursed, including: Federal Work-Study Federal Perkins Loans Federal Direct Subsidized Loans Federal Direct Unsubsidized Loans Federal Direct PLUS Loan

Lesson 2 contains additional information about these loans/programs

Revised Award Letters

You may receive a revised award letter if you receive additional financial aid, such as scholarships or grants

Revised award letters are intended to prevent overawards

Overawards occur when the total of the student’s financial aid exceeds the student’s Cost of Attendance (COA)

Like your initial award letter, the revised award letter is based on your financial need and eligibility