Financial Aid at WVU; FAQ
Financial Aid at WVU
Frequently Asked Questions
Q: What is the difference between a grant, a scholarship and a loan?
A: A grant is a gift. It does not have to be repaid and it is based on the students financial need. A scholarship is an achievement award which is usually based on academic grades, abilities, skills, test scores, class rank, etc. Loans are funds borrowed by the student and/or parent. In most cases, loans must be repaid with an interest charge and a specified repayment period.
Q: Is there a maximum income level that will make me ineligible for financial aid?
A: No. Income level does not automatically disqualify you for financial aid. Other variables, such as the number in the family and the number attending college, are taken into consideration.
Q: What are the factors that determine need?
A: Most people have the misconception that income is the only factor in determining need. However, other variables are considered such as: family size, number of family members in college, age of older parent, savings, investments, and various allowances to income and assets.
Q: What are my chances of receiving financial aid?
A: The only way to determine your eligibility for financial aid is to submit a Free Application for Federal Student Aid (FAFSA). The likelihood of receiving some form of financial assistance is probably better than most students and their families anticipate. .
Q: In order to receive financial aid do I have to apply every year?
A: Yes. In order to receive consideration for all programs you must file a Free Application for Federal Student Aid (FAFSA) each year. File the FAFSA in the month of January. If necessary, you may estimate your taxes to complete the form.
Q: What is the deadline to apply for financial aid?
A: To receive maximum consideration for aid, students apply using the FAFSA, which must be received by the processor, prior to March 1st of each year. High school seniors applying for WVU scholarships must apply before February 1 .
Q: I missed the March 1 application deadline, can I still apply for financial aid?
A: Yes, students may still apply for a Direct Loan or a Pell Grant. There is no specific deadline for these two federal programs. Anyone who completes a Free Application for Federal Student Aid (FAFSA) before May 1st of the enrollment year will be considered for these two types of aid. You must be enrolled at the time funds are disbursed.
Q: What forms do I need to apply?
A: Initially, you need only to complete the Free Application for Federal Student Aid (FAFSA). The government prefers the electronic version be sent to them. You can log onto the Federal Processing Center’s web site at FAFSA on the Web [Snippet Error: Invalid ID. Try editing the snippet again.], to file the electronic version of the FAFSA.
Q: What is WVU ’s Title IV federal school code?
A: Our federal school code is: 003827.
Q: Will I be required to submit additional forms to WVU other than the FAFSA?
A: Possibly, if you are selected for review in a process called verification we will contact you about what additional forms are necessary. It is not necessary to contact our office.
Q: What does it cost to attend WVU?
A: Please see our Cost of Attendance page.
Q: If I received a scholarship from West Virginia University, may I also receive need-based financial assistance?
A: Yes. Receipt of a scholarship does not preclude receipt of need-based financial assistance. However, scholarship assistance must be considered as a resource in determining eligibility for need-based aid. If a student had an initial need of $8,000, and receives a $1,000 scholarship, the scholarship amount would be subtracted from the $8,000, and the difference of $7,000 would be considered the students remaining need.
Q: Should I pay for a Scholarship Search Service?
A: We do not recommend the use of these companies. Many are misleading or even fraudulent. Don’t be fooled by the money back guarantee promised by many of these companies. It is virtually impossible to get your money back. FinAid!: The Financial Aid Information Page provides information regarding Scholarship Scam Alerts [Snippet Error: Invalid ID. Try editing the snippet again.] . The services provided by these companies can be accomplished on your own by researching scholarship publications at the library, or by using a number of free scholarship searches available on the Internet. Visit our Other Fin Aid Sites page for links to several scholarship searches on the Internet.
Q: How do I apply for WVU Scholarships?
A: You apply by completing the WVU Application for Undergraduate Admission on-line or you may download a copy to print and complete.
Q: What happens after my Freshman year? Will my aid stay the same?
A: The Financial Aid Office at WVU is committed to meeting as much of our students’ need as possible throughout their undergraduate years. However, an individual student’s need may change from year to year. Educational costs may increase, and changes in family size, number in college, and gross income can increase or decrease parental contribution from year to year. If a family’s circumstances remain the same, the parents calculated contribution should be relatively consistent.
Q: Will my aid change if I move off campus?
A: Possibly. Please contact our office to determine how your aid may be affected.
Q: If I am awarded financial assistance for both fall and spring semesters of the academic year, but do not enroll in the fall semester, will my aid change?
A: Yes, aid will be canceled for students choosing not to enroll in the fall semester. Students enrolling in the spring will be considered for assistance on a funds available basis.
Q: I have a credit on my bill, when can I have the money?
A: If it is prior to the first day of classes, the Office of Student Accounts will mail a refund check to your local address during the first week of classes. After that, refund checks are mailed weekly throughout the semester to students as they complete the financial aid process.
Q: Do I need a separate form to apply for a Direct Loan?
A: No. You need only file the Free Application for Federal Student Aid (FAFSA).
Q: How long after I turn in my Direct Loan promissory note before I can receive the money?
A: If all necessary paperwork is complete, a check for any refund due will be mailed to the student’s local address in approximately 7-10 working days.
Q: How can I apply for work study?
A: Students must file a FAFSA before March 1, (February 15 is the priority date), and have financial need to receive Work Study. However, other jobs may still be available on campus through non need based employment at libraries, Mountainlair, Copy Centers, and the Career Services Center.
Q: Do I need to submit tax returns?
A: Only if our office sends a letter requesting that the forms be submitted as part of the verification process.
Q: What does it take to be considered an independent student?
A: Step Three of the FAFSA is used to identify students as either dependent or independent. To be considered an independent student, you must answer ‘Yes’ to at lease one of the six questions listed in this step.
Also, the Financial Aid Office can override a student’s dependent status but to do so requires some very unusual family situations. These situations require documented evidence from third-party witnesses (police reports, clergy, counselors, etc.).
Q: If my parents are separated or divorced, whose income is reported on the Free Application for Federal Student Aid (FAFSA)?
A: The parent you live with should complete the FAFSA. If the parent you live with has remarried, the income of that parent and their new spouse (step-parent) must be used.
Q: What is the interest rate on my loans?
A: For the direct loans, the interest rate changed to a fixed rate on July 1, 2006. The two student direct loans are fixed at 6.8 percent. The PLUS Loan interest rate is fixed at 7.9 percent.
Q: Why does the loan amount on my award letter differ from the amount on my bill?
A: The amount on your bill reflects the amount you are eligible for per semester minus 1.5% loan fees deducted prior to disbursement. Parent Loans have a 2.5% fee deducted. You may want to refer to your promissory note for a detailed explanation.
Q: Is the money I receive from financial assistance programs taxable?
A: Any scholarships, benefits, fellowships, or grants (gift aid) received from West Virginia University or any other source that, when combined exceed the cost of tuition, fees, books, and required equipment and supplies, are considered taxable income. Loans are not included. Since you are required to report taxable awards to the I.R.S. as income, you should keep a detailed record of all expenditures for tuition, fees, books, and required equipment and supplies. Housing and food are considered non-exempt, so money spent on these items is subject to income tax. For more detailed information, consult a personal tax advisor. Work study earnings are taxable and must be reported on tax returns.
Q: What should I do if my family’s financial circumstances change after I apply for financial aid?
A: If a family’s financial circumstances have changed due to death of a parent, divorce, separation, or loss of employment; they should contact the Financial Aid Office at (304) 293-5242.
Q: Will the financial aid offered at one school transfer to another school?
A: No. Financial aid does not transfer from school to school. Students planning to transfer to another school should contact the Financial Aid Office at both schools to find out what is required.
Q: Is there any aid available if I decide to attend summer school?
A: Students may receive aid during summer sessions through the Federal Pell Grant and Direct Loan programs if they show financial eligibility, and have not received their maximum allocation for the academic year. Students may also receive consideration for a full- or part-time job through the Federal Work Study program.
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