How Financial Aid is Determined
The Financial Aid Office determines your awards based on the information that you supplied on the Free Application for Federal Student Aid (FAFSA).
Need-Based Aid
Need-based aid includes most federal grants, some university scholarships, Federal College Work-Study, Federal Perkins Loans and the subsidized portion of the Federal Direct Stafford Loan.
To determine your financial need, the Financial Aid Office subtracts the amount of your Estimated Family Contribution (EFC) from the estimated cost of attendance (COA).
Estimated Cost of Attendance (Tuition, Books, Room & Board, etc.)
- Expected Family Contribution
= Financial Need
Non-need-based Aid
Non-need-based aid includes some university scholarships, the unsubsidized portion of the Federal Direct Stafford Loan, Federal Parent and Graduate PLUS Loans, Private Educational Loans, and other resources.
To determine your eligibility for non-need-based aid, the Financial Aid Office subtracts the amount of any need-based aid from the estimated cost of attendance (COA). The sum of all aid from all sources cannot exceed your estimated cost of attendance.
Estimated Cost of Attendance (Tuition, Books, Room & Board, etc.)
- Need-based aid
= Eligibility for Non-need-based aid
Expected Family Contribution (EFC)
We use the EFC to determine your eligibility for need-based federal student aid and some university funds.
Using a need analysis formula set by Congress, the U.S. Department of Education uses the information you report on your Free Application for Federal Student Aid (FAFSA) to calculate the Expected Family Contribution (EFC). This number represents the amount that you are expected to contribute toward your education. It is calculated from parent and student income and asset information. Allowances are made for household size, number of family members in college, and an asset protection based on age. There are opportunities to borrow funds to help pay for the EFC.
Other Resources
Other resources may affect your eligibility for aid. When the financial aid office is notified that you have received other resources, need-based aid may be reduced or canceled according to federal regulations and policies. If the aid has already been paid to your account when the notification is received, the paid aid may be reduced or canceled before the other resources are applied. Other resources include the following:
- Scholarships
- Reimbursement or payment of educational costs by a third party (i.e., an employer or some other agency)
Priority Deadlines
Apply by May 31, 2012 for 2012-13 Aid
If you submit your FAFSA by May 31, 2012 for the 2012-13 academic year, we will attempt to meet your full-demonstrated financial need. Your aid package may include a combination of scholarships, grants, work-study and loans. This package must include all resources available to you from other sources, such as federal grants, private scholarships, state scholarships and grants, and other institutional scholarships awarded from departmental funds.
If you submit your FAFSA after May 31, we will meet as much of your demonstrated need as possible. However, institutional scholarship and grant resources are limited, and there may not be sufficient funding to meet the full needs of late applicants.
Submit Documents by May 31, 2012 for 2012-13 Aid
If your application is selected for a review process known as verification, it is important that you submit all requested documents within 7 - 10 business days from the date of the request, but no later than May 31 for maximum aid consideration. Files are reviewed in the order they are received. Documents submitted after May 31 will be reviewed and all students eligible for aid will receive a financial aid award package.
Apply Every Year
Applying for financial aid is an annual process. You must complete a FAFSA each academic year. Your expected family contribution and your costs will be re-evaluated each year, and as a result, your financial aid package may change. Meeting the WSU FAFSA priority date is critical to ensuring that your financial aid package is the most favorable one WSU can offer.