Financial Aid Q&A

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Q&A with W&J

Financial Aid

Your Future is Founded Here.

That’s why W&J is investing in you.

You have big ideas and bigger dreams. You take your future seriously. And you have plans to apply your unique talents to the profession of your choice.

What Do I Need to Do Next?

Follow the Financial Aid Checklist: your Admission Reply Form Submit

and your $300 deposit online at washjeff.edu/accepted to report your intention to attend W&J. To reduce or decline the loan(s) offered, return your revised aid offer to the Office of Financial Aid. Simply cross out the preprinted amount, indicate the revised amount, and sign the bottom of the aid offer. an online state grant form Complete

(SGF). Pennsylvania residents are required to complete the SGF at pheaa.org. More information will be emailed to you by the Pennsylvania Higher Education Assistance Agency (PHEAA). You may be required to submit your 2020 tax documents. the source and amount of Report

outside scholarships you may be receiving from any local or national organizations in writing to the Office of Financial Aid at FinAid@washjeff.edu.

your mail for a Statement of Watch

Account, which explains the exact amount you will pay to W&J along with the date the funds are due. Your first statement will be mailed in July, and payment is due in August. a Military Benefits Information Submit

Form (available in your leadership status portal) if you are eligible to receive any type of military benefit. for financial aid every year.

Apply

In future years, you should file your FAFSA by February 15. W&J scholarship and grant aid are available for eight terms only. the Office of Financial Aid Notify

should your family be affected by extenuating circumstances (death, disability, unemployment of a parent, etc.) during the academic year that were not reflected in your 2020 financial information reported on the FAFSA.

How Was My Financial Aid Offer Determined?

W&J reviewed your financial aid application and based your offer amount on the results, if you filed your FAFSA. You do not need to return the aid offer, if you accept the amounts listed and agree to the terms and conditions that are explained in this information packet. The financial aid listed on the enclosed offer letter is based on the cost of attendance (COA) determined by your housing choice on the FAFSA. Please note the College has a policy that requires the primary residence of commuters be located within 15 miles of the campus. For more information, please contact the Office of Residence Life at ResLife@washjeff.edu.

W&J offers

38% more institutional aid per student than the average private four-year college.

Source: National Center for Education Statistics

How Can I Make My Payments?

W&J students have six payment options: Semester Installments

Federal Plus Loan

We will send a billing statement in July for the fall term and again in December for the spring term. You should submit payment directly to the Business Office within 30 days of receiving your statement.

Biological parents or a stepparent listed on the FAFSA can apply for this federal loan to cover college costs. The student must have a FAFSA on file in order for a parent to borrow a PLUS loan.

PLUS loans offer a fixed interest rate, but do assess an origination fee. The U.S. Department of Education is the lender. You can learn more at www.studentaid.gov and apply for a PLUS loan after May 1, 2022. The parent who is borrowing will log into the site using his/her assigned FSA ID (same FSA ID used by the parent to sign the FAFSA).

Tuition Payment Plan W&J has teamed up with CASHNET to offer our families a way to pay in more manageable installments. This plan accrues no interest, only charging a small fee at the time of enrollment. You can get started now by visiting https:// washjeff.edu/department/business-andfinance/ and clicking the Tuition Payment Plan link.

Federal Direct Student Loans Students that file a FAFSA (www.fafsa.gov) can borrow through this fixed-rate federal loan program. A freshman can borrow up to $5,500 to cover college expenses (reflected on your financial aid offer). The federal government does withhold a small origination fee at the time of disbursement. In order to confirm acceptance of the loan, the student must complete an entrance counseling session and submit an online loan agreement (MPN) at www.studentaid.gov. Use your assigned FSA ID to log into the website.

Wallethub named Pittsburgh the

Private Education Loans A student or parent may choose to apply for an education loan through a lender of their choice. To aid students in choosing the best private loan option available, please go to ELM Select, a private loan comparison tool, at https://www.elmselect.com/link/ query?schoolId=712. We recommend utilizing the maximum federal loans before turning to private loans. Private education loans in the student’s name will require a creditworthy cosigner.

Am I Eligible for Aid Every Year?

You must file a FAFSA every year.

As you progress through W&J, the number of courses taken each term, academic performance, and number of enrolled semesters affect financial aid eligibility. To qualify for most financial aid resources, students must be enrolled in a minimum of two courses each semester. Some sources, such as W&J College grants and scholarships, are not available for less than full-time enrollment (at least three courses each semester). The College will offer a maximum of eight semesters of College-funded aid to students enrolled on a full-time basis. Most state grants are also limited to a maximum of eight full-time semesters.

All students must make Satisfactory Academic Progress by successfully completing courses in a timely manner and meeting the necessary minimum grade-point average in order to retain their financial aid. Federal regulations mandate that institutions of higher education establish and enforce standards of Academic Standing and Satisfactory Academic Progress. W&J applies these standards to all institutionally awarded funds and all federal Title IV programs, including grants and loans. Details about the Satisfactory Academic Progress policy and requirements are provided in the College Catalog.

In addition, state agencies may also have specific academic standards for students receiving grant funding from the state.

529 Education Savings Plan Your 529 savings plan can be used to cover qualifying education expenses. We recommend that you speak with your plan administrator to review qualifying education expenses and to learn how to request a withdrawal from the plan to cover college costs.

#2 City

97%

98%

to start a career in the U.S. in 2019.

of 2019 W&J graduates were employed or continuing their education within six months of commencement.

of W&J graduates earn their degrees within four years.

“ Not only did W&J help me afford a life-changing education, they prepared me to launch a successful career in medicine right after college. Now, I’m well on my way to paying off my student loans and pursuing my dreams.”

KENNY CLARK ’18

Student Loan Borrowing Policy W&J is committed to helping students make responsible financial decisions to keep student loan borrowing to a minimum. We encourage students to exhaust all financial resources, such as 529 prepaid college savings plans, our monthly tuition payment plan option, and earnings from student employment, prior to applying for educational loans. While debt is often unavoidable when it comes to paying for college, we recommend students borrow only what is needed to cover direct expenses (tuition, fees, room, and board) to ensure they are not taking on more debt than necessary. Smart borrowing can help reduce the burden of debt after graduation.

We recommend that students utilize Federal Direct loans before turning to private or alternative loans. Federal Direct loans are guaranteed (no credit check required), offer low, fixed interest rates, and provide a large number of repayment options, including “Income-Based Repayment” and “Public Service Loan Forgiveness.” First-time borrowers of a Federal Direct student loan are required to complete an online entrance counseling session. This counseling session provides pertinent information about your rights and responsibilities as a student loan borrower. There is also a federal loan option available to parents, a Direct PLUS Loan, which includes many of the same borrower benefits as the Federal Direct student loan program.

Numerous private loan programs are available to students as well. These programs offer competitive interest rates and borrower benefits. Private loans are a viable option for students when they have exhausted all other resources.

Since private loans require a credit check, the majority of students will need a cosigner, which will also help them secure the best interest rate possible. To aid students in choosing the best private loan option available, W&J provides ELM Select, a private loan comparison tool. ELM Select offers students the ability to compare and select the loan product that best fits their needs. We encourage students to complete the counseling tool Financial Fundamentals, available on ELM Select, to assist them in choosing the best loan option available. Please note: W&J does not endorse any lender listed within ELM Select.

Students have the right to choose any lender for their private loan needs.

The Office of Financial Aid sends an annual notice to all student borrowers. This notice includes the total amount of federal and private loans borrowed while attending W&J College, estimated payoff information, links to online repayment calculators, and information on federal loan counseling tools.

Additional Information on Plus and Private Loans: There are many options available to cover the amount that is due after financial aid has been applied. It can be challenging to determine the loan that is best for your family, but this comparison chart will help you understand the features and benefits of each type of loan.

Federal Plus Loan for Parents

School-Certified Private Student Loan

Private Parent Loan

Primary Borrower

Parent

Student

Parent or other eligible non-student individual

Credit Check Required

Yes, applicant or endorser cannot have an adverse credit history

Yes, loan approval and pricing are generally based on creditworthiness; lenders may also consider other factors

Yes, loan approval and pricing are generally based on creditworthiness; lenders may also consider other factors

Cosigner Requirements

No, but if a parent has adverse credit history, an endorser may be required

No, but if you’re a student with little or no credit history, it may be difficult for you to qualify for a loan without a creditworthy cosigner

No, but if the primary borrower is not eligible on their own, some lenders may offer a cosigner option

Cosigner/Parent Release Option

No, parent (and any endorser) is making a commitment to repay the loan for the life of the loan

Many lenders provide a cosigner release option in which the student can apply to release the cosigner after the student graduates, makes a specified number of on-time payments, and meets underwriting requirements

Varies by lender; check for availability

Interest Rate

For loans first disbursed on or after July 1, 2021, and before July 1, 2022, the interest rate is fixed at 6.28%; interest rates for the 2022-23 academic year will be set July 1, 2022

Many lenders offer both fixed and variable interest rates; although lenders may consider multiple factors, rates are generally based on the borrower’s and cosigner’s creditworthiness, so those with good credit may qualify for a lower rate

Many lenders offer both fixed and variable interest rates; although lenders may consider multiple factors, rates are generally based on the borrower’s and cosigner’s creditworthiness, so those with good credit may qualify for a lower rate

Origination/ Disbursement Fees

4.228% for loans first disbursed on or after October 1, 2021, and before October 1, 2022

Varies by lender; most offer 0%

Varies by lender; most offer 0%

Application Process

FAFSA is required; apply online with the Department of Education at studentaid.gov

Online with lender.

View options at www.elmselect.com/

Online with lender.

View options at www.elmselect.com/

Repayment Term

10–25 years of principal and interest payments

Varies by lender; typically, terms of 5–20 years of principal and interest payments are offered

Varies by lender; typically, terms of 5–20 years of principal and interest payments are offered

Payment Flexibility

PLUS loans are eligible for graduated and extended repayment options, federal consolidation, and some public service loan forgiveness options

Most lenders will work directly with the borrower to assess repayment options; some lenders offer graduated repayment options

Most lenders will work directly with the borrower to assess repayment options

Death and Disability Loan Forgiveness

Yes, if the student beneficiary or the parent who borrows dies and certain conditions are met, then payments on the loan will be waived

Varies by lender; some lenders waive the remaining balance in the event of the primary borrower’s death or permanent and total disability

Varies by lender; some lenders waive the remaining balance in the event of the primary borrower’s death or permanent and total disability

Options for Denied Loans

If parent applies and is denied, the student is eligible for additional unsubsidized direct loans; parent can also secure an endorser or appeal the denied decision

Student can apply with a different cosigner if the cosigner is denied

Varies by lender; parent or other creditworthy individual may be able to apply with a cosigner

Loan Limits

Up to 100% of the school-certified cost of attendance minus other financial aid received

Generally, up to 100% of the school-certified cost of attendance minus other financial aid received; lenders can have different loan limits for different loan programs and may base the limits on various factors

Varies by lender; may or may not require schoolcertification, and some lenders may have minimum and maximum loan amounts and may base the limits on various factors

Minimum Enrollment Status

At least half-time

Varies by lender; some offer loans to students who are attending school less than half-time

Varies by lender; some offer loans to borrowers who have students who are attending school less than half-time

What If My Information Changes?

W&J vs.

National Average

Let us know as soon as possible.

99% vs. 82%

National Average

Percentage of students receiving institutional aid* The enclosed awards have been made based upon the most current information available to the Office of Financial Aid. If the federal government selects you for verification, we are required to verify that the information reported on the FAFSA is correct. Students selected will receive a letter from the College requesting certain tax documents, and we ask that you respond promptly. Financial aid cannot be confirmed until this process is complete. You may receive a revised aid offer, increasing or decreasing aid, if corrections are made to your FAFSA data through this process. Corrections to tax figures made by you can also produce a revision to your original aid offer.

Adjustments may occur when either your college costs or your aid resources change. A housing status change (moving from living on campus to commuting) is a common reason for a cost increase or decrease. Other aid resources include outside scholarships from local or national organizations and higher-than-anticipated state or federal funds.

In most cases, our policy toward outside scholarships is to use those funds to reduce or eliminate remaining financial need. If the total outside aid creates an overaward, adjustments are made first to self-help aid (loans and work study). Adjustments to College grants occur only if no other option can resolve the over-award.

National Average

97% vs. 79% Rate of students employed or pursuing an advanced degree within six months of graduation**

National Average

1.7% vs. 7.3% Federal loan default rate*

*Source: National Center for Education Statistics ** Source: National Association of Colleges and Employers

How Does W&J’s Affordability Stack Up Against Other Schools?

See your enclosed financial aid offer to complete the chart below.

W&J

College Costs

Tuition

School 2

School 3

School 4

$49,612

Fees

$580

Room

$7,936

Board

$5,588

Books/Supplies Transportation Personal TOTAL COSTS

Financial Aid

College Scholarship(s) College Grant(s) Federal Grant(s) State Grant Student Loan(s) TOTAL AID Total Costs - Total Aid =

W&J College does not discriminate in its educational programs, activities, or employment on the basis of race, religion, sex, sexual orientation, age, disability, national origin, or any other nationally protected legal status in accordance with applicable state and federal laws. In addition, W&J complies with applicable state and federal laws governing nondiscrimination in employment. Inquiries may be directed to the Ethics and Compliance Officer, Washington & Jefferson College, 60 South Lincoln Street, Washington, PA, 15301 724-503-1001, ext. 3012

Office of Financial Aid Contact Information: Washington & Jefferson College 60 South Lincoln Street Washington, PA 15301 Financial Aid 724-223-6019 or 888-926-3529 finaid@washjeff.edu

Bethany Iñesta Bowman Director of Financial Aid Kevin A. Totty Senior Associate Director of Financial Aid Kathryn Plump Assistant Director of Financial Aid & Loan Officer Adam Manno Assistant Director of Financial Aid & Student Employment Coordinator