W&L Financial Aid Handbook

FINANCIAL AID HANDBOOK

AN EASY-TO-NAVIGATE GUIDE FOR FIRST-YEARS

WELCOME AND CONGRATULATIONS

“Welcome, Class of 2027!” The Office of Financial Aid at Washington and Lee University has compiled the following information to aid you in preparation for this fall. This booklet provides you with information that we hope will clarify important steps in the aid process and details regarding your student account. We look forward to assisting you throughout the 2023-24 academic year. Please read all the following information carefully and do not hesitate to contact us at 540-458-8717 or financialaid@wlu.edu if you have questions.

James Kaster, Director, Office of Financial Aid

 The W&L Office of Financial Aid uses email for all essential correspondence. Please pay special attention to any email with the subject line W&L Financial Aid. Beginning June 15, we will use your W&L email address for any email correspondence.

FIRST-YEAR CHECKLIST AND IMPORTANT DATES

o May 15-31: Review your 2023-24 Financial Aid Notification on the Financial Aid Portal

o May 31: Priority deadline to Accept Work-Study awards online

o June 5: Work-Study application and hiring process opens for those who have accepted their Work-Study offer by the priority deadline

o June 10: Priority deadline to Accept loan offers online and to complete any required federal loan documents (See “Guide to Student and Parent Loans”)

o June 20: Deadline to submit the Signature Authorization form to the Financial Aid Office. Enables continued access to online processes.

o June 30: Deadline for Virginia residents to submit the Virginia Tuition Assistance Grant (VTAG) application. Application should be submitted directly to W&L.

o July 15: Deadline for completing federal verification for those who were selected for verification

o July 20: Reminder: Add Financial Aid access for parents or others in Friends and Family (see “Guest/Parent Access (FERPA)”)

o July 20: Review your Nelnet (billing) account online to verify financial aid credits, pending/estimated aid, and to determine if you have a balance due

o July 24: Deadline (final) to Accept online any loan or Work-Study offers. Pending loans or Work-Study at this point are Declined.

o August 1: Deadline to complete any required loan documents. All “Accepted” loans with incomplete documents at this point are “Declined” by the Office of Financial Aid.

o August 1: Deadline to apply to Work-Study positions. If you have not obtained a Work-Study position by this date you will not have another opportunity until October 1.

o September 4: Mandatory on-campus Financial Aid information session for all grant and scholarship recipients

o September 6: Mandatory on-campus information session for all Work-Study recipients

o September 11: The last round of Work-Study hiring begins for those who are still seeking employment. Interested students must contact Student Employment by this date.

o October 1: Deadline to submit the Sibling Enrollment Verification form for those families with more than one dependent in college. All benefits are removed after this date.

o October 13: Last day to be hired into a fall Work-Study position

HOW TO USE OUR FINANCIAL AID PORTAL

Up until this point, you have been accessing financial aid information through the Applicant Portal. Your aid information has now been transferred to the Financial Aid Portal, and you can access this portal using the “Check Your Aid Status” link on the Financial Aid home page: my.wlu.edu/financial-aid. To make the most of your financial aid offers, we encourage you to familiarize yourself with the Financial Aid Portal.

Once logged in, you will find navigation links to the following sections displayed on the portal page:

† Documents and Application

† Award Information

† Work-Study

† Other Information

Your first task is to accept or decline portions of your Financial Aid Notification, so we’ll start with Award Information ...

ACCEPTING OR DECLINING YOUR LOAN OR WORK-STUDY OFFERS

AWARD INFORMATION

YOUR 2023-24 FINANCIAL AID NOTIFICATION

On the Financial Aid Portal, you will find the link to Your 202324 Financial Aid Notification . This notification is active and reflects your current aid status. Below are examples of WorkStudy and Loan offers that might be listed on your notification. You will need to access your online Financial Aid Notification and mark all loans and/or Work-Study offers as Accept or Decline by the appropriate deadline listed in the Checklist. If you wish to accept a loan for a lesser amount, “Accept” the loan and enter the updated amount in the box to the right of the loan offer. Do not forget to Submit the form. You can find details on both the Work-Study program and Federal Loans later in this document. Grants/scholarships are accepted by the Financial Aid Office once the notification letter is submitted. Some aid may require the receipt of additional documentation before showing as being accepted. Any submission you make may take up to 48 business hours to update online.

COMPLETING OTHER REQUIREMENTS ON THE FA PORTAL

DOCUMENTS AND APPLICATION

ITEMS REQUIRING YOUR ATTENTION

This section of the Financial Aid Portal provides a listing of those documents and forms that may be required to complete your financial aid package. It is similar to the Financial Aid Checklist on the Admissions Portal. Additional documents may be posted throughout the year and periodic review of this page is recommended. Below are some key areas of this page.

SIGNATURE AUTHORIZATION FORM

The Signature Authorization form (accessible through the link) provides your consent to make online submissions and access your financial aid notification using the FA Portal. Please print the form, sign, and date. You can submit the completed form by mailing directly to the Office of Financial Aid or send as an email attachment to financialaid@wlu.edu. Please note the form requires handwritten signatures.

GUEST/PARENT ACCESS (FERPA)

FERPA is a federal law that protects the privacy of student education records. This law restricts access to student records to those individuals who are specifically added to W&L’s Friends and Family in Workday. Friends and Family (F&F) is a process that allows students the opportunity to assign access rights. The “Guest/Parent Access (FERPA)” link in Items Requiring Your Attention will redirect you to the instruction page for F&F. To access F&F instructions outside of the FA Portal use this link go.wlu.edu/friends-and-family. Adding a parent or others to Friends and Family, and giving them financial aid access, will allow those individuals to view your Financial Aid Portal

and allow the Office of Financial Aid to discuss Financial Aid issues with that individual. You will need to check the thirdparty user and select View Financial Aid Package.

 Beginning the first day of the academic year, the Office of Financial Aid can share information only with individuals listed on your Friends and Family with the View Financial Aid Package option checked.

VIRGINIA TUITION ASSISTANCE GRANT APPLICATION (VTAG)

If you are a resident of Virginia and wish to receive this state grant, you will need to complete the VTAG application. This form is accessible from the link found in Items Requiring Your Attention. The completed application is due to the Office of Financial Aid by June 30 and should be uploaded to the portal. This award is provided to any eligible Virginia resident who attends a Virginia private university. It only requires a short application to determine eligibility and residency. Please note the form requires handwritten signatures.

FEDERAL VERIFICATION DOCUMENTS

If your Free Application for Federal Student Aid (FAFSA) is selected for verification by the Department of Education, then the Office of Financial Aid must confirm the accuracy of the information reported on the FAFSA and/or the student’s identity. Those selected will be required to complete and submit the Verification Worksheet and/ or Identity and Statement of Educational Purpose form. Students will be notified via email which forms they are required to complete and submit. Students cannot by federal regulation receive any federal grants or loans until all verification is completed.

The Verification Worksheet is due to the Office of Financial Aid by July 15 and requires the student and parent (only when the student is a dependent) confirm the members of the household and tax filing status. Tax returns may be required if not already submitted to our office and if tax information was not transferred to the FAFSA using the IRS Data Retrieval Tool. Please note the form requires handwritten signatures.

The Identity and Statement of Educational Purpose must be completed in person at the Office of Financial Aid or in the presence of your local notary and submitted to the Office of Financial Aid before classes begin. The student must bring proof of identity, typically in the form of a state-issued ID or driver’s license. Our office must have the original form, mailed or hand-delivered to the Office of Financial Aid.

VERIFICATION OF SIBLING ENROLLMENT

If your aid notification states in the Special Messages section that you received an additional benefit for sibling(s) in college, then you are required to verify the sibling’s full-time undergraduate enrollment at a 4-year college or university. The Verification of Sibling Enrollment form does not show immediately but will be available in Items Requiring Your Attention in August. The completed form is due October 1. This form should not be completed until your sibling begins the fall semester and cannot be accepted prior to the sibling arriving on their campus in the fall. Since you are receiving an additional benefit based on sibling(s) fulltime enrollment in a 4-year undergraduate program, failure to provide the required Verification of Sibling Enrollment form(s) by the deadline will result in a reduction of your need-based grant.

WORK-STUDY

This section of the Financial Aid Portal will provide various items related to obtaining a position in the Work-Study program. Once you accept a Work-Study award you will in June have access to the process that allows you to create an application and apply for open positions. Initially there may not be a Work-Study section or items listed under Work-Study.

OTHER INFORMATION SCHOLARSHIP AND RESOURCE REPORTING

The Scholarship and Resource Reporting link, listed under Other Information, allows you to enter details for any outside scholarship or benefit you receive. You are required to notify the Office of Financial Aid if you are receiving any scholarship or resource (tuition benefit, veteran benefit, etc.) from a source outside of the University. Outside scholarships and/or resources may affect your W&L award. Please see your original award notification for details.

YOUR LOAN HISTORY

The Your Loan History link, listed under Other Information, provides you with a breakdown by academic year of any federal student loan, private loan, and/or W&L loan funds you have received while enrolled at W&L. A grand total and estimated monthly payment are calculated for each loan type. Your Loan History is available to you while enrolled and a short time after graduation.

MAKING SENSE OF IT ALL

COST OF ATTENDANCE 2023-2024

Cost of Attendance is a list of the expected expenses you may incur during the academic year. These include tuition, fees, housing, food, books/supplies, miscellaneous and personal expenses, and travel. Your financial aid offers are based on the full cost of attendance, i.e., if you applied for aid then you have received aid offers that could include grant/scholarship, loans and Work-Study, and the total of this aid will equal your cost of attendance.

DIRECT VS. INDIRECT COSTS

The billed or “direct cost” for W&L includes tuition, fees, housing and food. Your Fall and Winter Term bills are posted in July and November. First-year students are billed for the full meal plan but can reduce the plan in subsequent years; your aid award will continue to be based on the full meal plan, meaning no reduction in aid if you choose a lesser plan in the future. There are other expenses you will incur during the year such as books, supplies, general personal needs and travel. These items are considered “indirect costs” and in most cases will not be part of your term bill. You will see book charges on your bill if you purchase your books or supplies from the University Store and choose to charge the purchase home.

CREDIT BALANCE

Some students receive aid that exceeds their direct costs. The remaining funds on the student’s billing account after all charges are paid is the credit balance. The credit balance appears as a negative amount due. A credit balance can be used to cover any indirect costs such as books, supplies, travel to and from campus, student activities, etc.

TRAVEL TO CAMPUS

Students are expected to make their own travel arrangements to and from W&L during the academic year. W&L does not pay for your travel but you can use any credit generated by grants or loans to reimburse yourself for some or all of your travel expenses. An estimated amount for travel, based on the location of your home, is part of your overall Cost of Attendance budget, and travel expenses are incorporated into your total aid package. These funds may or may not be part of your grant or scholarship and may have been provided in the form of a loan offer. Any credit generated by a grant, scholarship or loan can be accessed at the start for your Fall and Winter Terms. The amount estimated for your travel may vary from your actual costs.

BUYING YOUR BOOKS

You can purchase your textbooks and supplies from the W&L University Store when you arrive on campus. These materials can be charged directly to your student account. If you have a credit on your account because of your grant/scholarship or loan, then this charge will reduce that credit. Even if you do not have a credit you can still charge to your student account. This charge will show as an amount due on your next university bill.

HEALTH INSURANCE

Health insurance is required for all students. A University health insurance plan can be purchased if you are unable to obtain coverage through your parents or an outside source that meets W&L requirements. If you are required to purchase the W&L health insurance plan you can receive funding to cover the additional cost. Some students with very high need are eligible for grant increases and all other students can receive additional loan funding. Once you have purchased the W&L plan the charge will appear on your student account. The credit created by your grant or loan will take place in late August or early September. Please contact the Office of Financial Aid if you have questions regarding your eligibility to receive additional grant or loan funding to offset this cost.

First-year students get the lay of the land on nearby House Mountain.

TYPES OF AID

NEED-BASED GRANT AND/OR SCHOLARSHIP

Any grant or scholarship such as the W&L Grant, Johnson Scholarship, Pell Grant, VTAG, SEOG, etc., is considered gift aid and does not need to be repaid. There may be specific requirements for renewing the award, and each award may have restrictions or associated benefits. Please see the Applying for Aid in Subsequent Years and Using your Aid/Additional Opportunities sections for more details.

TAXES RELATED TO GRANTS/SCHOLARSHIPS

Scholarships and grants that exceed qualified tuition, mandatory fees, and course-related expenses such as books and supplies may be considered taxable income. Questions regarding the taxability of your scholarships and grants should be directed to the IRS or to a qualified tax consultant.

FEDERAL AND INSTITUTIONAL WORK-STUDY

Work-Study is a financial aid option offered to many Washington and Lee students as a part of their overall financial aid package. If you have been offered Work-Study and wish to work during the 2023-24 academic year, you will need to accept the Work-Study offer listed on your online Financial Aid Notification. Beginning June 5, students who have accepted the Work-Study offer will be sent an email from Student Employment with additional details and a link to the Work-Study application. Work-Study applicants will have the opportunity to review job descriptions and apply for open positions at that time. The priority deadline for accepting your Work-Study offer is May 30.

Typically, Work-Study awards are $3,000 for the academic year, which usually means a student may work seven to nine hours per week to earn the full award. The Work-Study amount must be earned to be received and is paid directly to the student based on the number of hours worked each pay period. The amount listed is not guaranteed but is the maximum you can earn in the program, and you can earn less. Supervisors understand that education comes first and will work with students to arrange schedules that do not interfere with coursework demands. The hourly rate for a Work-Study student can range from $12.00 to $13.00, based on the complexity of the position.

Students who participate in the Work-Study program can contribute to the university and local community while earning the money they need to help offset some of their everyday expenses. Work-Study isn’t just about funding; it also provides employment experience and is an excellent way to boost your future resume. W&L currently employs over 600 students through the WorkStudy program, offering employment in over 200 positions on and off campus. These positions include athletics, academic and administrative offices, University Store, libraries, and multiple areas off-campus in community-based organizations. Many positions exist that support and enhance a student’s specific educational and career goals.

 If you have additional questions about the W&L Work-Study program, please email Student Employment at studentemployment@wlu.edu.

A GUIDE TO STUDENT AND PARENT LOANS

W&L meets financial need with a combination of grants and WorkStudy. Loans are offered as an option not a requirement, and are only offered to meet the Expected Family Contribution (EFC) as determined through your need-based application. If a Stafford (student) or PLUS (parent) Direct Loan is listed on your online aid notification then you will need to accept or decline the loan(s) and submit. Keep in mind that loans can be accepted at an amount less than the amount offered. To finalize the processing of a federal loan you will need to complete the relevant Master Promissory Note (Stafford or PLUS), Entrance Loan Counseling (Stafford only), and the online PLUS Loan Application (PLUS only). These forms are online at https://studentaid.gov. A complete listing of your required loan documents can be found under Items Requiring Your Attention . The priority deadline for completing all loan documents is June 10.

FEDERAL STAFFORD LOAN FOR STUDENTS

Federal student Stafford loans are held in the student’s name and are paid back to the Department of Education through an assigned servicer. Required documents for processing and disbursing to the student account include a Master Promissory Note (MPN) and Entrance Counseling. Stafford loans apply to the student account balance as pending aid once the loan is accepted on the Financial Aid Portal. If the MPN and Entrance Counseling are not completed by August 10, it will be assumed you do not intend to process the loan and the loans will be cancelled. The removal of the loans may create a balance due on your account. The priority deadline for receipt of the completed online Financial Aid Notification and electronic documents is June 10.

FEDERAL DIRECT LOANS FOR PARENTS

Parent PLUS loans are held in the name of a parent and require full documentation (Master Promissory Note and PLUS Loan Application) to apply toward the account balance as pending aid prior to the July 15 bill and for later disbursement. Parents should choose the credit balance decision option (PLUS Loan Application) carefully before submission as discrepancies between the credit balance decision indicated on the Application and Business Office records (requests by parents) can only be rectified by submitting a new Parent PLUS Application. The priority deadline for receipt of electronic documents is June 10.

PRIVATE LOANS

Students or parents who seek private loans from private non-federal lenders should contact Drake Breeden in the Office of Financial Aid to process the loan. Upon your completion of the private loan application, email ebreeden@wlu.edu for further details regarding the processing and timeline of disbursement for the loan. Loans that are applied for and certified prior to the July 15 bill apply toward the account balance. After August 10, private loans that are not fully processed and disbursed will be cancelled. The priority deadline for having private loans ready for certification by W&L is June 10.

ONLINE BILLING VIA NELNET

ONLINE BILLING WITH NELNET

In early July, you will be contacted by the Business Office with details on how to access the online Nelnet payment system. All W&L billing is completed online in Nelnet. Within Nelnet, you will be able to create accounts for other users such as your parents. Around July 15, registered users will receive a notice that the Fall Term bill is available for review. Payment is due on August 10. Subsequent bills from the Business Office will be posted around the 15th of each month and should be reviewed for any new charges/credits. Winter Term charges will show on the November bill. Please contact the Business Office at (540) 4588730 or businessoffice@wlu.edu for billing or payment questions. The Office of Financial Aid does not process any student billing or payments.

ESTIMATED/PENDING AID

Pending/estimated aid are awards that will reduce your bill, but are not actually disbursed and applied to the account until a later date. Federal regulations prevent us from crediting federal grants and loans to your account in July when the fall bills are generated. However, these awards will show in Nelnet as pending/estimated aid once all requirements are met. Pending awards typically disburse the first week of classes or the following week.

CREDIT BALANCE

A credit balance on your student account is created when credits from financial aid or other sources are greater than the charges on your account. Students can schedule a disbursement of their credit balance by contacting the Business Office when they arrive on campus in the fall. Winter credit balance disbursements can be scheduled in January. A credit balance can be used to pay for indirect expenses such as books, supplies, personal expenses and travel.

EARLY CREDIT BALANCE DISBURSEMENT

In late July, some students with large credit balances will be contacted by the Business Office. At that time, students will have the option to receive a portion of their credit as an early credit balance disbursement. Keep in mind, these funds are provided to assist in paying educational related expenses such as books and travel. It is wise to limit the use of this early disbursement to essential expenses necessary for your preparation to arrive on campus. In November, students who received the July disbursement will be contacted with information about the Winter Term early credit balance disbursement.

HOLDS AND LATE FEES

If you have an outstanding balance for an extended period, the Business Office may place a hold and/or assign a late fee to your account. Holds may prevent a student from registering for a class. A Business Office hold can only be removed by contacting the Business Office and paying the entire past-due balance.

Any loan you have been offered cannot be processed or listed as pending if the loan is declined, has not been accepted or if the required documentation for the loan has not yet been completed. In those cases you will not be able to use the loan funds to pay your account or release a Business Office hold. You may wish to check your Items Requiring Your Attention to determine if any specific financial aid documents are incomplete. A student with an unpaid balance will continue to carry a hold and incur late fees until the balance is paid. It can take up to two weeks to process a loan, and during that period any Business Office hold will remain on the student account.

 Please be aware the Office of Financial Aid does not place holds and cannot remove a hold that has been placed on a student account.

APPLYING FOR AID IN SUBSEQUENT YEARS

APPLICATION REQUIREMENTS

The deadline for submitting all required documents for needbased awards and for scholarships is May 1, 2024 for the academic year 2024-25. Need-based awards require the CSS Profile, FAFSA and the 2022 tax returns. Most scholarships require only the FAFSA. Please contact the Office of Financial Aid if you are unsure about the requirements for your grant or scholarship. If a complete need-based application is submitted after May 1, it will still be reviewed and grant awarded based on the need determination. However, late applications are not eligible for any type of appeal. Students will be notified in December 2023 when the Financial Aid Portal is open for returning student documents, and at that time you will be able to view your complete renewal requirements in Items Requiring Your Attention .

CHANGE IN CIRCUMSTANCE

The Notification of Special Circumstance form can be submitted with any on-time application, or can be submitted as an appeal for any award where the application was submitted on-time. The on-time deadline for returning student application is May 1. If financial circumstances for your family change significantly during the academic year you should contact the Office of Financial Aid to determine if you are eligible to submit a mid-year Notification of Special Circumstance form. Mid-year appeals are considered in cases of involuntary job loss, illness/death, or other significant unplanned events leading to major financial disruptions.

LIVING OFF CAMPUS

You are required to live in on-campus housing your first three years, but as a senior you may elect to live off campus. The level of financial aid you receive will not change when living off-campus. The Cost of Attendance that your financial aid is based on will continue to use the cost of the standard on-campus housing and the full meal plan, which may be more or less than you spend for living off campus. To make funds available for off campus expenses, credit balance checks and direct deposit to your personal account is available. Students should set up direct deposit via Workday if interested and checks can be requested from the Business Office.

FINANCIAL AID THAT WILL OPEN DOORS

STUDY ABROAD

If you receive grant, scholarship or loan(s) as part of your aid package, then this aid can also be used to finance the cost of an approved Fall or Winter Term study abroad program. Grants and scholarships will be reduced in relation to the lesser cost of attendance of the study abroad program, but the family overall contribution should remain consistent with an on-campus term at W&L. You must attend the financial aid study abroad presentation in the academic term prior to your study abroad.

SPRING TERM ABROAD

Spring Term Abroad (STA) is a unique part of the Washington and Lee experience. These courses allow students to get an up-close, intensive, and personal experience of the subject matter abroad with a W&L faculty member during the Spring Term. Unlike oncampus Spring Term courses that do not charge additional fees, there are additional fees associated with STA courses to cover travel, accommodation, facilities, and the other educational costs of the course. Any student who is receiving a need-based grant will be eligible for funding to cover the additional expense related to taking a STA course. Students receiving merit scholarships are not automatically eligible for STA grants and must submit a complete need-based aid application to determine their eligibility. Students that are ineligible for need-based aid can request a loan to cover the cost instead.

JOHNSON OPPORTUNITY GRANTS

Grants are awarded on a competitive basis and are open to rising sophomores, rising juniors and rising seniors at W&L. The grants cover travel, living expenses, and other costs associated with the proposed project or summer activity. Grants are not limited to recipients of the Johnson Scholarship.

RESIDENT ASSISTANT

The W&L Residential Life program offers free housing and a full meal plan for any student hired to the Residential Life Staff (2024-25). First-year students may apply in the fall of 2023 for the academic year 2024-25. The value of housing and meal plan are reflected on the financial aid package as an award; however, it will not reduce any grant or scholarship you are receiving unless the total of all awards exceeds the cost of attendance.

 Students should be aware that application for Residential Life Staff (2024-25), sign up for Spring-Term Abroad (Spring 2024) and application for many summer 2024 internships and research opportunities occur during the Fall Term of 2023.

GREEK LIFE

Financial aid awards do not increase to cover any of the additional costs related to fraternities or sororities. However, your aid award does provide funding (in the form of grant and/or loans) that covers the standard costs for housing and food, and those funds can be used to help pay your housing and food expenses at the Greek organization.

BUDGET WORKSHEET

The College Budget Worksheet to the right is a tool to help you in the financial planning of your education for the nine-month academic year. First, determine your income sources such as grants, scholarships, employment earnings, etc. and allocate the resources in the upper sections titled “Income”. Next, calculate your estimated expenses including tuition and fees, housing, food, utilities, books, and auto expenses. Don’t forget to consider discretionary expenses (fun money) in your estimations. Complete the “Expenses” section of the form with your calculated expenses. The “Totals” section subtracts the expenses from the income you allocated and the difference is what you will need to plan for either through savings, loans, or other resources.

STILL HAVE QUESTIONS? CONTACT US

FINANCIAL AID STAFF

James Kaster, Director of Financial Aid

W&L Need-Based Grants, International Grants

Jennifer Davis, Associate Director of Financial Aid

Johnson Scholarships, National Merit

Drake Breeden, Senior Assistant Director of Financial Aid

Student and Parent Loans, Law School Student Aid

Shanice Hardy, Assistant Director of Financial Aid

QuestBridge, Spring Term Abroad, Federal and State Grants

Miranda Edwards, Student Employment Manager

Work-Study and Student Employment

Martha Rowsey, Senior Financial Aid Coordinator

W&L Loans, Veteran Benefits, ACS Tuition Exchange

Meghan Ferguson, Financial Aid Coordinator

Work-Study and Student Employment

Office Hours: 8:30 a.m. - 4:30 p.m. EST

Email: financialaid@wlu.edu | studentemployment@wlu.edu

Telephone: 540-458-8717

Mailing Address:

Washington and Lee University

Office of Financial Aid

204 West Washington Street Lexington, VA 24450

Campus Map: go.wlu.edu/FA-location