Washington and Lee University Financial Aid

“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.

– JamesKaster,Director,OfficeofFinancialAid

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

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

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

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

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

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

 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

 July 24: Deadline (final) to Accept online any Work-Study offers. Pending Work-Study at this point is Declined

 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

Using the 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: (https://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. The four sections displayed on the portal page are Documents and Application; Award Information; Work-Study; and Other Information. Let’s start with Award Information.

Accepting or Declining your Work Study Offers

Award Information - Your 2023-24 Financial Aid Notification

On the Financial Aid Portal, you will find the link to Your 2023-24 Financial Aid Notification. This notification is active and reflects your current aid status. Below is an example of a Work-Study offer that might be listed on your notification. You will need to access your online F inancial Aid Notification and mark the Work-Study offer as Accept or Decline by the appropriate deadline listed in the Checklist. Do not forget to Submit the form. You can find details on the Work-Study program 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 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 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 outside of the FA Portal, use this link https://wlu.app.box.com/s/xonb28z5fsnfi628si6e4mcxdu5b5r9i. 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 3rd party user and select the 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.

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 WorkStudy 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 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 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.

Understanding your Financial Assistance

Cost of Attendance

Cost of Attendance is a list of the expected expenses you may during the academic year. These include tuition, fees, housing, food, books/supplies, personal/miscellaneous, 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 and Work-Study. The total of this aid may be less than your cost of attendance, depending on the amount your family is expected to contribute.

2023-2024 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; however, the 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.

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 your grant to reimburse yourself for some or all of your travel expenses. An estimated amount for travel, based on your country, is part of your overall Cost of Attendance budget. Travel expenses are incorporated into your total aid package, including the amount your family is expected to contribute. Most grants do not have an amount for travel, and in most cases, the student’s family is expected to pay the full cost of travel. If a credit is generated by your grant or scholarship, then it can be accessed at the start of the Fall and Winter Terms. The amount estimated for your travel may vary from your actual costs. Please see your award notification for details on Travel to and from W&L.

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, 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 is automatically charged to all international students. The amount of your grant or scholarship was determined with health insurance as part of the cost of attendance and will not increase when health insurance is charged to your account. The health insurance cost may not appear on the first bill in July but will appeal by the September bill at the latest.

Types of Aid Need-Based Grant and Scholarship

The International Grant is a need-based award that meets 100% of your institutional need and was determined through an evaluation of your need-based application. The total of your International

Grant plus the amount your family is expected to contribute is equal to the Cost of Attendance W&L Johnson Scholarships may provide funds that exceed your demonstrated need. The International Grant and Johnson Scholarship are considered “free” funds and do not need to be repaid. There are no requirements to renew these awards in subsequent years. Please see your award notification and the “Using your Aid/Additional Opportunities” section in this document for more details on your grant/scholarship and other benefits.

Taxes related to Grants/Scholarships

The Johnson Scholarship and the W&L International Grant may be subject to federal and state taxes. Students whose country has a tax agreement with the U.S. will see an additional grant amount at the end of the year to cover federal taxes. There is no additional funding for Virginia state taxes, and international students may be responsible for paying those fees each year. Please be aware of this possibility and contact Hunter Swanson in International Education for clarification when you arrive on campus. Questions regarding the taxability of your scholarships and grants should be directed to International the IRS or to a qualified tax consultant.

Institutional Work-Study

Work-Study is a financial aid option offered to many Washington and Lee international students as an addition to their overall financial aid package. Most International students are eligible to earn funds that supplement the expected family contribution. Work-study is an option and is not part of the grant 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 31st

Typically, Work-Study awards are $3000 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 Work-Study program, offering employment in over 200 positions on and off campus. These positions include athletics, academic and administrative offices, the 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

Online Billing

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 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) 458-8730 or businessoffice@wlu.edu for billing or payment questions. The Office of Financial Aid does not process any student billing or payments.

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. 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.

Using Your Aid/Additional Opportunities

Living off campus

You are required to live in on-campus housing for 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 are available. Students should set up direct deposit via Workday if interested, and checks can be requested from the Business Office.

Study Abroad

If you receive a grant or scholarship 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’s overall contribution should remain consistent with an on-campus term at W&L. You must attend the financial aid study abroad program 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 on- campus 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 an STA course. Students receiving merit scholarships may be required to submit a complete need-based aid application to determine their eligibility for STA grants. Students that are ineligible for need-based aid can take out a loan to cover the cost instead.

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 fall 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.

Johnson Opportunity Grants

Johnson Opportunity Grant applications (for rising W&L Juniors and Seniors) are available early Winter Term These grants are open to all rising W&L Juniors and Seniors and are not limited to Johnson Scholarship recipients. Keep your eyes open for these opportunities in the future

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, if your aid award does provide a grant/scholarship amount that cover s the standard costs for housing and food, then those funds can be used to help pay your housing and food expenses at the Greek organization.

Budget Worksheet

The College Budget Worksheet below 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.