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Lesson 1: Introduction to Financial Aid

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This document provides an introduction to financial aid, including: 1) Outlining students' rights and responsibilities regarding financial aid applications and maintaining satisfactory academic progress. 2) Explaining the requirements to maintain satisfactory academic progress, such as completing a minimum number of credit hours and maintaining a certain GPA. 3) Recommending habits for financial well-being like budgeting, saving money, and limiting credit card use.

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FinAid Tutor: Lesson 1 Introduction to Financial Aid
Lesson 1: Learning Objectives By the end of this lesson, you will understand: Principles of Financial Aid Students’ Rights & Responsibilities, including Maintaining Satisfactory Academic Progress Habits for Financial Well-Being
Principles of Financial Aid Advance planning, financial as well as academic, is the key to achievement of any student’s educational goal. To the extent they are able, parents have the primary responsibility to pay for their children’s education Students also have a responsibility to contribute to their educational costs Applying for financial aid is the student’s responsibility
Students’ Rights Students have the right to know: What financial aid assistance is available Deadlines for submitting applications The Cost of Attendance (COA) for WVU How WVU determines your financial need Details about loans, including interest rates and repayment policies Further information can be found on our website at: www.finaid.wvu.edu
Students’ Responsibilities Students have the responsibility to: Complete all application forms accurately Know & comply with all deadlines Read all forms that you are asked to sign & keep copies of them Notify Financial Aid of any changes to your financial status Accept responsibility for any agreement you sign Maintain Satisfactory Academic Progress Further information can be found on our website at: www.finaid.wvu.edu
Maintaining Satisfactory Academic Progress To remain eligible for financial aid, students must be making measurable academic progress toward completion of a degree Students must complete at least 70% of all hours attempted, with a minimum GPA: Freshman (0-28 credits): 1.6 GPA Sophomore (29-58 credits): 1.9 GPA Juniors & Seniors (59-192 credits): 2.0 GPA Students who do not meet these standards will be placed on probation and could ultimately loose their financial aid eligibility Further information, including the appeals process, can be found in the WVU Undergraduate Catalog
Habits for Financial Well-Being Live within your means while in school—don’t live a lifestyle you can’t afford Budget your money carefully—get on a monthly budget and stick to it Save a little each month & plan for your financial future (even if its only $5) Keep accurate, well-organized financial records Establish and maintain a strong credit history
Habits for Financial Well-Being (Cont.) Borrow the minimum amount you need Be a well-informed borrower—not all loans are alike; know the differences Limit your use of credit cards—save them for emergencies Pay your credit card bill(s) in full each month Be realistic about how much money you will earn once you graduate—don’t count on immediate financial windfalls
Financial Aid Contact Information WVU Financial Aid Office—Main Campus Website : www.finaid.wvu.edu Phone : (304) 293-5242 Fax : (304) 293-4890 Address : Financial Aid Office West Virginia University PO Box 6004 Morgantown, WV 26506-6004

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Lesson 1: Introduction to Financial Aid

  • 1. FinAid Tutor: Lesson 1 Introduction to Financial Aid
  • 2. Lesson 1: Learning Objectives By the end of this lesson, you will understand: Principles of Financial Aid Students’ Rights & Responsibilities, including Maintaining Satisfactory Academic Progress Habits for Financial Well-Being
  • 3. Principles of Financial Aid Advance planning, financial as well as academic, is the key to achievement of any student’s educational goal. To the extent they are able, parents have the primary responsibility to pay for their children’s education Students also have a responsibility to contribute to their educational costs Applying for financial aid is the student’s responsibility
  • 4. Students’ Rights Students have the right to know: What financial aid assistance is available Deadlines for submitting applications The Cost of Attendance (COA) for WVU How WVU determines your financial need Details about loans, including interest rates and repayment policies Further information can be found on our website at: www.finaid.wvu.edu
  • 5. Students’ Responsibilities Students have the responsibility to: Complete all application forms accurately Know & comply with all deadlines Read all forms that you are asked to sign & keep copies of them Notify Financial Aid of any changes to your financial status Accept responsibility for any agreement you sign Maintain Satisfactory Academic Progress Further information can be found on our website at: www.finaid.wvu.edu
  • 6. Maintaining Satisfactory Academic Progress To remain eligible for financial aid, students must be making measurable academic progress toward completion of a degree Students must complete at least 70% of all hours attempted, with a minimum GPA: Freshman (0-28 credits): 1.6 GPA Sophomore (29-58 credits): 1.9 GPA Juniors & Seniors (59-192 credits): 2.0 GPA Students who do not meet these standards will be placed on probation and could ultimately loose their financial aid eligibility Further information, including the appeals process, can be found in the WVU Undergraduate Catalog
  • 7. Habits for Financial Well-Being Live within your means while in school—don’t live a lifestyle you can’t afford Budget your money carefully—get on a monthly budget and stick to it Save a little each month & plan for your financial future (even if its only $5) Keep accurate, well-organized financial records Establish and maintain a strong credit history
  • 8. Habits for Financial Well-Being (Cont.) Borrow the minimum amount you need Be a well-informed borrower—not all loans are alike; know the differences Limit your use of credit cards—save them for emergencies Pay your credit card bill(s) in full each month Be realistic about how much money you will earn once you graduate—don’t count on immediate financial windfalls
  • 9. Financial Aid Contact Information WVU Financial Aid Office—Main Campus Website : www.finaid.wvu.edu Phone : (304) 293-5242 Fax : (304) 293-4890 Address : Financial Aid Office West Virginia University PO Box 6004 Morgantown, WV 26506-6004