Should you answer yes to need based financial aid?

Need based grants examples include the Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (FSEOG) and state-based grants. In other words, always say “yes” to grants if your child receives them on the financial aid award ! However, check into the requirements for the grant.

How long does it take most people to complete the FAFSA online?

Most people take less than an hour to complete and submit a new Free Application for Federal Student Aid (FAFSA ® ) form. This includes gathering any needed documents or data, completing and reviewing the application, and reading the important information on the "Confirmation" page.

Is it hard to get approved for financial aid?

Nearly all students who apply qualify for some form of federal financial aid. " It's very easy to qualify for aid based on the FAFSA ," Barnett says. For years, filling out the FAFSA was a confusing, complex process for families. However, the FAFSA was streamlined for the 2024-2025 award year.

How do I see how much FAFSA approved me for?

The “My Aid” page allows you to see how much aid you've received, your enrollment status, and loan servicers when you're logged into your student aid account.

Should you say yes on financial aid common app?

Every college should have its own Net Price Calculator, found on its website (federal policy ensures they have one). Try inputting your family's financial numbers to see if you qualify for aid. If you do, confidently mark "Yes" on the Common App question.

How much financial aid should you accept?

To determine how much loan money to accept, make a list of your college and living expenses and the resources you'll have available to pay them ; in other words, make a budget to help ensure you borrow only what you need.

How fast do you get approved for FAFSA?

This article applies only to the 2023–24 Free Application for Federal Student Aid (FAFSA ® ) form. If you submitted your 2023–24 FAFSA form online, we'll process your form within three to five days . If you submitted a paper FAFSA form, your form will be processed within 7 to 10 days.

What is the income limit for FAFSA 2024?

What Are the FAFSA Income Limits for 2024? Both students and their parents often think their household income makes them ineligible for financial aid. However, there's no income limit for the FAFSA, and the U.S. Department of Education does not have an income cap for federal financial aid.

How much does FAFSA give based on income?

The FAFSA formula doesn't expect students or families to use all of their adjusted available income to pay for college. The formula allocates 50 percent of a dependent student's adjusted available income to cover college expenses and anywhere from 22 to 47 percent of parents' available income .

Should I say yes to work-study on FAFSA?

You must answer 'Yes' to the FAFSA / Dream Application question asking if you want to be considered for work-study.

What is the meaning of need-based financial aid?

The term “need-based” is a designation that is based on a student's financial need . For example, a need-based grant might be awarded based on a student's low income.

How do you answer financial need questions?

Body: Your financial situation and hardships Make sure you describe your parents' occupation, any savings (like a 529 College Savings Account), and any student jobs . You might also discuss any sudden changes in fortune (e.g. parent fell ill or lost their job) that have ruined your original financial plans.

What do you say when asking for financial aid?

Your letter should clearly state the facts of your family's financial situation and your financial need . It should explain why you need additional aid, even if the reason is something you find difficult or even embarrassing to talk about. Be candid and honest about your family finances.

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TUITION AND FINANCIAL AID

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Steps to Apply for Financial Aid

Financial aid can make the already affordable tuition at WGU even easier on your pocketbook. In fact, if you use financial aid responsibly, you should be able to finish your degree without worrying about large education debts.

The financial aid application process is detailed in the steps below.

1. Complete the FAFSA online.

The Free Application for Federal Student Aid(FAFSA)is used to determine your student aid eligibility based on your personal and family situation. If you are a first-time user, you will be required tocreate an FSA ID. It allows users to access personal information on federal student aid websites as well as to sign a FAFSA.Visit theStudentAid.govwebsite to complete the FAFSA form.

Once WGU receives the FAFSA application (3–5 business days), you can complete the following financial aid application steps through the WGU Student Portal in the Financial Services section.

Code: 033394

When you complete the FAFSA, be sure to list WGU’s school code.

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Learn more about the details of filling out your FAFSA form or set up an appointment today.

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2. Complete entrance counseling.

If you plan to use federal student loans, accessStudentAid.govto complete entrance counseling. This step is required to ensure you understand your borrower rights and responsibilities.

3. Complete the Master Promissory Note (MPN).

If you plan to use federal student loans, you will need to electronically complete and sign the MPN—a legal document that creates a contract between you and the lender to repay the loans. You will find the MPN atStudentAid.gov.

4. Complete any other financial aid documentation as required.

You may be required to complete or supply additional documentation before your financial aid can be awarded. Any required documents will be listed in the Financial Services section of your WGU Student Portal.

5. Complete the financial aid process.

After completing the FAFSA, you will receive your personal My Financial Aid Plan on the Financial Aid page in your student portal. After reviewing your Financial Aid Plan, you will be prompted to accept a recommended loan amount or request a custom loan amount not to exceed the maximum loan eligibility. An offer letter displaying your requested, or otherwise eligible, loan and grant amounts will be sent to your WGU email address. At that time, the financial aid process is complete and no further action is necessary.

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Ready to start college but unsure how you'll pay for it? WGU offers a variety of ways to help make your tuition even more affordable.Grants, scholarships, and financial aid are based on a variety of factors. Answer a few quick questions and we can help you determine which options may be available to you.

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Financial Aid Deadline

For new students, the deadline for completing the financial aid process is the 22nd of the month prior to your intended program start date. This deadline also includes submission and approval of any additional required documents by the Financial Aid Office. Failure to complete the process or submit the required documents will result in a delay of funding and may affect your start date.

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Common Questions about Financial Aid

As a WGU student, you can use financial aid to pay for tuition, fees, books, other school-related supplies, technology needed for online study, and personal living expenses. The "technology needed" can include a new computer, internet service fees, and software.

Most WGU students qualify for at least one type of federal aid. To be eligible for aid, you must be a U.S. citizen or eligible non-citizen with a valid Social Security Number who possesses a high school diploma, GED, or its equivalent. You must be enrolled or enrolling in an eligible WGU degree program as a full-time student. In addition, you must not be in default on a previous student loan or owe an overpayment on a grant.

The amount of financial aid you are eligible to receive will be based on:

Your FAFSA results.
The amount of financial aid available.
Distribution formulas based on university, state, and federal guidelines.

The determination of your eligibility for federal student aid (FSA) is based on a number of factors including the federal direct annual and aggregate loan limits, enrollment status, cost of attendance (COA), student aid index (SAI), and other financial assistance (EFA). You are only allowed to borrow the annual limit up to the Cost of Attendance (minus other financial assistance) based on your current grade level and dependency status at WGU. There are aggregate and lifetime eligibility limits set by the Department of Education.

Need-based aid (e.g., Federal Pell, Direct Subsidized Loan) is awarded based on your income.Student Aid Index (SAI) is the number that is used to determine your eligibility for a need-based aid. This number results from the financial information you provide in yourFAFSA.

The following formula is used to calculate your financial need:

Financial Need = Cost of Attendance –Student Aid Index

Please seeMaximum Loan EligibilityandCost of Attendancefor more information.

Note: Beginning with the 2024-25 Aid year the following terms have been updated:

· Student Aid Index (SAI) replaces Expected Family Contribution (EFC)

· Other Financial Assistance (OFA) replaces Estimated Financial Assistance (EFA)

For the 2024-2025 award year, the U.S. Department of Education will replace the expected family contribution (EFC) with the student aid index (SAI) in determining eligibility for need-based financial aid.

WGU accommodates and makes professional judgment decisions for special or unusual circ*mstances that are not sufficiently addressed by the standard approach. Students may request an adjustment to the Cost of Attendance (COA) or data elements in theStudent Aid Index (SAI) calculation as well as an adjustment to a student’s dependency status based on unusual circ*mstances. WGU analyzes these circ*mstances on a case-by-case basis substantiated with supporting documentation.

Special Circ*mstances refer to the financial situations (loss of a job, major disaster related circ*mstance, changes in family’s income and assets, etc.) to adjust the data elements in the COA or in the SAI calculation.
Unusual Circ*mstances refer to the conditions for an adjustment to a student’s dependency status based on a unique situation (e.g., human trafficking, refugee or asylee status, parental abandonment, incarceration), commonly referred to as a dependency override.

Note: Beginning with the 2024-25 Aid Year the Expected Family Contribution (EFC) will be known as the Student Aid Index (SAI)

More information about Professional Judgments in Financial Aid.

Speak to an Enrollment Counselorwho can answer most of your basic financial aid questions. The WGU Financial Aid Office can answer more specific questions about your personal situation once you have completed the WGU Financial Aid Application. The Financial Aid Office can be reached:

financialservices@wgu.edu

1-877-435-7948

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