FinAid Tutor: Lesson 1

Introduction to Financial Aid

Lesson 1: Learning Objectives

By the end of this lesson, you will understand: Principles of Financial AidStudents’ 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 availableDeadlines for submitting applicationsThe Cost of Attendance (COA) for WVUHow WVU determines your financial needDetails about loans, including interest rates

and repayment policiesFurther 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

1. Live within your means while in school—don’t live a lifestyle you can’t afford

2. Budget your money carefully—get on a monthly budget and stick to it

3. Save a little each month & plan for your financial future (even if its only $5)

4. Keep accurate, well-organized financial records

5. Establish and maintain a strong credit history

Habits for Financial Well-Being (Cont.)

6. Borrow the minimum amount you need

7. Be a well-informed borrower—not all loans are alike; know the differences

8. Limit your use of credit cards—save them for emergencies

9. Pay your credit card bill(s) in full each month

10. 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 CampusWebsite: www.finaid.wvu.edu Phone: (304) 293-5242Fax: (304) 293-4890Address: Financial Aid Office

West Virginia UniversityPO Box 6004Morgantown, WV 26506-6004