What is Financial Aid?
The U.S. Department of Education has the following major student financial aid (SFA) programs:
- Federal Pell Grants
- Federal Supplemental Educational Opportunities Grants (FSEOG)
- Federal Direct Student Loans
- Federal PLUS Loans
- Federal Work-Study (FWS)
Grants are financial aid that you do not have to repay. Work-Study awards let you work and earn money to help pay for school. Loans are borrowed money that you must repay with interest. Undergraduate students are eligible to receive all three types of financial aid.
What is Need?
When you apply for federal student aid, the information you report is used in a formula, established by the U.S. Congress, that calculates your Expected Family Contribution (EFC), an amount you and your family are expected to contribute toward your education. If your EFC is below a certain amount, you may be eligible for a Federal Pell Grant. There isn't a maximum EFC that defines eligibility for the other financial aid programs.
The financial aid administrator calculates your cost of attendance and subtracts the amount you and your family are expected to contribute toward that cost. If there's anything left over, you're considered to have financial need.
|Cost of attendance|
|- Expected Family Contribution (EFC)|
|= Financial Need|
Students applying for financial assistance based upon demonstrated need must:
1) Submit an Application for Admission. Though you must be an accepted student to receive a financial aid award, you may begin the financial aid process before an admission decision has been reached.
2. Complete the Free Application for Federal Student Aid (FAFSA). Be sure to designate Wittenberg University, Title IV code 003143 as a recipient of the analysis. There is no fee associated with this application. It can be done any time beginning October 1 and should be done by February 1 to ensure receiving maximum financial aid.
To receive aid from the main federal student aid programs, you must:
- have financial need, except for some loan programs;
- have a high school diploma or a General Education Development Certificate (GED), or meet home-schooled requirements;
- be enrolled or accepted for enrollment as a regular student;
- be a U.S. citizen or eligible non citizen;
- have a valid Social Security Number;
- make satisfactory academic progress;
- sign a statement of educational purpose and a certification statement on overpayment and default (both found on the Free Application for Federal Student Aid (FAFSA));
- register with the Selective Service, if required.