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> WSU Home > Students > Financial Aid > Financial Aid Basics
Important Notice
Students must submit the FAFSA within 30 days of the beginning of the term in order to qualify for a Minnesota State Grant. Please go to the following web site for more information:
http://www.ohe.state.mn.us/
Financial Aid Basics
CONTENTS
What Is Financial Aid?
At its simplest level, financial aid is money provided to help bridge the gap between your own resources and the amount of money needed to pay for the cost of attending Winona State University. The primary responsibility for meeting the cost of an education rests with the student and family to the extent they are able to pay. Eligibility for financial aid is based on Winona State University's costs less the amount we expect your family to contribute towards that cost. The formula for determining this contribution, as written into federal law, takes into account your family income and assets.
Most financial aid at Winona State is awarded on the basis of need, although some is awarded in recognition of merit and achievement. Some aid is gift aid (grant and scholarship), some you must earn (college work-study), and some is in the form of long-term loans designed to extend the financing of your education beyond the years of enrollment. Our primary objective is to assist as many students as possible and to provide access to Winona State University for all qualified individuals.
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Eligibility
To receive federal or institutional funds administered by the office of financial aid, you must have a high school diploma (or equivalent), be enrolled as a regular student (e.g. not special admit, or audit) in a degree-granting program, have a valid social security number, be a U.S. citizen or eligible non-citizen and be making satisfactory academic progress toward completion of your degree. You must not owe a refund on any federal grant and must not be in default on any student loan previously received. You must be registered with the Selective Service and the Immigration and Naturalization Service if required by law to do so. You must not have been rendered ineligible for federal aid as a result of a drug conviction. Suspected cases of fraud or abuse will be reported to the U.S. Office of Inspector General.
Federal regulations require that we verify the accuracy of information provided. As a result, some applicants must submit tax returns, W2's and other requested documents. If you do not provide these materials before or during the academic year, you will not receive aid awarded by the Financial Aid Office.
Eligibility for federal financial aid is based on the methodology written into law by the U. S. Congress. If you complete your FAFSA as soon as possible after January 1, you will be given priority consideration. However, if you apply late, you may experience a delay. An application is not complete until all required documentation is submitted. The final determination of eligibility and awarding rests with the University and is based upon uniform and consistent treatment of family circumstances.
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Changes in Circumstances
In the event of a substantial change in your family circumstances (loss of employment, death, etc.) after filing the application for financial aid, you may submitt a Special Conditions Review Form . The Financial Aid Office will review the information reported and determine whether changes can be made.
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Student's Rights and Responsibilities
Students Rights:
You have the right to know:
- The cost of attendance.
- The refund policy for students who withdraw.
- What financial assistance is available from federal, state, and institutional sources.
- Procedures and deadlines for submitting applications for financial aid.
- How financial aid recipients are selected.
- How your eligibility was determined, including all resources the aid office considered available to you.
- How and when funds will be disbursed to you.
- An explanation of each type of award you receive. For any student loan you receive: the interest rate, total amount you must repay, when your repayment begins, the length of your repayment period, and the cancellation or deferment provision of your loan.
- For any Work-Study job: a description of the job, the hours you must work, the rate of pay, and how and when you will be paid.
- The criteria used to determine satisfactory academic progress for financial aid purposes.
Student Responsibilities:
It is Your Responsibility to:
- Read directions thoroughly, complete all application forms accurately, and to comply with any deadlines.
- Provide any supplemental information or documentation required by the office of financial aid or other agency if applicable.
- Read, understand, and keep copies of any forms you are required to sign.
- Repay any student loans you may receive.
- Complete entrance and exit interviews on the web as required if you receive student loans while in attendance at Winona State.
- Notify the office of financial aid of any changes in your enrollment status or financial status (including any scholarships or grants received from outside sources). Changes of address and enrollment status must also be reported to your lender if you have a loan.
- Satisfactorily perform the work agreed upon in a Work-Study job.
- Know and comply with all requirements for continuation of financial aid, including satisfactory academic progress requirements.
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Last Modified: Wednesday, March 14, 2007 16:09 by Mari Livingston
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