Award Letter Information 2013-2014

The following section provides students with valuable information on how awards are calculated and disbursed. It is best to read this section after you have filed the FAFSA for 2013-2014, and have received your award letter. You can review your award letter online under Student eServices.

Important Reminders

  1. Please check the accuracy of all pre-printed information on your award letter and make any necessary corrections.
  2. All awards are subject to change based on the availability of funds. They may also change due to assistance you may receive from other sources such as private scholarships.
  3. If you will be receiving funding from another source that is not shown in your award letter, please e-mail the Financial Aid Office at FinancialAid@winona.edu, fax us at 507.457.5628, or send us a copy of the award notification you receive from the source.
  4. Awards are estimated and are based on the information available to us at the time of awarding. Your awards may be adjusted at the time of disbursement, and you will be notified of any changes on your online billing statement.
  5. Students receiving financial aid must be in good academic standing and must maintain satisfactory progress (see Satisfactory Academic Progress).
  6. Students should discuss with a Financial Aid Counselor how their aid will be affected if you drop classes or withdraw.
  7. Please notify the Financial Aid Office when you change the degree that you are seeking.

How Your Aid Package is Determined

Once we have determined your demonstrated financial need, we attempt to meet as much of that need as possible from the need based aid programs available. (See Types of Financial Aid). First, we consider any Federal Pell Grant and/or Minnesota State Grant, Federal SEOG, institutional or other outside gift assistance you may be eligible for. We subtract your gift assistance from your calculated need. If you have remaining need, we complete the package using one or more of the following programs: Federal or State Work-Study, Federal Perkins Loan, or the Federal Direct Loan.

How Your Need is Determined

Your demonstrated financial need is determined by a financial analysis through the FAFSA (Free Application for Federal Student Aid). Your need is simply the difference between the projected student and/or parent contribution, derived from an analysis of income, assets, household size, number in college, etc., and the projected cost of attendance for the period for which you are applying for aid.

The budget we use in determining your financial need consists of tuition, fees, allowance for room and board, digital life time learning fee, books and supplies, transportation, personal expenses, and loan fees for one academic year (9 months). Please check your billing statement for actual costs. 

Financial Aid Disbursement

Fall Semester 2013

Classes Begin: August 26, 2013
Fall Tuition Due: August 31, 2013
Financial Aid Disbursement: September 6, 2013

  • Fall semester classes begin on Monday August 26, 2013.
  • Payment for fall semester classes is due by Friday August 31, 2013.
  • If WSU receives a valid 2013-2014 FAFSA by Friday, August 31, 2013, fall classes are not automatically dropped.
  • Financial aid disbursement and direct deposit of student account balances begins on Friday September 6, 2013.
  • It can take up to three business days for banks to deposit student account credit balances into your personal bank account.

Spring Semester 2014

Classes Begin: Jan. 13, 2014
Spring Tuition Due: Jan. 18, 2014
Financial Aid Disbursement: Jan. 24, 2014

  • Spring semester classes begin on Monday, Jan. 13, 2014.
  • Payment for spring semester is due by Friday, Jan. 18, 2014.
  • If WSU receives a valid 2013-2014 FAFSA by Friday, Jan. 18, 2014, spring classes are not automatically dropped.
  • Financial aid disbursement and direct deposit of student account balances, begins on Friday, Jan. 24, 2014.
  • It can take up to three business days for banks to deposit student account credit balances into your personal bank account. Check for further information at: Billing and Payment Procedures.

You should be prepared to pay for books, supplies, and personal expenses from personal funds until financial aid is disbursed each semester.

Click here for information on the WSU book loan.

Important Disbursement Information

  • Your aid will be available each semester according to the schedule shown above. Aid such as Federal Pell Grant, Minnesota State Grant, FSEOG and Federal Perkins Loan will be applied to your bill. Once your bill (charges for tuition, fees, and residence hall) is paid, any aid remaining will be direct deposited to your bank account. If aid is applied to your bill and there is still an amount owed, you should be prepared to pay that amount with a personal check or other funds.
  • Federal Direct and MN SELF loan funds are sent by the lender to WSU for delivery to the borrower. Any amount owed to WSU will be deducted. Because Direct loan funds can only be held for 3 days, you must notify the Financial Aid Office if you will be late registering so that your loan funds are not returned and your loan cancelled.
  • The Federal PLUS loan is electronically sent by the lender to WSU for delivery to the student’s account. Any amount owed to WSU will be deducted, and any remaining money will be direct deposited to the student’s bank account.
  • You must be at least half time to receive Federal or MN state loans and work study (6 credits for undergraduate students and 3 graduate credits for students admitted to a graduate program). Students who have Federal or State work study positions receive their bi-weekly paychecks through direct deposit to their personal bank account.
  • You have the right to cancel all or a portion of a student loan any time within 14 days from the date of the disbursement. You may return any funds you do not wish to accept by returning that portion to the loan service directly or you may request that Winona State University cancel some or all of the loan and return the funds on your behalf.
  • Entrance interviews are required of all first time borrowers. These requirements affect student loan disbursement. Please read about Entrance Counseling requirements.
  • To take out a loan from the Federal Direct Loan Programs, you must complete a Master Promissory Note (MPN).  
  • Federal loans must be certified by WSU by the last day of the loan period. Please complete all of your necessary steps prior to the end of the loan period, to allow for sufficient loan processing time.
  • Before any financial aid can be disbursed onto your account, all students must fill out a Direct Deposit Form.

Third party Billing/Tuition Payment Procedures

If you are receiving financial assistance from a third party agency (Department of Vocational Rehabilitation, Job Service, Private Industry Council, etc.) you need to provide the Student Accounts Office with an authorization to bill your agency for tuition, fees, books, etc., billing to your agency does not occur until approximately three weeks into the semester and actual payment may not be received until three to four weeks after your agency is billed. Any other financial aid such as loans, grants, or scholarships will be applied to your account at their scheduled time. When your agency’s payment is received your account will be adjusted if your financial aid and third party billing exceeds what you owe WSU. WSU will then direct deposit the difference into your bank account.

Questions regarding this process should be directed to 507-457-5075.

Reminder:

Third party funding could affect your other financial aid. Please notify the Financial Aid Office:

E-mail: FinancialAid@winona.edu
Fax: 507-457-5628
Or send us a copy of the award notification you receive from the outside source.

Fee statement, tuition refunds, late payment, etc.

Information on WSU policies related to payment is provided in each semester class schedule.
Questions should be directed to the Student Accounts Office: 507-457-5075.  

Direct Deposit

All students must have an accurate direct deposit authorization on record before any financial aid can be disbursed to your account.

Financial aid loans, scholarships and grants first pay your student account and then any overage is direct deposited to your personal bank account. You must be sure to confirm that funds are in fact in your account before attempting to use them. WSU cannot assume responsibility for your bank charges under any circumstances. If you are a new student, you will need to have your network user name and password, which is given to you when you receive your laptop.

If you are not required to have a laptop, contact the WSU Tech Support at 507-457-5240.

If you have any questions while filling out this form please call the WSU Student Accounts Office at 507-457-5075 or 800-342-5978 (ext. 5075).

WSU Direct Deposit Form