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Financial Aid Basics

What is Financial Aid?

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 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. Our primary objective is to assist as many students as possible and to provide access to Winona State University for all qualified individuals.

Eligibility

To receive federal or institutional funds administered by the financial aid office

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
be making satisfactory academic progress toward completion of your degree
you must not owe a refund on any federal grant
be in default on any student loan previously received
be registered with the Selective Service and the INS 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 IRS tax transcripts, 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. 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.

FAFSA Application

The Free Application for Federal Student Aid (FAFSA) is required for the following student assistance programs:

Minnesota State Grant Program
Federal Pell Grant
Federal Supplemental Educational Opportunity Grant (SEOG)
Minnesota GI Bill
Federal Teach Grant
Federal Perkins Student loan
Federal Direct loan
Federal Parent PLUS loan
Federal Graduate PLUS loan
Minnesota Student Educational Loan Fund (SELF Loan)
Institutional Scholarships and Work-Study Employment
Minnesota Indian Scholarship
Minnesota Child Care Grant Program

Applications are available on line at http://www.fafsa.ed.gov/ The FAFSA must be submitted every year you wish to receive financial aid. Winona State University's Title IV School Code is 002394. It is recommended that you wait until two weeks after you have submitted your Federal Tax Return to complete the FAFSA. This way you can use the IRS date retrieval system to have the IRS input your financial information unto your FAFSA. This will reduce the likelihood of being selected for verification, and being required to submit your tax documentation to the Financial Aid Office.

***If you don't have a PIN, apply for one online at http://www.pin.ed.gov/.

The FAFSA should be submitted as soon as possible after January 1 for priority consideration. Students submitting the FAFSA after May 15 are considered late filers and may experience a delay in the receipt of their award notification and fall semester financial aid. Information provided should be from a completed tax return.

Correction to the FAFSA

Necessary corrections to your FAFSA can be made online at www.fafsa.ed.gov

If you submit your FAFSA using the wrong social security number, you must refile your FAFSA. Please do not make a correction to your existing FAFSA with the wrong social security number. You will need to go to the FAFSA website and start over using the correct social security number.

Late Filers at Winona State University

Some funds are limited and available on a first-come, first-serve basis to eligible recipients. Priority consideration will be given to students submitting their FAFSA as soon as possible after January 1. May 15th is considered a late application. FAFSA filers who do not have their bills paid in full for each term by the published due date will automatically be entered into the extended payment plan with an initial $30 fee.

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 submit a Special Conditions Review Form. The Financial Aid Office will review the information reported and determine whether changes can be made.

Financial Aid Estimation

To estimate your financial aid. Click here.

The Net Price Calculator provides an estimate of typical expenses, and an estimate of financial aid you may be eligible to receive. This information is based on price of attendance and financial aid provided to students in a previous year. It does not provide estimates on scholarships or Minnesota State Grant awards.

Helpful Hints

Include student's full name and Warrior ID number on all communication with the Financial Aid Office. Make sure that your Warrior ID number, name and birth date are the same on all documents.
Keep photocopies of everything.
Use the IRS date retrieval system when completing your FAFSA.
Don't wait for deadlines. On-time awards can only be assured if deadlines are met.
Check with a Financial Aid Counselor if you have any questions regarding your FAFSA.
File on-line at http://www.fafsa.ed.gov/.
Keep PIN# (http://www.pin.ed.gov/) in a safe place for future use.

Students' 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.