Title IV Authorization
Title IV financial aid is federally funded aid such as federal Pell Grant, federal Supplemental Education Opportunity Grant (SEOG), federal Subsidized and Unsubsidized Direct Loans, TEACH grant and PLUS loans.
Title IV Funds Applied to Student Accounts
The Department of Education requires that Title IV funds be applied only to specific allowable charges. Allowable charges are considered institutional charges. Examples of institutional charges include (but are not limited to) tuition, mandatory fees, lab fees associated with registered courses, food, housing and new student orientation.
Examples of non-institutional charges include (but are not limited to) health insurance or other health center charges, fines for housing damages and library fines. If you choose not to authorize payment of non-institutional charges with Title IV aid, it is possible to receive a refund and yet still owe a balance to W&M to cover these types of charges.
Title IV Authorization
William & Mary, in compliance with federal regulations, must obtain voluntary permission from the student to a prior term, future term for charges other than tuition, required fees, food, housing and other institutional charges.
If you authorize W&M to apply excess federal Title IV financial aid to all non-institutional charges, all charges on your student account for the current semester are available to be paid by these funds. Any funds in excess of your account balance will be refunded to you per the bursar’s refund policy.
If you authorize William & Mary to apply Title IV financial aid to the previous year’s institutional charges, then all charges up to $200 on your student account for the previous term are available to be paid with your current year Title IV funds.
If you do not authorize W&M to apply excess federal Title IV financial aid to all non-institutional charges, then Title IV aid will only pay current tuition, fees, food and housing. Other current-term charges, such as library fines and health insurance, will remain unpaid. This can result in registration holds that will stop you from accessing/requesting your transcripts, participating in add/drop and potential late fees from the Bursar’s Office.
If you do not authorize William & Mary to apply Title IV financial aid to the previous year’s institutional charges, Title IV aid will only pay current academic year charges. If you have a balance on your student account after your current year’s charges are paid, you will have to pay any previous academic year’s charges with other funds.
Complete Your Title IV Authorization
You will log into the Banner Self-Service through the myW&M portal, then:
- Select the “Financial Aid” tab.
- Choose “My Award Information” and then opt to view your “Award by Aid Year” (select the current financial aid year).
- Click the tab for reviewing “Resources/Additional Information” to the left of the “Accept Award Offer” tab.
- In the “Resources/Additional Information” tab, you will find two questions regarding the authorization of Title IV funds. Once you submit your answers to the two questions, then the “Accept Award Offer” tab should become active for you to access.
If you wish to rescind or change your authorization choice after providing your Authorization of Title IV, you must complete the Authorization of Aid Form.
How Your Aid Is Affected By Title IV Funds
| If you accept | If you decline | ||
|---|---|---|---|
| Tuition and Fees | $11,022 | Tuition and Fees | $11,022 |
| Orientation Fee | $322 | Orientation Fee | $322 |
| Health Insurance | $775 | Total Institutional Charges | $11,344 |
| Damage Charge (prior year) | $25 | Health Insurance | $775 |
| Total Charges | $12,144 | Damage Charge (prior year) | $25 |
| Total Non-Institutional Charges | $800 | ||
| Federal Subsidized Loan | $5,500 | Federal Subsidized Loan | $5,500 |
| Federal Unsubsidized Loan | $2,000 | Federal Unsubsidized Loan | $2,000 |
| Federal Pell Grant | $2,908 | Federal Pell Grant | $2,908 |
| Perkins Loan | $3,000 | Perkins Loan | $3,000 |
| Total Title IV Aid | $13,408 | Total Title IV Aid | $13,408 |
| Student refund ($13,408 - $12,144) |
$1,264 | Student refund ($13,408 - $11,344) |
$2,064 |
| Student balance after the refund | $0 | Student balance after the refund |
$800 |
