Frequently Asked Questions For... Prospective students and their parents

FAFSA
Awards
MyWM - Banner Web Financial Aid
Verification
Merit Based Aid
Outside Scholarships
Withdrawal from the College and Refund Policy
Satisfactory Academic Progress
International Students
Tax information for scholarships, fellowships, grants and tuition reductions
Award Letter Schedule
The Q.A. Program

What is the FAFSA?

The federal government's Free Application for Federal Student Aid (FAFSA) provides the Financial Aid Office with complete, consistent financial data analyzed within policy established by the federal government. The federal government does not award financial aid; individual schools do, based on the analysis of information provided by you on the FAFSA. To obtain any type of financial aid from W&M including a PLUS loan, you must file the FAFSA each year.

How will I know my FAFSA has been processed?

You will receive a Student Aid Report (SAR) generated from the information you provide on your FAFSA. Within seven to ten days after your receipt of the SAR, we will receive the same information electronically. Keep the SAR for your records. To check on the status of your application, you can call 800-433-3243.

I filled out the FAFSA. Now what?

The school will receive the application and process the information you provided. It can take several weeks for us to receive the processed data, so do not be concerned if you do not hear from us immediately. If you feel that it is taking longer than anticipated, please contact our office and we will check the status of your application.

What other forms must I submit to apply for financial aid?

The FAFSA form is the only application initially required by W&M. If we find that we need additional information, we will request it from you at a later date.

I want to apply to more than ten schools. What do I do?

W&M only accepts FAFSA forms that have been sent by the federal processor. We do not offer awards based on a paper copy of your student aid report (SAR); do not send one. To send your FAFSA to more than ten schools, you will have to make a correction and erase your first school codes after they have received your processed form. You would then add the remaining school codes.

I have some money put away for this year but next year I may need some aid. Will I still be eligible?

Any student who submits the FAFSA will be considered for Financial Aid. Also, you are eligible for loans even if you chose not to take them during the previous year.

Since I have yet to file my federal income taxes, should I still complete the FAFSA?

If you have not filed your taxes and the FAFSA deadline is approaching, you need to submit your best estimates and complete the FAFSA. Failing to meet the deadline could disqualify you from consideration for grant aid. Please submit corrections once you have filed your taxes. If you cannot do that, verification of your application at a later date will provide exact figures.

My parents don't claim me on their tax return nor do they give me money. Can I file my financial aid application as "Independent"?

According to federal regulations, you must answer "yes" to one of the following questions to be considered "Independent" for financial aid purposes during the 2008-2009 academic year:

1. Were you born before January 1, 1985?
2. Are you a veteran of the U.S. Armed Forces?
3. Will you be enrolled in a graduate or professional program in 2008-2009?
4. Are you married?
5. Are you an orphan or ward of the court?
6. Do you have legal dependents other than a spouse or children?
7. Do you have children who receive more than half of their support from you?
8. Are you currently serving on active duty in the US Armed Forces for purposes other than training?

If you do not meet any of these conditions, you are considered a dependent. Undergraduates cannot declare themselves independent of their parents due to family disagreement, living arrangements, or parental unwillingess to contribute to the cost of attendance. If you have further questions, please contact our office.

My parents are divorced. My father claims me on his taxes, but I live with my mother. Whose information should I use when completing the FAFSA?

The custodial parent's information is used when filing the application. However, there are times that we request certain information from the non-custodial parent.

The "custodial" parent is the one with whom you reside more than 50% of the time. It does not matter which parent claims you on their tax return. E.G.: If your father claims you on his taxes but you live with your mother most of the time, your mother is your custodial parent.

I'm going to be married during the 2008-2009 school year. Can I fill out the FAFSA as "married" now, since I will be in a few months?

You must indicate your marital status as of the date you are completing the FAFSA. You cannot update your marital status once you have filed your application.

I have been told that I will not qualify for financial aid if my parents earn more than $30,000 (or $40,000 or $50, 000 etc.) Is this true?

There is no income level at which a student will not qualify for financial aid. The need analysis procedure determines each student's financial need based upon a number of variables: income, family size, number in college, assets, etc. All students are urged to apply for financial aid for an accurate and professional evaluation, regardless of parents' income level, because income is only one consideration. At the very least, every student who files a FAFSA is eligible for an unsubsidized Stafford Loan.

Will my full need be met?

The College's undergraduate aid policy is centered on meeting as much as possible of a student's demonstrated financial need.  For Virginia residents, we generally meet students' full need, but have gaps in offers for some nonresident students.  Like many institutions, we meet lower amounts of need in self-help and focus our grant money on higher need levels.

Once I receive my financial aid award letter, is there any reason it could change later?

There are a number of circumstances that could have an effect on your original award letter. Verification of your application, change in your family's financial situation, failure to maintain academic progress, notification after your award of outside aid such as a scholarship, or not enrolling for the required number of hours to receive aid through programs awarded are all examples of things that could change your award letter.

The Pell Grant award listed on my award letter is different from the amount I received. Why?

Final Pell Grant awards are based on your actual enrollment status and are contingent upon verification of any discrepancies in data you provide on your financial aid application. For example, a change in your household size from your original application may affect the amount you will receive. Also, the amount on your award letter is made assuming that you will enroll full time. If you enroll for fewer hours, your award will be reduced accordingly.

NB: Entering Freshmen will be unable to register for their final course until after they arrive on campus. Your Pell Grant will reflect the lower amount until your credits are finalized.

I just looked at Banner Web to check on my loans and it says I have accepted Work Study (listed as wkstd). I don't want to do work study. What do I do?

Work study is automatically accepted for the student. If you do not want to take advantage of this opportunity, you don't have to. Simply don't apply for a work-study job in the fall. You certainly may accept jobs off-campus or on-campus jobs that are not work-study.

I have received my SAR from the processor and it says that I have been selected for verification. What next?

Nothing now. However, you still may be selected by the Financial Aid Office in the Fall to participate in the quality assurance sample. Therefore, you need to have all tax documentation for you and/or your parents available if requested.

Does W&M want my tax forms?

We do not require tax forms from everyone. After we receive your FAFSA, we may request additional information including tax forms. We will send this request to you in writing. Please remember to sign everything that you send to us. Please do NOT send anything unless we request it.

I filled out a FAFSA and William & Mary sent me a supplemental verification form to fill out. When is that due?

The Office of Financial Aid expects that supplemental forms be sent back to us within two weeks. We will not process your financial aid package until we receive copies of all requested documentation, including the supplemental form and any relevant tax forms. We realize that it is a tight turn around. However, the faster you can get the required documents to us, the faster we can complete your aid package. This gives you the most information possible with which to make enrollment decisions.

The Office of Financial Aid has requested that I complete a supplemental verification form. Can I complete this form online?

A PDF version of the form can be downloaded and completed. However it must be printed and faxed or mailed to the Office of Financial Aid with all required signatures.

2008-2009 Forms

What types of merit aid are available from the College of William & Mary?

There are three merit scholarships; each is handled through the Admission Office.

William & Mary Scholars Award - Available to 20-25 entering students who will bring diversity to the student body. Awards are equal to the value of Virginia tuition and fees for four years. Selection is made from all those who apply for admission; no separate application is required. Notification will be sent in March.

Monroe Scholars - Available to approximately 8 to 10% of the entering freshman class. Beyond academic benefits, recipients are provided a $3,000 research grant for the summer between the junior and senior years in college. Selection is made from all those who apply for admission; no separate application is required. Notification will be sent in March. For more information, please see the Charles Center.

Murray Scholars Program - For years, William & Mary has been recognized as a place where undergraduates have access to faculty and to research opportunities at the highest levels available in public higher education. In fact, the College's 12:1 student to faculty ratio is the lowest for any public university of its size. Now the Murray Scholars Program provides an additional framework for us to empower the most elite students with even more resources and mentorship experiences.

Endowed by a multi-million dollar alumni gift, the Murray Scholars Program will provide four students per year (with plans to expand to eleven per year) with extensive benefits, including partial payment of their tuition. Virginia high schools and select out-of-state schools may nominate individuals to apply for this honor. In conjunction with the Office of Undergraduate Admission, faculty members at the College will administer the selection process, which will include an interview phase for finalists.

What should I do with my outside scholarship checks?

 If you are receiving any financial aid from our office, you will first want to contact us directly with the amounts of your scholarships. Outside monies may affect your original award, so we would like to inform you of any changes as early as possible. You can expect to receive a revised award letter with any changes made to your award caused by outside scholarships.

After contacting the Financial Aid Office, please mail the scholarship check(s) to The College of William and Mary, Office of the Bursar, P.O. Box 8795, Williamsburg, VA, 23187. Include the student’s ID number on the check. The scholarship check may have been made payable to the student, College or co-payable to the College and the student. In the event that the student needs to endorse the check, the Bursar’s Office will notify the student via email to come to their office for the check endorsement. The scholarship will be posted to the student’s account to reduce any tuition, room, or board charges as specified in the scholarship award.

  What is the College's withdrawal and refund policy?

 The Office of Financial Operations has information regarding withdrawal from the college and the college's refund policy.

 What does it mean to maintain 'Satisfactory Academic Progress'?

Federal guidelines require that students receiving federal financial aid make satisfactory progress towards their degree. In general, satisfactory progress regulations mirror the College’s continuance standards.

Academic Load - Undergraduate students must enroll for at least twelve academic credit hours per semester to receive aid as a full-time student. Graduate students must enroll for at least nine academic hours to be considered full-time, and at least five hours to be considered half-time. Aid recipients wishing to be less than full-time should consult with the Financial Aid Office.

Period of Eligibility - Undergraduate Student  - Federal guidelines require the establishment of a maximum time frame, or period of eligibility, during which students can receive federal aid. The Financial Aid Office follows the continuance requirements as listed in the Undergraduate Program Catalog. A maximum time frame of five years has been established to recognize the fact that some students need up to ten semesters to complete their degree. In most cases, State and William & Mary grant funds will be available only for the first four years (8 semesters).

Period of Eligibility - Graduate Students: The time frame for Master’s degree students is two years; for doctoral students, four years after completion of the master’s degree; and for law students, three years. Special consideration may be given to students completing their thesis or dissertation. Because regulations vary widely from program to program, each individual graduate school will measure progress.

Quality Point Average - In general, the required quality point average (Q.P.A.) is that needed to remain enrolled at William & Mary.

Continuation of Aid - The continuation of a student on any financial aid program is subject to the availability of funds. The College is not obligated to meet the financial needs of its students.

Tax Information

IRS Guide for Scholarships, Fellowships and Tuition Reductions. The Office of the Bursar issues the 1098 in each year in January. To find out what education tax reductions apply to you, please contact an independent tax advisor.

Award Letter Schedule

Financial Aid Award letters are sent at different times for different groups of students. Below you will find an estimated schedule for letters to be mailed, provided all the information was available to the Office of Financial Aid to award a financial aid package.

• Entering freshman - one week to 10 days after acceptance
• Entering transfers - one week to 10 days after acceptance
• Returning undergraduates - Late June
• Entering Law - Mid March
• Returning Law - Late April
• Entering MBA - Mid April
• Returning MBA - Late June
• Education & VIMS - Late June
• Art & Sciences - Late June

The Q.A. Program

The Financial Aid Office is a participant in the U.S. Department of Education's Quality Assurance Program; we do not participate in the Federal Verification Program. You do not need to submit the verification worksheet if your SAR indicates that you were selected for verification. If we need additional documents to verify your FAFSA (such as tax returns or the verification form) we will send these to you, which you must complete and return to us.

The Federal Quality Assurance Program allows our financial aid staff to study our student population and only verify certain FAFSA items that historically have been error-prone for our students.