Many of our students are recipients of scholarships and other financial resources in addition to the financial aid that our office provides. This includes but is not limited to scholarships from a high school, private club, agency, corporation, organization, departmental scholarships, and/or tuition benefits from a parent’s employer. If you are not yet a recipient of outside scholarship funding but would like information on researching these opportunities, the Outside Scholarship Search Resources is a great starting point for independently starting your search.
Financial assistance from outside sources may affect your eligibility for financial aid since those resources reduce your financial need. Financial aid need is determined using the following formula:
|Financial Need Formula|
|Start With||W&M's Cost of Attendance|
|Subtract (-)||The Expected Family Contribution (EFC) *|
|Subtract (-)||Outside Scholarships/Additional Resources|
|Gives you (=)||Financial Need|
* The EFC is determined using the Department of Education formula. An initial EFC may change with the process of verification, or through the process of special circumstances appeal.
Need-based financial aid includes grant funding, need-based scholarships, Federal Direct Subsidized Loans, and Federal Work Study funding. These funding sources are required to fit within the remaining financial need which may prompt adjustments to these funding sources when the Outside Scholarships/Additional Resources are received. The total aid and financial assistance must also not exceed W&M’s cost of attendance.
We provide several opportunities for students to report these funding sources to our office (even if they are paid directly to the student):
- Outside Scholarship and Resource Reporting Form
- The CSS Profile (for new and transfer students)
The proactive notification from students helps us to provide notification of changes to financial aid eligibility as early as possible. Otherwise, we will make any applicable adjustments to your financial aid eligibility once the scholarships/resources are sent to W&M. We will send an e-mail with revisions to your financial aid eligibility if there are any adjustments that are made because of the outside scholarships/additional resources.