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Financial Aid FAQs
1. How is my financial aid paid?
If you have a final confirmed award (not estimated) and you are registered for the correct number of credit hours for your awards, then your merit awards, University grants and scholarships, and Federal Supplemental Educational Opportunity Grant (FSEOG) funds are credited to your student account at the beginning of each semester. Perkins Loan amounts pay to your account if you have signed your master promissory note; Pell amounts get posted to your account after we complete the Pell verification process. Federal Stafford Loan proceeds are credited to your account after the funds are received electronically and processed by the University or after your have signed your loan check at the Cashier's Office.
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2. How can I appeal my award?
Write a letter to our office explaining in detail why you think your case should be reconsidered and what factors you think we may have overlooked. When we receive your letter, our Appeals Committee will review your case and inform you of the Committe's decision. No appeal will be reviewed without 2006 federal tax information. Continuing students should mention any special circumstances in a cover letter attached to their GW renewal application at the time of submission.
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3. What do I do if my financial situation changes?
Let the Office of Student Financial Assistance know! The best way to do this is to write a letter specifying how your situation has changed since the original filing of your PROFILE and FAFSA forms. Provide us with detailed information (specific monetary amounts) so that we can review your financial need. We will let you know if we need any additional information and will inform you of our decisions. Subject to availability of funds, we normally allow award changes for the following: disability or death of a parent, unemployment, layoffs, pay cuts, emergency medical expenses, natural disasters, or other undergraduate siblings entering college.
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4. How do part-time earnings during the academic year affect my award?
GW is required to consider your previous calendar-year earnings when we calculate your financial need. This means that current earnings will affect next year's calculation.
However, if we based your need on estimated income for the academic year by using a special condition analysis, then changes could affect your award. In this case, if your parents (or you and/or your spouse, if you are an independent student) get a job when they had not expected to work, find a job with a higher rate of pay, or work more hours, inform our office in writing within one week of the change.
Your aid package may need to be reduced as a result of the increased income.
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5. Is financial aid taxable?
Sometimes, Gift aid (scholarships, grants, fellowships, assistantships, etc.) is taxable to the extent it exceeds the cost of tuition, fees, books, and supplies. Even federal aid such as Pell Grants and FSEOGs may have to be included in taxable income if, along with other gift assistance, they exceed these costs.
Scholarships and grants which cover room and board, as well as earnings from the Federal Work-Study program are always included in the recipients taxable income. For example, students receiving The Stephen Joel Trachtenberg Scholarship, Room and Board Grants, ROTC Resident Hall awards, or Athletic Grants-in-Aid need to report as taxable income the portion designated for room and board charges. For further information, consult IRS Publication 520, Scholarships and Fellowships.
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6. How do I calculate what I owe when I receive my semester bill?
Total the charges on the actual bill. Next, divide your financial aid award by 2 and deduct them from the total charges. Do not count work-study and only count 96% of the semester's Stafford Loan amount; include any amounts you expect to receive from non-GW sources for the semester. You pay the result.
Example
$ ______ Bill for tuition, fees, on campus housing
- ______ Estimated Stafford proceeds (96% of gross loan amount)
- ______ Other financial aid awarded by GW (exclude work-study)
- ______ Non-GW financial aid
= $ ______ Estimated amount due from you/parents
NOTE: Do not wait for financial aid to pay first. If you do you could incur interest charges and late fees.
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7. Is summer aid available?
Yes, but it is limited to federal and alternative loans. The recommended deadline is March 1 for submission of the Stafford (subsidized or unsubsidized), PLUS, or other loan application forms.
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8. Do I have to reapply for aid each year?
Yes. Although merit aid and the GW Guaranteed Grant will be renewed automatically if you completed the number of credits and attained the GPA required for your award, any additional need based financial assistance provided through the Office of Student Financial Assistance requires reapplication annually. Renewal is also dependent on satisfactory academic performance and continued financial need. Awards may be altered or withdrawn at any time if your academic record becomes unsatisfactory or your financial need changes.
Students should pick up their renewal application packet in the financial aid office before Spring Break. Refer to the completion deadlines listed earlier in this section.
Awards for continuing students are sent in June and July.
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9. Can a family count on the same financial aid package every year?
Your eligibility for need based funds (other then merit awards or the GW Guaranteed Grant) is determined one year at a time. Because you and your parents' circumstances can change greatly from one year to the next, so can you award. For example, let's say your mother is a widow when you apply for aid for freshman year. If she remarries, you will need to include your new step-parent's information when you apply for aid the next year. This might increase the family income and make you eligible for less aid. On the other hand, when family income decreases, or the number of dependent siblings in college increases, you could be eligible for more aid.
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10. What happens if my grades fall or I drop or withdraw from classes?
Students must maintain satisfactory academic progress. Each semester you must complete the number of credits on which your award was based and achieve the minimum grade point average (GPA) required by your awards.
If you do not maintain the required GPA or complete the minimum number of full stime status credit hours each semester, you may be placed on financial aid probation, or you may lose eligibility for a particular type of aid. Students who lose aid eligibility can be reinstated after one full time semester in which they meet the minimum standards for their awards.
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11. What happens if I need to take a semester off?
If you are not going to be at the University for the fall or spring semester, you must be registered in either a continuous enrollment or leave-of-absence status; otherwise, you will have to apply for readmission to the University before you can return. Contact your Dean's Office for the proper procedures. If you are a financial aid recipient, you should contact the Office of Financial Assistance to see how your withdrawal will affect your awards. If you have Stafford Loans, you also need to discuss your status with your lender.
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12. Does living off campus affect my aid?
Financial aid is credited to the student's account. In some cases, aid may exceed charges especially if a student lives off campus. Once aid has covered the direct charges at GW, any excess would be refunded to the student. Refunds must be requested through the Student Accounts Office. Since it can take up to two weeks to receive a refund, students are advised to arrive with enough funds to cover their first month expenses for each semester.
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