Although this academic year seems to have just begun, it is not too early to start thinking about financial aid for the 2023-2024 school year. Financial aid is any funding offered to eligible students to assist in covering the cost of attending college. This aid can come in different forms, including grants, scholarships, work-study jobs and loans. For example, grants, which do not have to be repaid, include Wooster Institutional Grants, Federal Pell Grants and Federal Supplemental Educational Opportunity Grants (FSEOG). Loans through the federal government are also dependent on information from the FAFSA. Subsidized Loans are loans that the government pays the loan interest while a student is in school and Unsubsidized Loans accrue interest when they are disbursed.
To apply for federal, state and/or institutional (need-based) financial aid, students must complete and submit the Free Application for Federal Student Aid (FAFSA) each academic year at studentaid.gov. The Expected Family contribution (EFC) calculated by the FAFSA data is the figure used by the Financial Aid Office to determine your eligibility for financial aid. There are resources available to assist in completing the FAFSA, such as studentaid.gov (specific renewal information can be found at studentaid.gov/apply-for-aid/fafsa/renew), Wooster’s “Filing out the FAFSA” webpage (wooster.edu/fafsa) and the college’s Financial Aid Office.
Once your FAFSA is submitted, watch for an email from Federal Student Aid confirming the status of your application. Within a few days, the College will receive a copy and notify you of any additional documentation needed. The Financial Aid Office will review your application once all other requested documents are submitted. Please check Colleague Self-Service Financial Aid on ScotWeb and your email regularly to see what documentation we need from you. Scan the QR code for further details.
The Financial Aid Office is available should you have any questions when completing the FAFSA and there will be opportunities for hands-on assistance. On Friday, Oct. 28, the Financial Aid Office will host a walk-in workshop from 1:00–4:00 p.m. in the Library Core Cube where students can bring their computers and staff will be on hand to help students complete and submit their FAFSA. There are also on-going walk-in hours every week-–Wednesdays from 4:00–6:00 p.m. in Andrews Library Collab Room B and Thursdays from 11:00 a.m.–1:00 p.m. in the Babcock Formal Lounge.
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