Education is an investment in your future. Every year, the U.S. Department of Education’s Federal Student Aid office provides billions of dollars in assistance to millions of students and their families. This aid can be used to pay for tuition and fees and other educational expenses. Financial Aid falls into one of the four types:
| Type of Aid | Source | Basis of Award | Repayment Required | |
|---|---|---|---|---|
| 1 | Grants | Federal State | Financial Need | No |
| 2 | Scholarships | State Institutional Private | Financial Need Non-Financial Need Academic Merit | No |
| 3 | Tuition Assistance Program | Private State | Non-Financial Need | *In some instances. |
| 4 | Benefits Program | Federal State | Non-Financial Need | No |
| 5 | Loans | Federal State Private Institutional ^ | Financial Need Non-Financial Need Non-Financial Need Non-Financial Need | Yes |
* Each tuition assistance program has its own unique terms and conditions, which can include a provision for repayment in total or in part, if those conditions are not met.
^ Students must use all other aid and lending sources available before borrowing an institutional loan. The institution may offer loans to certain students who meet minimum eligibility requirements established by the institution, after all other funding sources have been exhausted, and a gap still exists between direct charges and financial aid. Contact the financial aid office for complete details and requirements. Payments on institutional loans are interest-free while the student is enrolled, and may incur interest of not greater than 5% after a student ceases enrollment.
Additional information about financial aid sources may be found below.
- The U.S. federal government at https://studentaid.gov/understand-aid/types
- The State of West Virginia Higher Education Grant at https://www.cfwv.com/financial-aid/
- The Institution (Catalog at https://morgantown-ol.catalog.wvjc.edu/scholarships-grants-tuition-assistance-programs-2 for scholarship listing)
- A nonprofit or private organization at https://studentaid.gov/understand-aid/types
- Veteran’s Benefits https://www.va.gov/education/
How Financial Aid is Awarded
- Financial Need
The majority of financial aid is based on demonstrating a financial need through the completion of the FAFSA. Financial need is determined by subtracting the student's Student Aid Index (SAI) from the Cost of Attendance (COA). - Cost of Attendance
The Cost of Attendance is more than direct costs of tuition and fees. Indirect expenses such as living expenses, transportation and personal expenditures are considered.
COA-SAI=Financial Need
- For more information on how financial aid is awarded and calculated, click here:
https://studentaid.gov/complete-aid-process/how-calculated#:~:text=The%20financial%20aid%20staff%20tarts,based%20aid%20you%20can%20get.