How Financial Aid is Determined
Many types of aid require that you demonstrate financial need in order to be eligible. To be considered for need-based (federal, state, institutional, and outside) funds you much complete the Free Application for Federal Student Aid (FAFSA). The information provided on the FAFSA will assist the office in determining if you have financial need.
When you apply for federal student aid by completing the FAFSA, the information that you report (income, assets, number of family members, number in college, etc.) is applied to a formula established by the U.S. Congress. The formula known as the Federal Methodology is used to determine you and your family's ability to financially contribute to your educational expenses. The formula produces a figure that is referred to as your Expected Family Contribution (EFC). You do not pay the EFC to Wayne State University as it is used to calculate your aid eligibility.
The cost of attendance is the estimated cost of completing a year as a full-time student at Wayne State University. The cost of attendance typically includes:
- Tuition and fees
- Books and supplies
- Housing Status (living on campus, with parents/relatives, or off campus)
- Personal costs, transportation, etc.
Your EFC, in conjunction with the COA, determines your financial need and the types of need-based funds you are eligible to receive. Simple stated, your financial need is the difference between your cost of attendance, as calculated by the institution, and your expected family contribution.This calculation is often expressed as follows:
Cost of Attendance - Expected Family Contribution = Financial Need
HOW YOUR AID ELIGIBILITY IS DETERMINED
If you apply for aid by the March 1 priority filing date by submitting the FAFSA for the upcoming year, the Office of Student Financial Aid will attempt to meet your full demonstrated financial need. Your aid package may include a combination of scholarships, grants, work study, and loans. This package must include all resources available to you from other sources, such as federal grants, private scholarships, state scholarships and grants, and other institutional scholarships awarded from departmental funds.
If you submit your FAFSA after March 1, the Office of Student Financial Aid will meet as much of your demonstrated need as possible. Because institutional scholarship and grant resources are limited, it is unlikely there will be sufficient funding to meet the full needs of late applicants.
Note: Applying for financial aid is an annual process. You must complete a FAFSA each year for which you are requesting financial aid. Your expected family contribution and your costs will be re-evaluated each year, and as a result, your financial aid package may change. Meeting the WSU FAFSA priority date of March 1 is critical to ensuring that your financial aid package is the most favorable one WSU can offer.