We in the Office of Financial Aid at Washington and Lee University understand that preparing for your first year at college can be overwhelming. With that in mind, we have compiled this booklet with information that should help clarify some of the important steps in the aid process and provide some additional details regarding using your W&L International Grant, Johnson scholarships, and/or Work-Study options. We look forward to assisting you throughout the 2026-27 academic year.
Please read carefully all the following information included in this booklet, and do not hesitate to contact us at (540) 458-8717 or financialaid@wlu �edu if you have questions.
James Kaster, Director, Office of Financial Aid
The W&L Office of Financial Aid uses email for all essential correspondence. Please pay special attention to any email with the subject line “W&L Financial Aid.” Beginning June 1, we will use your W&L email address for any email correspondence.
FIRST-YEAR CHECKLIST AND
IMPORTANT
DATES
o May 15-31: Review your 2026-27 Financial Aid Notification on the Financial Aid Portal.
o July 15: Add Financial Aid access for parents or others in Friends and Family. See p. 9 for “Guest/Parent Access (FERPA).”
o July 20: Review your billing account online to verify financial aid credits, pending/estimated aid, and to determine if you have a balance due.
o June 26: Priority deadline to “accept” Work-Study awards online. Work-Study applications become available and the hiring process begins today for those who have “accepted.”
o July 31: Final deadline to “accept” any pending WorkStudy offers; otherwise they will be marked “decline” by the Office of Financial Aid.
o August 20: Mandatory on-campus financial aid information session for all athletes.
o August 21: Mandatory on-campus financial aid information session for international students.
o August 31: Mandatory on-campus financial aid information session for all grant and scholarship recipients.
o September 1: Mandatory on-campus information session for all Work-Study participants.
o September 3: The last round of Work-Study hiring begins for those who are still seeking employment. Interested students must contact Student Employment by this date.
o October 16: Deadline to apply for a Fall Term WorkStudy position.
Glossary
FINANCIAL AID TERMINOLOGY
Academic Term At W&L there are two academic terms: Fall Term and Winter/Spring Term.
Cost of Attendance
Credit Balance/ Refund
FERPA
Financial Aid Notification
Grants/ Scholarships
The estimated total cost of attending W&L for one academic year. Includes: tuition, fees, food, housing, books/supplies, personal, and travel.
Aid funds or payments to your student account that exceed the charges. If you have a credit on your account, you can request this credit from the Business Office in the fall.
A federal law that protects the privacy of student education records. This law restricts access to student records and allows access only to those individuals who are specifically assigned within W&L’s Friends and Family process.
A document that lists all specific aid options for which a student is eligible. This can include grants, scholarships, loans, and/or Work-Study.
Sometimes called gift aid, this type of award provides funds that do not need to be repaid. Eligibility may be academic based or need based.
Loans
Need
Office of Financial Aid
Outside Scholarship
Pending or Estimated Aid
Priority Deadlines
A form of financial aid that must be repaid. Terms and fees vary depending on the type of loan.
The student’s Cost of Attendance minus their Family Contribution. The Family Contribution for W&L is determined using an evaluation of the W&L need-based application.
The W&L office where students and families can meet with financial aid staff and review financial aid options.
Any award or benefit a student receives from a source outside of W&L.
Financial aid that has been awarded but has not yet disbursed to the student account.
Date in which documents and applications should be submitted to ensure that all aid will be credited to the students account in a timely matter.
THE FINANCIAL AID PORTAL
Up until this point, you have been viewing financial aid information on the Applicant Portal. Your aid information has now been transferred to the Financial Aid Portal, and you can access this portal using the “Check Your Aid Status” link on the Financial Aid home page: https://www�wlu �edu/office-of-financialaid. To make the most of your financial aid offers, we encourage you to familiarize yourself with the Financial Aid Portal, including a listing of documents and forms that may need to be completed to finalize your aid options. Periodic review of this page is recommended.
ITEMS REQUIRING YOUR ATTENTION
Signature Authorization
The Signature Authorization Process is a required component of student onboarding in Workday. Agreeing to this authorization allows our office to accept online submissions of financial aid documents and Work-Study hours and allows you to access your financial aid notification/s using the Financial Aid Portal. Authorizations are valid for one year, and Workday will prompt you to complete the authorization request annually.
Guest/Parent Access (FERPA)
Adding a parent or others to Friends and Family and giving them financial aid access will allow those individuals to view your Financial Aid Portal and allow the Office of Financial Aid to discuss financial aid issues with that individual. You will need to check the third-party user and select “View Financial Aid Package.”
Beginning the first day of the academic year, the Office of Financial Aid can share information only with individuals listed on your Friends and Family with the “View Financial Aid Package” option checked.
Your 2026-27 Financial Aid Notification
Access your 2026-27 Financial Aid Notification and mark any Work-Study offer as “accept” or “decline” by the appropriate deadline listed in the checklist. Do not forget to “submit” the form. Grants/scholarships are accepted by the Financial Aid Office.
Some aid may require the receipt of additional documentation before showing as being accepted. Any submission you make may take up to 48 business hours to update online. Below is an example of the aid notification.
Your Aid Package — Original Mailed
This is a static PDF copy of your original award notification and is not updated.
Federal Shopping Sheet
Clicking on the Federal Shopping Sheet takes you to the federal award template, which is not relevant for international students but can be used to compare awards from various schools. It is not the official W&L aid notification.
Work-Study
This section of the Financial Aid Portal will list various links related to the WorkStudy program. Initially there may not be a WorkStudy section or any items listed under WorkStudy. Links to create an application and apply for open positions will appear in June for students who accepted their Work-Study award. See p. 17 for further details on the WorkStudy program.
Scholarship and Resource Reporting
This allows you to enter details for any outside scholarship or benefit you receive. You are required to notify the Office of Financial Aid if you are receiving any scholarship or resource (tuition benefit, veteran benefit, etc.) from a source outside of the university. Outside scholarships and/or resources may affect your W&L award. Please see your original award notification for details.
Your Loan History
Provides a breakdown by academic year of any private loan and/or W&L loan funds you have received while enrolled at W&L. A grand total and estimated monthly payment are calculated for each loan type. Your loan history is available to you while enrolled and a short time after graduation.
COLLEGE COST
2026-27 Cost of Attendance
Cost of Attendance is a list of the expected expenses you may incur during the academic year. These include tuition, fees, housing, food, books/supplies, miscellaneous and personal expenses, and travel. Your financial aid offers are based on the full cost of attendance, i.e., if you applied for aid, then you have received aid offers that could include grant/scholarship, loans, and Work-Study.
Direct vs. Indirect Costs
The billed, or “direct cost,” for W&L includes tuition, fees, housing, and food. Your fall and winter term bills are posted in July and November. Firstyear students are billed for the full meal plan but can reduce the plan in subsequent years; your aid award will continue to be based on the full meal plan, meaning no reduction in aid if you choose a lesser plan in the future. There are other expenses you will incur during the year such as books, supplies, general personal needs, and travel. These items are considered “indirect costs” and in most cases will not be part of your term bill. You will see book charges on your bill if you purchase your books or supplies from the University Store and choose to charge the purchase to your account.
Travel to Campus
Students are expected to make their own travel arrangements to and from W&L during the academic year. W&L does not pay for your travel, but you can use any credit generated by your grant to reimburse yourself for some or all of your travel expenses. An estimated amount for travel, based on one round-trip ticket to and from your country, is part of your overall Cost of Attendance budget. Travel expenses are incorporated into your total aid package, including the amount your family is expected to contribute. Most grants do not have an amount for travel, and, in most cases, the student’s family is expected to pay the full cost of travel. If a credit is generated by your grant or scholarship, then it can be accessed at the start of the fall and winter terms. The amount estimated for your travel may vary from your actual costs. Please see your award notification for details on travel to and from W&L.
Buying your Books
You can purchase your textbooks and supplies from the W&L University Store when you arrive on campus, and they can be charged directly to your student account. If you have a credit on your account because of your grant/scholarship, then this charge will reduce that credit. If you do not have a credit, you can still charge the supplies to your student account. This charge will show as an amount due on your next university bill.
Health Insurance
Health insurance is required for all students. A university health insurance plan is automatically charged to all international students. The amount of your grant or scholarship was determined with health insurance as part of the cost of attendance and will not increase when health insurance is charged to your account. The health insurance cost may not appear on the first bill in July but will post by the September bill at the latest.
Types of Aid
TYPES OF AID
Need-Based Grant and/or Scholarship
The International Grant is a need-based award that meets 100% of your institutional need and was determined through an evaluation of your need-based application. The total of your International Grant plus the amount your family is expected to contribute is equal to the Cost of Attendance. Johnson Scholars and W&L Scholars may receive funds that exceed your demonstrated need. The International Grant and Johnson Scholarship are considered “free” funds and do not need to be repaid. There are no requirements to renew these awards in subsequent years. Please see your award notification and the “Financial Aid That Will Open Doors” section (p. 20-21) for more details.
Taxes Related to Grants/Scholarships
University scholarships and the W&L International Grant may be subject to federal and state taxes. Students whose country has a tax agreement with the U.S. will see an additional grant amount at the end of the year to cover federal taxes. There is no additional funding for Virginia state taxes, and international students may be responsible for paying those fees each year. Please be aware of this possibility and contact Hunter Swanson in International Education for clarification when you arrive on campus. Questions regarding the taxability of your scholarships and grants should be directed to the IRS or to a qualified tax consultant.
WORK-STUDY
W&L currently employs over 800 students through the WorkStudy program, offering employment in over 200 positions on and off campus. These positions include athletics, libraries, academic and administrative offices, the University Store, and off-campus community-based organizations. Many positions exist that support and enhance a student’s specific educational and career goals.
How do I Participate in the Work-Study Program?
If you have been offered Work-Study and wish to work during the 202627 academic year, you will need to accept the Work-Study offer listed on your online Financial Aid Notification. Beginning June 10, students will be sent an email from Student Employment with additional details and a link to the Work-Study application. Here’s a summary checklist of important steps:
1. Accept your Work-Study award online by June 26.
2. Review the Work-Study instructions emailed to you in June.
3. Complete your Work-Study application on the Financial Aid Portal.
4. Review open positions on the Financial Aid Portal and “apply.”
5. Monitor your applications and accept a position.
6. Complete your student on-boarding and I-9 verification.
What is it Like to be a Work-Study Student?
Work-Study awards are typically $3,000 for the academic year, which usually means a student may work seven to nine hours per week to earn the full award. The Work-Study amount must be earned to be received and is paid directly to the student based on the number of hours worked each pay period. The award amount listed is not guaranteed but is the maximum that can be earned in the program. Supervisors understand that education comes first and will work with students to arrange schedules that do not interfere with coursework demands. The hourly rate for a Work–Study student can range from $13.25 to $14.75, based on the complexity of the position.
If you have additional questions about the W&L Work-Study program, please email Miranda Edwards, student employment manager, at studentemployment@wlu.edu.
BILLING AND PAYMENTS
In early July, you will be contacted by the Business Office with details on how to access the online payment system. All W&L billing is completed online. Within the payment system, you will be able to create accounts for other users such as your parents. Around July 15, registered users will receive a notice that the Fall Term bill is available for review. Payment is due on August 10. Subsequent bills from the Business Office will be posted around the 15th of each month and should be reviewed for any new charges/credits. Winter Term charges will show on the November bill. Please contact the Business Office at (540) 458-8730 or businessoffice@wlu � edu for billing or payment questions. The Office of Financial Aid does not process any student billing or payments.
Estimated/Pending Aid
Estimated/pending aid is an aid award that will reduce your bill but has not yet actually disbursed and will be applied to the account at a later date. Federal regulations prevent us from crediting federal grants and loans to your account in July when the fall bills are generated. However, these awards will display on your student account as estimated/pending aid once all requirements are met. Pending aid typically disburses the first week of classes or the following week.
Meal Plan Billing
W&L bills your meal plan based on the number of weeks in a term. However, financial aid grants, scholarships, and/or loans are credited evenly between terms. The aid you receive for the Fall Term is half of your total aid for the entire year, and you can expect your Winter Term aid to be equal or similar. However, the Winter Term bill in November will reflect a larger meal charge, because the Winter/Spring Term has more weeks. Since financial aid amounts do not vary between terms, but the meal plan charge does vary, you should be prepared for an amount due or credit on the Winter term bill that will vary from what was reflected on your Fall Term bill.
Credit Balance
A credit balance is generated on your student account if credits from financial aid or other sources are greater than the charges on your student account. A credit balance appears as a negative amount due. Students can schedule a refund of their credit balance by contacting the Business Office when they arrive on campus in fall. Winter credit balance refunds can be scheduled in January. A credit balance can be used to pay for indirect expenses such as books, supplies, personal expenses, and travel.
EARLY CREDIT BALANCE DISBURSEMENT
In late July, some students with large credit balances will be contacted by the Business Office. These students will have the option to receive a portion of their credit as an early credit balance disbursement. Keep in mind, these funds are provided to assist in paying educational-related expenses such as books and travel. It is wise to limit the use of this early disbursement to essential expenses necessary for your preparation to arrive on campus. In November, students who received the July disbursement will be contacted with information about the early credit balance disbursement.
Holds and Late Fees
If you have an outstanding balance for an extended period, the Business Office may place a hold and/or assign a late fee to your account. Holds may prevent a student from registering for a class. A Business Office hold can only be removed by contacting the Business Office and paying the entire past-due balance. If you want to use a loan option to pay an outstanding balance, you must accept the loan and complete all required documentation. An incomplete loan will not show as pending aid. You may wish to check your Items Requiring Your Attention to determine if any specific financial aid documents are incomplete. A student with an unpaid balance will continue to carry a hold and incur late fees until the balance is paid. It can take up to two weeks to process a loan, and during that period, any Business Office hold will remain on the student account.
Please be aware the Office of Financial Aid does not place holds and cannot remove a hold that has been placed on a student account.
FINANCIAL AID THAT WILL OPEN DOORS
Study Abroad
If you receive grant, scholarship, or loan(s) as part of your financial aid, then this aid can also be used to finance the cost of an approved Fall or Winter Term study abroad program. Grants and scholarships will be adjusted to include W&L’s tuition plus all other expenses included in the cost of attendance of the study abroad program, but the overall family contribution should remain consistent with an on-campus term at W&L. You must attend the financial aid study abroad presentation in the academic term prior to your study abroad.
Spring Term Abroad
Spring Term Abroad (STA) is a unique part of the Washington and Lee experience. These courses allow students to get an up-close, intensive, and personal experience of the subject matter abroad with a W&L faculty member during the Spring Term. Any student who is receiving a university need-based grant will be eligible for funding to cover the additional expense related to an STA course. Students receiving merit scholarships are not automatically eligible for STA grants and must submit a complete need-based aid application to determine their eligibility. Students who are ineligible for need-based aid can request a loan to cover the cost instead.
Johnson Opportunity Grants
Grants are awarded on a competitive basis and are open to rising sophomores, rising juniors, and rising seniors at W&L. The grants cover travel, living expenses, and other costs associated with the proposed project or summer activity. Grants are not limited to recipients of the Johnson Scholarship.
Resident Advisor
The W&L Residential Life program offers free housing and full meal plan for any student hired to the Residential Life staff. First-year students may apply in the fall of 2026 for the academic year 2027-28. The value of the housing and meal plan will be reflected on the financial aid package as an award; however, it will not reduce any grant or scholarship you are receiving unless the total of all awards exceeds the cost of attendance.
Students should be aware that application for Residential Life Staff (2027-28), sign up for Spring Term Abroad (Spring 2027), and application for many summer 2027 internships and research opportunities occur during the Fall Term of 2026.
Greek Life
Financial aid awards do not increase to cover any of the additional costs related to fraternities or sororities. However, your aid award does provide funding (in the form of grant and/or loans) that covers the standard costs for housing and food, and those funds can be used to help pay your housing and food expenses at the Greek organization.
RENEWING YOUR FINANCIAL AID
W&L International Grants and Johnson Scholarships are automatically renewed each year without additional application. However, if there is a significant change in your family situation, such as cases of involuntary job loss, illness/death, or other significant unplanned events leading to major financial disruptions, then you can apply for additional need-based aid for the subsequent year. Contact the Office of Financial Aid to determine if you are eligible.
Living Off-Campus
You are required to live in on-campus housing your first three years, but as a senior you may elect to live off campus. The level of financial aid you receive will not change when living off campus. The Cost of Attendance that your financial aid is based on will continue to use the cost of the standard on-campus housing and the full meal plan, which may be more or less than you spend for living off campus. To make funds available for off-campus expenses, credit balance checks, and direct deposit to your personal account is available. Students should set up direct deposit via Workday if interested, and checks can be requested from the Business Office.
FAQs for First-Year Students
Common first-year questions and answers on financial aid.
