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 grants, loans and/or Work-Study options. We look forward to assisting you throughout the 2026-27 academic year. Please carefully read 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 June 10: Priority deadline to “accept” loan offers online and to complete any required federal loan documents (see “A Guide to Student and Parent Loans,” p. 18).
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 June 30: Deadline for completing federal verification for those who were selected for verification.
o July 15: Add financial aid access for parents or others in Friends and Family in Workday. See p. 9 “Guest/Parent Third Party 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 July 31: Final deadline to “accept” any pending Work-Study offers; otherwise they will be marked “decline” by the Office of Financial Aid.
*You must “accept” Work-Study to remain eligible for the round of Work-Study hiring to begin on September 3.
o August 10: Deadline to complete any required loan documents. All “accepted” loans with incomplete documents at this point are 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 1: Deadline to submit the Sibling Enrollment Verification form for those families with more than one dependent in college. All benefits are removed after 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
Federal Verification
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 at the start of Fall Term.
A federally mandated process to confirm the accuracy of data provided by selected applicants on the Free Application for Federal Student Aid (FAFSA).
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 Third-Party Access 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
Notification of Special Circumstances
Office of Financial Aid
Outside Scholarship
Pending or Estimated Aid
Priority Deadlines
Student Aid Index (SAI) vs. Family Contribution
A form of financial aid that must be repaid. Terms and fees vary depending on the type of loan.
The student’s total 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 document families submit if they wish to appeal a W&L need-based award or if they wish to provide additional information on their need-based application. Also called the NSC.
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 student account in a timely matter.
A federal value that represents a level of federal aid eligibility. It is generated by the FAFSA. The Family Contribution is the institutional value determined by evaluation of the W&L need-based application.
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 homepage: https://www�wlu �edu/office-of-financial-aid. 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 Third-Party 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.
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.
Verification of Sibling Enrollment
The Sibling Enrollment form is required for all students who are receiving the sibling in college benefit. You are required to verify your sibling’s full-time undergraduate enrollment at a four-year college or university. The completed form is due October 1 and should not be completed until your sibling arrives on their campus in the fall.
Virginia Tuition Assistance Grant (VTAG)
Residents of Virginia will need to complete the VTAG application online by July 31 to verify eligibility and residency. Please note, the form requires submissions from both parent and student. https://o.formstack.com/forms/vtag_app
Federal Verification Documents
Various documents are required from students who have been chosen for federal verification. Please see p. 12-13 for details.
Your 2026-27 Financial Aid Notification
Access your 2026-27 Financial Aid Notification, and mark all loans and/or Work-Study offers as “Accept” or “Decline” by the appropriate deadline listed in the checklist. If you wish to accept a loan for a lesser amount, mark the loan as “Accept,” and enter the updated amount in the box to the right of the loan offer. Do not forget to submit the form. Grants/ scholarships are accepted by the Office of Financial Aid. 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 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
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 federal student loan, 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.
Federal Verification
FEDERAL VERIFICATION
What is Federal Verification?
Verification is a federal process that requires the submission of additional materials to verify the information submitted on the FAFSA. Not everyone is selected for verification, and W&L does not have any part in the decision of who is selected.
What Happens if I am Selected?
If your Free Application for Federal Student Aid (FAFSA) is selected for verification by the Department of Education, then the Office of Financial Aid must confirm the accuracy of the information reported on the FAFSA and/or the student’s identity. Those selected will be required to complete and submit the Verification Worksheet and/or the Identity Verification Form. Students will be notified via e-mail which form/s they are required to complete and submit. Students cannot, by federal regulation, receive any federal grants or loans until all verification is completed.
What Documents are Required?
Verification Worksheet
The Verification Worksheet is due to the Office of Financial Aid by June 30 and requires the student and parent (only when the student is a dependent) confirm the members of the household and tax filing status. Please note the form requires handwritten signatures.
Identity and Verification
The identity verification process must be completed in person at the Office of Financial Aid by September 15. The student must bring proof of identity, typically in the form of a state-issued ID or driver’s license, in its original form. In unique cases where a student is unable to come to the Office of Financial Aid in person, remote verification options will be offered.
Please contact Pascale Couturier, assistant director of financial aid (pcouturier@wlu.edu), if you have any questions regarding the federal verification process.
College Cost 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. First-year 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 to your student account.
Travel to Campus
Students are expected to make their own travel arrangements to and from W&L during the academic year. An estimated amount for travel, based on the location of your home, is part of your overall student budget and incorporated into your total aid package. These funds may be part of your grant or scholarship or may have been provided in the form of a loan offer. Any credit generated by a grant, scholarship, or loan can be accessed at the start of your fall and winter terms to reimburse yourself for some or all your travel expenses.
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 or loan, 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 can be purchased if you are unable to obtain coverage that meets W&L requirements. If you are required to purchase the W&L health insurance plan, you can receive funding to cover the additional cost. Some students with very high need are eligible for grant increases, and all other students can receive an additional loan. Once you have purchased the W&L insurance, the charge will appear on your student account. The additional funds from your grant or loan adjustment will disburse to your account in late August or early September. Please contact the Office of Financial Aid if you have questions regarding your eligibility to receive additional grant or loan funding to offset this cost.
Types of Aid
TYPES OF AID
Need-Based Grant and/or Scholarship
Any grant or scholarship such as the W&L Grant, Johnson Scholarship, Pell Grant, VTAG, SEOG, etc., is considered gift aid and does not need to be repaid. There may be specific requirements for renewing the award, and each award may have restrictions or associated benefits. Please see “Renewing Your Financial Aid” (p. 24-25) and “Financial Aid That Will Open Doors” (p. 22-23) for more details.
Taxes Related to Grants/Scholarships
Scholarships and grants that exceed qualified tuition, mandatory fees, and course-related expenses such as books and supplies may be considered taxable income. Questions regarding the taxability of your scholarships and grants should be directed to the IRS or to a qualified tax consultant.
Federal and Institutional Work-Study
Work-Study is a financial aid option offered to many Washington and Lee students as a part of their overall financial aid package. Students who participate in the Work-Study program can contribute to the university and local community while earning the money they need to help offset some of their everyday expenses. Work-Study isn’t just about funding; it also provides employment experience and is an excellent way to boost your future resume.
Loans
Federal and private loans for students and parents may be available to assist with the family’s contribution. For more information pertaining to loans and borrowing, please see “A Guide to Student and Parent Loans” on p. 18-19.
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 FA Portal.
4. Review open positions on the FA Portal and “apply.”
5. Monitor your applications and accept a position.
6. Complete your student onboarding 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.
A GUIDE TO STUDENT AND PARENT LOANS
W&L meets financial need with a combination of grants and Work-Study. Loans are offered as an option, not a requirement, and can be used to supplement the family contribution. If a Stafford (student) or PLUS (parent) direct loan is listed on your aid notification, then you will need to accept or decline the loan(s) and submit. Keep in mind that loans can be accepted at an amount less than the amount offered. To finalize the processing of a federal loan, you will need to complete the relevant documents specific to your loan (see below.) Forms are online at studentaid � gov� A complete listing of required loan documents can be found on the FA Portal “Items Requiring Your Attention.” The priority deadline for completing all loan documents is June 10.
Federal Stafford Loans for Students
Federal Stafford loans are held in the student’s name and are paid to the Department of Education. Depending on eligibility, students may be offered one or both types of Stafford loan:
Subsidized Stafford Loan: Interest is subsidized (does not accrue) while enrolled in college.
Unsubsidized Stafford Loan: Interest accrues from the time of disbursement.
Subsidized Stafford loans cost less to borrow due to the subsidized interest and should be chosen over the unsubsidized loan if given the option. Required documents for processing and disbursing to the student account include:
Master Promissory Note (MPN)
Entrance Counseling
Stafford loans apply to the student account balance as pending aid once the loan is accepted on the Financial Aid Portal. If the Master Promissory Note (MPN) and Entrance Counseling are not completed by August 10, it will be assumed you do not intend to process the loan, and the loans will be Declined. The removal of the loans may create a balance due on your account.
Student borrowers are required to attend an in-person First Time Borrowers meeting during Fall Term.
Federal Direct Loans for Parents (PLUS)
Parent PLUS loans are held in the name of the parent. As of July 1, 2026, Parent PLUS loans will be limited to $20,000/year per dependent child, with a lifetime borrowing limit of $65,000. Two online documents are required to process the PLUS and they include:
Master Promissory Note (MPN)
PLUS Loan Application
Once processed, PLUS loans apply toward the account balance as pending aid prior to the July 15 bill and disburse shortly after classes begin. The priority deadline for receipt of electronic document is June 10.
Please choose the credit balance option on the PLUS loan application carefully before submission. The W&L Business Office will request the same information and discrepancies will delay PLUS loan processing.
Private Loans
Private education loans are credit-based loans that help cover educational costs not met by federal, state, or institutional aid. Students or parents who seek private loans should visit ELM Select, a private loan platform that allows for comparing and applying for non-federal loans, and search for Washington and Lee University. You are not limited to the lenders that appear on ELM Select for W&L, and if you wish to borrow from a lender that is not within the ELM platform, you can apply for a loan directly on the lender’s website. To ensure timely processing, private loans should be submitted to W&L for certification by June 10. Loans applied for and certified before the July 15 billing date will be applied to the student account balance.
www.elmselect.com/v4/school/1185/program-select
If you have any additional questions about loans, please email Pascale Couturier, assistant director offinancial aid, at pcouturier@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 and 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
The deadline for submitting all required documents for needbased awards and for scholarships is May 1, 2027, for the academic year 2027-28. Renewal requirements for each type of W&L institutional award, and select federal and state aid, are listed on the following page.
Please contact the Office of Financial Aid if you are unsure about the requirements for your grant or scholarship.
Change in Circumstances
The Notification of Special Circumstance form can be submitted with any on-time application or can be submitted as an appeal for any award where the application was submitted on time. The on-time deadline for returning student application is May 1. If financial circumstances for your family change significantly during the academic year, you should contact the Office of Financial Aid to determine if you are eligible to submit a mid-year Notification of Special Circumstance form. Mid-year appeals are considered in cases of involuntary job loss, illness/death, or other significant unplanned events leading to major financial disruptions.
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.
Application Requirements
The Financial Aid Portal opens for returning student documents in January 2027. You will be able to view your complete renewal requirements in the Items Requiring your Attention section.
W&L Grant
2027-28 CSS Profile
2027-28 FAFSA*
2025 Parent Tax Returns and W2s
Complete need-based applications submitted after May 1 will still be reviewed but will not be eligible for any type of appeal.
International Grant
International grants are automatically renewed each year without a new application.
QuestBridge Scholarship
2027-28 FAFSA*
Johnson and W&L Scholars
2027-28 FAFSA*
Not all Johnson Scholars are required to complete the FAFSA. Please see your aid notification letter for additional clarification.
Federal Loans or Work-Study Only
2027-28 FAFSA
Virginia Tuition Assistance Grant (VTAG)
Reapplication not required if enrolled each year
Permanent residence must remain in state of Virginia
*If the FAFSA is listed as a requirement for your grant or scholarship, and you are not eligible for federal aid, then you are not required to submit this form.
OTHER RESOURCES
FAQs for First-Year Students
Common first-year questions and answers on financial aid.
Many students find it valuable to reconcile the grant funds, loans, WorkStudy earnings, and other income with the various expenses they will incur while attending W&L. The College Budget Worksheet (linked below) is a tool that will help you in the financial planning of your education for the nine-month academic year.
