Western Governors University (WGU) seems to help the students who have the financial problems to keep pursuing their career by providing the financial aid that is approved by the U.S. Department of Education. With WGU’s affordable tuition, the students can graduate without large amounts of student debt to repay.
So, how to get the WGU financial aid? Sure, there will be some requirements that you should meet to earn the WGU’s financial aid. In the case of your quality for and accept financial aid, it surely will cover most. To understand WGU’s financial aid, learn more about it through our post below!
What’s the WGU’s Financial Aid For?
The WGU’s Financial Aid is used for some financial purposes, including:
- Tuition and fees including electronic learning materials
- Technology (a new computer, software and internet service fees)
- Other educational expenses
It’s important to note, your financial aid cannot be used to pay your application fee.
The WGU helps every student make smart decisions when it comes to financing their education. In August 2016, WGU received the Exemplary Model Award from the American Association of University Administrators.
Moreover, WGU also maintains a robust program of scholarships that are made available to qualified students, through the generosity of a number of corporations and foundations as well as special federal government appropriations.
The WGU’s scholarships are one of the many ways where WGU actually removes obstacles from your path to reach your education goals and improve your career opportunities. In fact, most students at WGU will qualify for at least one type of federal aid.
How to Apply for WGU’s Financial Aid?
Keep in mind, to take your financial aid, you must be able to complete your degree without worrying about your education debt. That’s because the WGU’s financial aid will make the already affordable tuition at WGU easier on your pocketbook.
Here’s how to apply for WGU’s financial aid!
Step 1: Complete the FAFSA Online
FAFSA is used to determine your student aid eligibility, measured through your personal and family situation. If you’re a first-time user, you have to create an FSA ID first. However, it allows you to access your personal information on federal student aid sites.
To complete the FAFSA Form, you can visit the Student Aid website HERE or also use the myStudentAid app that you can download on Google Play Store or App Store.
After WGU receives your FAFSA application, you will need to complete the following financial aid application steps via the WGU Student Portal in the Financial Service section.
Step 2: Complete the entrance counseling
If you have a plan to use your federal student loan, you can access the Student Aid site to complete entrance counseling. In this step, you will be required to ensure you understand your borrower rights and responsibilities.
Step 3: Complete the Master Promissory Note (MPN)
After you’ve completed the entrance counseling, you will need to complete and sign the MPN electronically. This is a legal document to create a contract between you and the lender to repay the loans. To find the MPN document, you need to access the Student Aid Site here.
Step 4: Complete any other financial aid documents
You may also need to complete or supply additional documentation before your financial aid will be awarded. You can find any requirement document lists in the Financial Services action of your WGU Student Portal.
Step 5: Complete the financial aid process
After you have completed the FAFSA, you will then receive your personal My Financial Aid Plan on the Financial Aid page in your student portal. Once reviewing your Financial Aid Plan, you will then be required to accept a recommended loan amount or you can also request a custom loan amount not to exceed the maximum loan eligibility.
An offer letter that displays your requested or otherwise eligible, loan and grant amounts will be sent to your WGU email address. At this time, the process of financial aid is complete and no further action is necessary.
Okay, that’s step-by-step on how to apply for WGU’s financial aid.
When Is the WGU’s Financial Aid Deadline?
The deadline of the WGU’s financial aid process will be the 22nd of the month before the start date of your desired program. Certainly, this deadline includes the submission and also approval of any additional required documents by the Financial Aid Office.
If you fail in completing the financial process or submit the required documents, it will result in a delay of funding and may also affect your start date.
Some Requirements for WGU’s Financial Aid
As we’ve mentioned, most WGU students will qualify for at least one type of federal aid. To be eligible for WGU’s financial aid, you should be a U.S. citizen or an eligible non-citizen. You must also have a valid Social Security number who have a high school diploma, GED or its equivalent.
You should also be enrolled or enrolling in an eligible WGU degree program as a full-time student. For male, you should be registered with the Selective service. Additionally, you shouldn’t be in default on a previous student loan or owe an overpayment on a grant.
The amount of the financial aid that you will receive will be based on:
- Your FAFSA results
- The amount of financial aid available
- Distribution formulas based on state, federal and university guidelines.
How Is the WGU’s Financial Calculated?
The eligibility of federal student aid will be based on multiple factors that include:
- Federal direct annual and aggregate loan limits
- Enrollment status
- Cost of attendance (COA)
- Expected family contribution (EFC)
- Other estimated financial assistance (EFA)
You can only borrow the annual limit up to the Cost of Attendance that is based on your current grade level and dependency status at WGU. Moreover, the need-based aid will be awarded based on your income.
In this case, Expected Family Contribution is the number used to determine your eligibility for a need-based aid. Sure, the number will result from the financial information that you provide in your FAFSA.
Here’s the following formula used to calculate your WGU’s financial need:
- Cost of Attendance – Expected Family Contribution = Financial Aid