4 Steps to Understanding Financial Aid

Plus a Road Map to Getting There

It all boils down to following directions
Ok, just do it. Winning the financial aid you need to attend a high-quality school like Davis & Elkins depends mostly on meeting deadlines and filling out forms completely and accurately. There are a few basic steps to follow. Master these, and you will be in good shape.

Step One: Know the Basics
There's something fundamental you need to remember from this point onward: College will be one of the best investments you ever make. Anything and everything you and your family pay toward your education will be earned back many times over. Estimates from the federal government tell us that over a lifetime, somebody who earns a bachelor's degree is going to earn at least $600,000 more than somebody who stops after high school. So remember: It doesn't cost to go to college; it pays!

We have significant resources of our own to provide scholarships and other aid for students. Further, most of the federally sponsored aid programs available at state institutions are available at Davis & Elkins as well. Some state governments make grants that can be used here. Check your State Department of Education for applications and deadlines. The fact is, your chances of qualifying for and receiving financial aid are likely better at Davis & Elkins than at a state school. Last year, 96 percent of our students received financial assistance, and the average aid amount was almost $11,000.

Step Two: Apply! Apply!
To receive aid, you must apply for it. Also, to qualify for aid at Davis & Elkins, you must apply for, and be offered, admission. Your admissions application is also your application for D&E Scholarships.

The government, not the college, writes the rules saying who qualifies for aid. They design a standard process, and it is used nationwide. You need to assemble basic information, such as your family's income and tax information, assets and debts, the number of people in your household, and the number attending college this year.

This information is entered in various spaces on the Free Application for Federal Student Aid (FAFSA). You get these at your high school guidance office or on-line at www.fafsa.ed.gov, or we will send them to you if you ask. The Federal Code for Davis & Elkins College is 003811. Once the fafsa is completed, you must submit it, submit all necessary signatures, and keep a copy for your records.

Step Three: Be Patient
After you submit your applications, there is not much to do but wait.

You may begin to worry and almost convince yourself that things aren't going to work out. We'll tell you right now that you should put those thoughts out of your head. Remember this: Thousands of students just like you apply for, and receive, financial assistance every year.

You usually hear results within 2-4 weeks of filing your Free Application for Federal Student Aid (FAFSA). You will receive what's called the Student Aid Report. If you provided an e-mail address on your fafsa, you will receive this via e-mail. It outlines the results of your eligibility. Make sure you go over it and check for errors. Make sure to carefully review any notes on the last page. Mistakes occasionally occur. If you file electronically, the edit checks help eliminate errors.

Step Four: Look at the Package
Most of the time, financial aid comes to you in a package, made up of both gift aid and self-help. There's a philosophical basis for making package deals. Gift aid helps reduce the immediate financial burden on families in one way, while campus employment helps do so in another way. Loans, which are ultimately repaid, help you develop responsibility and represent continuity with generations yet to come. Once you have graduated and start repayment on your loans, those funds can come back as loans for new students.

The big day arrives! You will receive a letter from Davis & Elkins detailing your award package. The letter will tell you the types of aid you have qualified for and how the components of your package (gift aid and self-help) have been used to meet your financial need.

You are almost done, but not quite. There are some final steps:

• Read the award letter to make sure you understand all its provisions. Especially if you are taking out loans, there may be paperwork to sign. Loans are legally binding contracts that must be repaid with interest, so be sure you understand what you are signing.
• Keep copies of everything in a convenient file, with notes on the front of each item reminding you of any special requirements or renewal provisions. Because financial aid is handled as an annual program, chances are pretty good that you'll have to file many of the same forms (with new income information) next year. But think how much easier it will be now that you have got the experience!

Examples of Different Aid Packages

Example OneA family of three from West Virginia with an income of $26,221, moderate assets, and one child in college staying on-campus:

Example TwoA family of four from Ohio with an income of $69,463, moderate assets, and one child in college staying on-campus:

Financial Planning:  A Road Map

NovemberYou apply for Admission to Davis & Elkins. After being accepted to the college you will receive your scholarship award letter.

DecemberYou pick up the FAFSA from your school guidance office.

JanuaryYou and your parents complete and file the FAFSA as soon as possible after January 1, but no later than May 1, or apply on-line at www.fafsa.ed.gov. (Deadline date for West Virginia residents is March 1.)

February–MarchThe Federal Processing Center and Davis & Elkins wil work on your aid application and determine your eligibility for aid.

Six weeks after filing FAFSAYou receive a Student Aid Report from processing center, detailing your need and determining how much you and your family will be expected to contribute. (EFC) Check it over and make sure a copy has gone to Davis & Elkins.

After March 1Davis & Elkins begins preparing award packages on a rolling basis.

Notification LettersYou receive notification of Admissions acceptance and a financial aid package award letter form Davis & Elkins. To complete the process, you (1) accept our offer of admission and send in your $200 enrollment deposit and (2) sign and return your Financial Aid award letter. This should be done within 10 days of being offered admission to Davis & Elkins.

July 1Davis & Elkins sends a prebill listing of full charges, from which you can deduct the total of any financial aid you are receiving.