"Financial aid can sometimes be more complicated and confusing than it needs to be. For that reason, we are pleased to offer you the simple One-Page Financial Aid Website. All the information you need can be accessed by scrolling through this single page. Click the highlighted links in the text below for more detail on key topics."
- Matthew Summers
Director of Financial Planning
(304) 637-1377
summers@davisandelkins.edu |
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What is Financial Aid?
Financial aid is simply money that is used to help cover your educational expenses at D&E. It comes in two forms: gift and self-help aid. Gift aid is money that does not require repayment. Examples of gift aid include Federal Pell Grants and D&E Merit Scholarships. Self-help aid is aid that is either earned through work or borrowed through student loans that must be repaid. Self-help aid can help you to gain valuable work and financial experience while also helping to cover your educational expenses. Federal Work-Study and Federal Stafford Loans are both examples of self-help aid.
How do I apply for it?
Apply to D&E. Your application to the College will qualify you for any merit-based institutional scholarships. There is no separate scholarship application for institutional financial aid. If you are interested in scholarship opportunities through our athletics and fine & performing arts departments, simply indicate so on your admission application and your counselor will be able to connect you with the appropriate coach or department for scholarship audition.
Fill out the FAFSA.
The Free Application for Federal Student Aid (FAFSA) will qualify you for any gift and self-help aid resources the government may have available for you. Visit www.PIN.ED.gov to obtain a personal identification number (PIN) and then www.FAFSA.gov to complete the online application. The FAFSA is applied for each year as soon as you complete filing your taxes after January 1. The sooner you file, the sooner you will get the results. WV residents should be sure to apply prior to March 1st to meet the deadlines for the WV PROMISE Scholarship (March 1) and the WV Higher Education Grant (April 15). You will need your completed Federal Income Tax Return (Form 1040) and W-2 Wage and Tax Statement(s) to fill in your FAFSA application. As a dependent student, you will also need your parents’ tax information. If you are married, you will need your spouse’s information. Be sure to include D&E’s school code (003811) on your application to ensure the results will be automatically sent to us once available. If you need to file your FAFSA application prior to completing your tax forms, you may use estimated information or the prior year’s details and then make corrections to your online FAFSA once you complete the actual tax paperwork for the current year.
In addition to the FAFSA, WV residents should also complete the WV State-Level Application online at www.CFWV.com prior to March 1st to meet the deadline for the WV PROMISE Scholarship.
How do I find out what I am getting?
Anytime new financial aid becomes available to you, or your current financial aid changes, you will be updated through your financial aid award letter. This letter will list all aid you are currently eligible. In addition, it will provide you specific directions on anything further you need to complete to ensure that you receive the aid listed. Your first award letter will arrive within a week of your acceptance to the College. As a returning student, your award letter for an upcoming year will be sent out to you during the summer prior. You do not need to sign or return your award letter, but you will want to notify us if there is anything in your current financial aid package that you would like to decline or reduce, such as a loan.
What if it isn’t enough?
Do not worry if your financial aid package does not currently provide as much support as you require in affording college. There are further loan and financing options available for you, as well as outside scholarships you may be eligible for. As a dependent student, your parent can apply for a Federal Parent PLUS Loan to help fill the gap between your expenses and financial aid. The PLUS loan is credit-based loan, but if denied, your Stafford loan eligibility increases. This makes the PLUS loan a win-win situation since you are guaranteed a return no matter the outcome of the credit review. After the PLUS loan, private student loans are the next most affordable option. Independent and dependent students alike can apply for a private student loan. They are credit-based loans that typically allow full deferment of the loan repayment until after you graduate. Interest rates on private loans can be variable, making any federal loan option always a better option. Financing options will be provided to you with your semester-invoice from our Business Office.
What do I need to do to get what I have been offered?
Read your award letter carefully and completely and make sure to follow all instructions included. If your FAFSA has been selected by the federal government for a process called Verification, you will need to send us signed copies of documents used to complete your FAFSA including Federal Income Tax Returns (Form 1040) and W-2 Wage and Tax Statements. These items must be received and processed before any federal aid will be disbursed to Davis & Elkins for you. As a first-year student or transfer student, you will also need to complete loan applications and online counseling for federal loans that are part of your financial aid package. Directions for completing these applications will be included in your award letter.
What is Verification?
Verification is a process implemented by the federal government to verify the accuracy of student FAFSA details. FAFSA’s are selected at random for this process. If you have been selected you will be notified in your award letter. With that award letter, a Federal Verification Worksheet will be attached providing instructions for completing the form and submitting it back to D&E with the proper documentation. You will be required to submit signed-copies of the Federal Income Tax Return(s) (Form 1040) and W-2 Wage and Tax Statement(s) used to complete any fields of your FAFSA. As a dependent student, documentation for your parents’ information will be required, as well as your own. If you are married, you will need to provide documentation for your spouse. You will also be required to submit documentation verifying any amounts entered on your application regarding your/your parents’/your spouse’s untaxed income, additional financial information provided, citizenship, and federal benefit programs.
Do I have to do all this again next year?
You will not have to apply for your institutional aid after your first year. As long as you maintain eligibility for your first-year awards they will automatically be applied to your subsequent years’ financial aid packages. In order to receive federal aid after your first year, you will need to file a renewal FAFSA online at www.FAFSA.gov. This must happen as soon as possible after January 1 each year you wish to receive federal aid. Stafford loan applications do not have to be completed again after your first year of study, unless you are selecting a different lender for those loans.
What if I have further questions?
Call, email, or stop by and see us:
Assistant Director of Financial Planning
McRae Heck
(800) 624-3157 ext. 1271
(304) 637-1271
mrh@davisandelkins.edu
Financial Planning Counselor
Ronda Howell
(800) 624-3157 ext. 1395
(304) 637-1395
howellr@davisandelkins.edu
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