Financial Aid Information and Resources

Your Washington and Lee University Financial Aid Offer may include grants, scholarships, loans, and work-study. The information below is provided to assist you in understanding each type of aid and the associated requirements. What are your next steps:

Take the time to review all four pages of your financial aid notification.
Call us at (540) 458-8717 or email financialaid@wlu.edu if there is any part of the notification that needs clarification.

Grants/Scholarships

Grants and Scholarships include Federal Pell and SEOG grants, State grants (such as VTAG), University grants and scholarships (such as the W&L Grant or Johnson Scholarship), and scholarships from an outside source. Here are some details regarding grants and scholarships:

They do not need to be repaid.
They can also be referred to as Gift Aid.
Usually there are prerequisites to receive the awards, and requirements for renewing each year.

University Grants and Scholarships

The receipt of a W&L University scholarship is determined by your standing in the Johnson Scholarship program.
Eligibility for a W&L University need-based grant is determined through the evaluation of your W&L need-based application.
Specific details on your university award are provided on the fourth page of your financial aid notification.

Federal Grants

In order to be eligible to receive federally funded financial aid, families must first submit the Free Application for Federal Student Aid (FAFSA). FAFSA applications must be submitted online.
The primary federal grant awarded to students is the Federal Pell Grant, and is awarded to students who show exceptional financial need.
Eligibility for any federal grant is based upon the federal expected family contribution (EFC).

Virginia Tuition Assistance Grant (VTAG)

Residents of Virginia are eligible to receive the Virginia Tuition Assistance Grant.
Students must be enrolled full-time in a private university in Virgina.
This grant is awarded only for qualifying eligible degree programs/majors.
An application is required to determine eligibility.

Work-Study

Any student who is currently receiving some form of financial assistance is eligible to participate in the Washington & Lee Work-Study program. Students may earn up to $3,000 per school year.

Work-study is a job, and the offered amount is an indicator of the maximum amount a student can earn.
If you do not work the hours to earn the full amount offered, you will not receive those unearned funds.
Work-study funds do not need to be repaid.
Funds earned through the work-study program go directly to the student.
Students have equal opportunities in both Federal and Institutional work-study.

Federal Work-Study

Students must have federal financial need to qualify for federal work-study.
Students designated as such receive 75 percent of their funds from the Federal government.

Institutional Work-Study

Students must currently be receiving some form of financial assistance to qualify for an institutional work-study.
Students designated as such receive 100 percent of their funds from Washington & Lee University.

Student and Parent Loan

The Office of Financial Aid will assist students and parents in processing all Federal Stafford loans and Federal Parent PLUS loans through the William D. Ford Federal Direct Loan Program (referred to as the Direct Loan Program). This allows all students and parents to borrow their Federal Stafford Loans and Federal PLUS Loans directly from the federal government.

W&L meets 100% of need with grant and work-study.
If you have been offered a loan it can be used to meet the family contribution.
You are not required to borrow any loan you have been offered.
Loans that are borrowed must be repaid.
If you have been offered a loan, you will receive details on how to accept/apply in May.
You do not have to complete the MPN and/or Entrance Loan Counseling until May or June.

Federal Subsidized Stafford Loan

Only available to undergraduate students who demonstrate financial need.
You must file the FAFSA application to determine eligibility.
Interest rate of 5.50% with a 2.05% origination fee on each disbursement.
No payments are required while the student is enrolled in college at least half-time.
Interest does not accrue while the student is enrolled in college at least half-time and during grace period. Interest begins to accrue at the end of the six month grace period upon either graduation or withdrawal from the University and is added to the loan principal at the end of the grace period.
Repayment begins six months (grace period) after graduation or withdrawal from University.

Federal Unsubsidized Stafford Loan

All students meeting federal eligibility requirements qualify for the unsubsidized Stafford loan regardless of demonstrated need.
Undergraduate students have a 5.50% interest rate with a 2.05% origination fee on each disbursement.
Law students have a 7.05% interest rate with a 3.6% origination fee on each disbursement.
No payments required while student is enrolled in school.
Interest begins accruing as soon as the loan is disbursed.
You are not required to make payments on the interest, but doing so will save you money over the life of the loan.
If you choose to not pay the interest while in school, then the interest is added to the principal balance when the loan enters repayment.
Repayment begins six months (grace period) after graduation or withdrawal from University.

Federal Parent PLUS Loan (Parent Only)

Federal Parent PLUS Loans are non-need, credit-based loans that help parents and guardians borrow up to the cost of attendance for their undergraduate dependent children.
Eligibility for the PLUS Loan requires both the student and the parent to be U.S. citizens or eligible non-citizens.
A modest credit check is required for the parent or guardian who is borrowing the loan. If the loan is credit denied and subsequently approved (either through appeal process or credit worthy endorser), the borrower will have to complete Department of Education required online PLUS counseling before the loan can be disbursed.
The interest rate is fixed at 8.05% with a 4.60% origination fee on each disbursement.

Federal Graduate PLUS Loan (Law Students Only)

Federal Graduate PLUS Loans are non-need, credit-based loans that help students borrow up to the cost of attendance.
Eligibility for the PLUS Loan requires the student to be a U.S. citizen or eligible non-citizen.
A modest credit check is required. If the loan is credit denied and subsequently approved (either through appeal process or credit worthy endorser), the borrower will have to complete Department of Education required online PLUS counseling before the loan can be disbursed.
The interest rate is fixed at 8.05% with a 4.60% origination fee on each disbursement.