West Virginia University students receiving financial aid during the summer 2007 term should be aware of changes regarding the release of those funds.
To be eligible for summer financial aid students must meet specific enrollment requirements including a minimum level of course hours. Undergraduates must carry at least six credit hours and graduate students must carry three for most programs.
Summer 2007 is now considered a single term with multiple beginning dates for classes and under recent changes, full disbursement of summer financial aid will not occur until the start of the class that represents the minimum course load requirement. As a result students could experience a change in their financial aid payment date depending on how they structure their course load.
Undergraduate students splitting the six-hour requirement over classes with start dates that occur later during the term will not receive disbursement of aid until they start the class that fulfills their six-hour requirement. Financial aid will be disbursed in a single payment upon that requirement completion.
This may represent a major financial impact for students using financial aid to cover expenses other than tuition, such as rent, food or class materials, if their hours do not run concurrently.
Students applying for Direct Student Loans for summer term are only eligible if they have not already reached the maximum loan amount during the academic year. The amounts that students are permitted to borrow will be changing mid-summer.
Under current guidelines freshmen may borrow up to $2625, sophomores $3,500 and juniors and seniors, $5,500 during the full year. Effective July 1, increases in the maximum loan amount will mean freshmen will be permitted up to $3,500 and sophomores up to $4,500. Graduate students may currently borrow a maximum of $18,500 during the course of the academic year, but that amount will increase to $20,500 with the change.
Students interested in summer financial aid must also complete two key applicationsthe 2006-07 Free Application for Federal Student Aid form (FAFSA) and the Request for Summer 2007 Financial Aid form. Health Sciences students only need to complete the FAFSA form. Forms are available on line at the Financial Aid Office Web site (http://www.finaid.wvu.edu). Students must be registered for their summer classes and it is recommended to allow a minimum of two weeks for notification of eligibility.
To learn more about the specific requirements and options for financial assistance, please contact the Financial Aid department at 304-293-5242 or visithttp://www.finaid.wvu.edu/.