Welcome Warriors

Federal aid and many Wayne State scholarships and grants have annual and lifetime limits. To stay on track, it’s important to develop an academic plan and meet regularly with your advisor. A good academic plan includes calculating how much financial aid you’ll have available.

• Federal Pell Grant limits: The Pell Grant is limited to 12 semesters of awards for full-time enrollment.

• Federal loan limits: Federal direct loans (subsidized and unsubsidized) have annual and lifetime limits. Once you reach these limits, you won’t be able to borrow more. If you plan to enroll in the summer and pay with loan funds, consider borrowing less than your maximum loan eligibility in the fall and winter.

• WSU tuition pledge program limits: Wayne State tuition pledge programs, like the Wayne State Guarantee, are awarded for four consecutive years to new freshmen and for two consecutive years to new transfer students. Recipients need to pass 30 credits each academic year and maintain satisfactory academic progress.

• WSU scholarship limits: Most scholarships are awarded to new freshmen for four years and to new transfer students for two years. Recipients are required to pass 30 credits each academic year and maintain satisfactory academic progress.
   

1. File the FAFSA: Every year at studentaid.gov.

2. Check your aid status: Regularly in the Financial Aid Portal in Academica.

3. Stay updated: Regularly check your WSU email for information from the Office of Student Financial Aid.

4. Submit documents: Complete all requirements promptly to avoid delays.

5. Create a Budget: Plan your finances before you borrow loans.

6. Accept or decline awards: In the Financial Aid Portal in Academica.

7. Complete loan requirements: If you're a first-time Federal Direct Loan borrower, complete entrance loan counseling and a Master Promissory Note.

8. Parent PLUS Loan: Parents who want to apply for a Parent PLUS Loan should complete the application and Master Promissory Note atstudentaid.gov.

Maintaining financial aid eligibility is an annual process. You need to reapply for financial aid every year, and our office will monitor your eligibility each year.

• Course Participation: Your participation in each course must be confirmed by each instructor. If it's not confirmed, your aid may be reduced or canceled.

• Enrollment: You must be enrolled at least half-time (6 credits) to qualify for most types of financial aid. Check the terms and conditions of any scholarships or grants you receive.

• Satisfactory Academic Progress: You must maintain Satisfactory Academic Progress toward your degree or certificate.

• Course Completion: You must complete your courses. Withdrawing from one class or all classes can negatively affect your eligibility to retain the funds awarded and/or disbursed to you.

• Cost of Attendance (COA): This is the estimated cost of attending college for one academic year. It includes tuition and fees, room and board, living expenses, transportation, books and supplies, and other personal expenses.
• Student Aid Index (SAI): Formerly known as the Expected Family Contribution (EFC), the SAI helps colleges, states, and scholarship providers determine your financial aid package. It’s calculated based on the information you provide on your FAFSA.
• Verification: This process confirms the accuracy of the information on your FAFSA. If you're selected for verification or there are conflicting details in your FAFSA, you’ll need to provide certain documents to your school to complete this step.
• Educational Loan: A form of financial aid that you must repay with interest. Educational loans come with varying interest rates and repayment terms. You and/or your parents are required to sign a Master Promissory Note when accepting a loan.
• Federal Direct Student Loan: These loans are provided by the U.S. Department of Education through your school, based on your FAFSA. Repayment starts six months after you’re no longer a half-time student.

  • Subsidized Loans: For students with financial need—the government covers the interest while you’re enrolled at least half-time.

  • Unsubsidized Loans: For students who don’t demonstrate financial need—interest accrues while you’re still in school.

• Federal Direct PLUS Loan: A federal loan program for parents of dependent undergraduates with no adverse credit history. They can borrow up to the cost of attendance each year, minus any financial aid. PLUS loans must be repaid with interest.

Scholarships and grants

Scholarships are awarded based on many factors, including academic achievement, ability or financial need.

Grants are awarded based on financial need.

Next steps

• Complete any requirements outlined in the Financial Aid Portal in Academica.
• Be aware of the terms of your award, which may be reduced or canceled if you do not attend full time. 
• Please note: Awards may be reduced or canceled if you do not attend full time or complete your courses.

Federal college work-study

Work-Study provides an opportunity to earn financial aid through employment. Your earnings are disbursed to you in a paycheck.

Next steps

• Visit wayne.edu/financial-aid/types/work-study for information about how to obtain an award.
• Once you have an award, check out job opportunities at careerservices.wayne.edu.

Federal student loans

Borrow only what you need: When it comes to loans, remember to borrow only what you need. Loans offered can be accepted, reduced, or declined.

• Federal Direct Subsidized Loan: This need-based loan is for undergraduates. No interest accrues on the loan while you are enrolled at least half time.
• Federal Direct Unsubsidized Loan: This is not need-based loan. Interest begins to accrue on the loan from the day the loan funds are disbursed.

Next steps

• Calculate a personal budget to see if you need a loan.
• If you decide to take a loan, accept all or a portion of it in the Financial Aid Portal in Academica. Prioritize accepting a subsidized loan first.
• Log on with your Federal Student Aid ID at studentaid.gov to complete entrance counseling and a Master Promissory Note.
• Stay enrolled. Your loan may be canceled if you don't attend at least half time.
• Learn about loan repayment choices and calculate your monthly payments.

Federal direct parent loans

Parents of dependent undergraduates can apply for a Federal Direct PLUS Loan to assist with educational expenses. The maximum annual loan amount is the cost of attendance minus all other financial aid received.

Next steps

• The parent borrower completes the Direct PLUS Loan application at studentaid.gov using their Federal Student Aid ID. Part of the process includes a credit check, which is valid for 180 days.
• The parent borrower must complete the Direct PLUS Loan Master Promissory Note.

The cost of attendance figure is only an estimate of expenses you will have during an academic year. It is not a bill that you will owe. Your actual costs will depend on your housing choices and the number of courses you take. Visit wayne.edu/financial-aid for more information about financial aid and the estimated cost of attendance.

WSU's Office of Student Accounts Receivable (SAR) can provide assistance with account balance inquiries.

Registered students can access their eBill statement by logging in to Academica. New eBill statements are prepared on the first business day of each month and available for student viewing and printing online a day later. A notification is sent to each student's WSU email address when a new eBill is available online.

Find out more information about Student Accounts Receivable and e-bills.