Why GW is a real choice: Part Deux

Here's the second part of my paean to financial aid at GW. Let me know if you find it helpful or confusing, or if you have further questions I can answer as a student, at ash1290@gwmail.gwu.edu.


Overview of Financial Aid
Financial Aid at most private schools, GW included, consists of two portions: need-based and merit-based aid. For the most part, these are handled by two separate departments; here at GW, need-based aid is the province of the Office of Student Financial Assistance while merit-based aid is handled by the Office of Undergraduate Admissions.

Need-based Aid
This depends on a family's financial need as reflected in information from tax returns, the Free Application for Federal Student Aid, the CSS Profile and elsewhere.
For the most part, only U.S. Citizens (and maybe permanent residents, I'm not sure about that) are eligible, since funding comes from taxpayer dollars.
Need-based financial aid consists of some grants, primarily for low-income students and those from otherwise challenged backgrounds. However, many of those families who consider themselves middle class (the vast majority of Americans, if generations of introductory political science textbooks are to be believed) are likely eligible for some kind of merit aid.
One of the most common non-grant programs is the Subsidized Stafford Loan program, under which the student borrower is responsible for paying back only the principal, not the interest accrued, on loans up to a statutory maximum for annual borrowing.
Another kind of need-based award is the Federal Work-Study program. FWS students have an easier time finding jobs, since participating employers are granted a subsidy to support wage payments. This is most an option on-campus jobs, but some off campus employers also participate. Check out the Career Center website for more help.
My first job at GW was with the Office of Undergraduate Admissions, where my FWS award helped support me throughout my freshman and sophomore years. Working at Admissions was not only convenient, it was a lot of fun--definitely better than a grocery store or 7/11.

Merit-based Aid

All students are automatically considered for this when they apply. Unlike need-based aid, merit aid doesn't take a family's financial situation into account. Those students who are admitted with merit aid typically graduate with a fairly high rank within their graduating class, and are pretty competitive academically. This is just anecdotal, but I've found GW to be very generous with this kind of aid. That said, each incoming class here seems to be more academically competitive than the one before, so if you want merit aid, get good grades in high school!

Common Problems and Financial Aid Scares
I've either gone through these myself, or one of my friends has. Remember, I'm just a student and not a financial aid professional, so use these for illustrative purposes and not as a definitive guide to life (however tempting that might be).

1. I can't register for classes because of a financial hold! What do I do?
Go to Student Accounts and pay down your balance--you don't even need to pay the whole thing, so long as no more than $500.00 is outstanding by registration time.

2. My FWS award disappeared! Why?
If you don't use your FWS award, it will be canceled for the next semester/ academic year unless you explain the situation to the satisfaction of the Office of Student Financial Assistance.

3. My financial aid package isn't reflected on my billing statement! Have I been tricked?
Don't panic. This is typically because one of the following things relating to your student loans has happened:
--you haven't yet accepted your financial aid award (you can do this through the GWeb portal once you have an account, something only applicable to admitted students)
--your loans haven't yet been certified (this has to do with communication lag between GW and Sallie Mae, the only loan student service provider in the United States. It'll clear up by itself.)
--you may have made a mistake when looking at the bill (I've done this, easy when you're tired/stressed)

4. I thought you said tuition was only $40,000 per year. Why does my bill say $25,000 per semester?
There are also room and board costs involved (and no, you can't just sleep on one of the Marvin Center couches). Search for GW Housing Programs' latest rates to get a better idea of what you'll be paying in the end, and how best to deal with cost management.

5. My merit aid is gone?! What's going on here?
In most cases, merit aid is automatically renewed--as long as your GPA stays above a 3.0. Fall below that and merit aid may be canceled.

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I hope you've found these posts helpful. When financial aid applications for 2011-2012 roll around in a few weeks, I will publish an update on this topic. In the meantime, if you doubt GW can work for you, ask me (ash1290@gwmail.gwu.edu) or any of the other bloggers--we're from diverse backgrounds but we've all made a GW education work for us.
 
Next Time: ジョージワシントン大学入学--学生ブログ：部活外伝 (GW Admissions Student Blog Side Story: Extracurricular Club Activities!)