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Process
When should I begin the financial aid application process?
You should start the process as soon as possible (as always, the earlier the better). Domestic applicants should file their FAFSA no later than June 1. This application will cover both Fall and Spring semesters. You will need to complete another FAFSA for each academic year you plan on using financial aid.
How Do I Apply for Student Loans
There are five forms to be completed: the FAFSA, on-line entrance counseling, the Olin Supplemental Information Form, an award letter, and applicable loan applications. International students do not need to complete the FAFSA or on-line entrance counseling.
FAFSA
The first step is to submit the Free Application for Federal Student Aid (FAFSA). All U.S. citizens and permanent residents must complete a FAFSA to be considered for student loans. International students are not eligible for federal aid. The FAFSA is available in two formats: paper and electronic. A paper copy can be obtained by calling 1-800-4FED-AID (1-800-433-3243) or you can apply online. You should submit your FAFSA directly to the processor designated on the form or complete the on-line FAFSA as soon as possible after January 1.
Approximately 2 weeks after you submit your FAFSA, the processor will send you a Student Aid Report (SAR). The SAR will tell you your Expected Family Contribution (EFC) - how much you are expected to pay towards the cost of your education. Review the information on your SAR for accuracy. If you need to make corrections, using your FAFSA PIN number, access your FAFSA on-line, make the corrections, and resubmit on-line. Corrections usually take approximately 2 weeks to be processed.
Once we receive your SAR, and you have been admitted into our program, we will determine your financial aid eligibility and send you a financial aid award package. The financial aid award letter will outline the aid the Olin School of Business at Washington University is offering you. You can accept or decline any portion of the financial aid award. You should complete the award letter and return to us.
It usually takes 4 to 6 weeks to process loan paperwork once it is received in our office.
Online Entrance Counseling
Entrance counseling is required by federal regulations for all Washington University students when they borrow under the federal Stafford loan program. It is used to ensure that students understand their rights and responsibilities as borrowers before taking out a loan.
Entrance counseling at Washington University is an on-line process. You will need a computer with Internet access. Once in our website, select on-line forms, then entrance counseling. Or follow this link to take you directly to the site: Stafford and Grad PLUS Entrance Counseling. You will then be asked to provide identifying information about yourself - name, social security number, and birth date. Scroll down the page and double click on "Entrance Counseling." You will then be asked to read over information about federal loan programs. After each section, there is a quick review question you must answer to proceed to the next section. After you have read all the material, you will be asked to take a quiz. This quiz consists of 34 questions, of which you must answer at least 29 correctly to satisfy the entrance counseling requirement. You will be given the option to resubmit your answers for any questions you answered incorrectly the first time. Once you have answered at least 29 of the 34 questions correctly you will be prompted to click the "finish" button. Washington University will then receive confirmation within a week that you have completed entrance counseling, satisfying the federal requirement. Your loan can then be processed.
If you have any questions or problems concerning entrance counseling you should call Student Financial Services at (314) 935-5900.
Summer Financial Aid
Summer financial aid is a separate process from the Fall and Spring semester regardless of what semester you enter the program. You need to file another FAFSA by April 1st for summer financial aid. We will need this new need analysis to determine your eligibility for summer financial aid. You will also have to complete an Intent to Enroll form and an award letter accepting or declining your financial aid for summer. Loan materials for summer financial aid will be placed in your mail file in late March.
You are eligible to borrow financial aid for the summer, even if you did not have loans for the previous semester. You must, however, file a FAFSA by April 1st in order to be eligible.
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