Aid Resources
Award Information and Resources
Your Financial Aid Award Letter may include grants, scholarships, loans, and work-study. The information below explains each award and associated requirements.
Your Next Steps
- Review all pages of your award letter
- Call us at 540-458-8717 or email financialaid@wlu.edu if there is any part of the Award Letter 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:
- Do not need to be repaid.
- Can also be referred to as Gift Aid.
- Usually, there are prerequisites to receiving 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 is provided on the fourth page of your Award Letter.
Federal Grants
- In order to be eligible to receive federally funded financial aid, families must first submit the FAFSA (Free Application for Federal Student Aid). 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 Virginia.
- This grant is awarded only for qualifying eligible degree programs/majors.
- An application is required to determine eligibility.
Work-Study
Any student 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 award is an indicator of the maximum amount a student can earn.
- If you do not work the hours to earn your full award, 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 on your financial aid award letter 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.
- For more loan information, please visit our information regarding Federal Financial Aid.
Stafford Subsidized Loan
- Only available to undergraduate students who demonstrate financial need.
- You must file the FAFSA application to determine eligibility.
- The interest rate of 5.5% with a 1.057% 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.
- For more loan information, please visit our information regarding Federal Financial Aid.