Receiving your award
Financial aid terms and conditions
Maintaining financial aid eligibility is an ongoing process which includes reapplying for aid each year, and the Financial Aid Office continually monitoring your eligibility.
All student financial aid awards are contingent on the availability of funds and are subject to change based on:
- Student's academic status
- Academic program
- State residency
- Enrollment status
- Satisfactory Academic Progress (SAP)
- Changes made by the student or WSU
You must be admitted, enrolled and taking courses required for a degree or eligible program to remain eligible for financial aid funds. You must be registered at least half time at the time we disburse your federal direct loan funds.
Financial aid recipients are expected to attend all courses throughout the semester. Your instructor is required to confirm your participation in class - if your participation in class is not confirmed by your instructor, this may affect the amount of financial aid your will receive. If you withdraw or fail to earn credit in all of your courses, you may be required to repay a portion of your aid back to the university.
Both Master Promissory notes and loan entrance counseling are required prior to loan disbursement. Exit Counseling is required for all graduating students as well as those whose enrollment falls below half-time status.
Money from any loan may only be used to pay for authorized educational expenses for attendance at WSU.
As stated in your loan promissory note you may pay the interest that accrues on each loan during grace, in-school, deferment (including in-school deferment), and forbearance. If you do not pay the interest that accrues during these periods, the unpaid interest will be added to the principal balance of that loan (this is called "capitalization"). This will be added at the end of the grace, deferment, forbearance, or other period. Capitalization will increase the principal balance on a loan and the total amount of interest you must pay.
When funds are applied
Financial aid funds are applied to your student account balance at the beginning of each semester.
Aid is applied to your student account the week before your classes begin. Aid can only be applied after you have accepted your awards and completed all requirements.
Financial aid for the academic year is applied in two payments — half in the fall semester and half in the winter semester.
Financial aid will not disburse after the first day of the semester until your class participation is confirmed by your instructor. If your participation is not confirmed in all classes your aid may be reduced or canceled.
If you add a class after your aid is refunded, remember to pay your balance before late fees are charged.
If you have unpaid outstanding charges other than tuition, fees, or room and board; and want the university to deduct payment from your financial aid, you must complete the -
How funds are received
All financial aid offered through the Financial Aid Office — excluding work-study awards — is credited to your student tuition account to pay for:
- Tuition and fees
- Room and board (if applicable)
Work-study earnings are paid biweekly in the form of a paycheck, dependent on prompt timesheet submissions..
- Note: Unused funds from a fall and/or winter work-study award cannot be earned in the spring/summer semester.
What happens to excess aid?
Financial aid is meant to assist with your costs. After tuition, fees and applicable room or meal plan charges are paid, any remaining aid will be refunded to you for other educational expenses. You may use these funds to assist with your living expenses while you are in school.
Do not ignore your balance - if you owe money, be proactive.
- If your aid has not been applied to your student account, check Academica to see if you have any outstanding requirements.
- You must accept loans if you want them and complete entrance loan counseling and promissory note requirements.
- If you need to set up a payment plan, contact the Student Accounts Receivable Office.
Wayne State offers installment tuition payment plans for university debts.