Financial Aid Processing
Title IV Financial Aid
The Department of Education requires that Title IV federal funds (i.e., Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (SEOG), Federal Perkins Loan, Federal Subsidized and Unsubsidized Direct Loans, TEACH grant, and PLUS loan) be applied only to specific allowable charges. Examples of allowable or ‘institutional’ charges are tuition, mandatory fees, lab fees associated with registered courses, room & board, and new student orientation.
William & Mary, in compliance with federal regulations, must obtain the voluntary permission from the student to apply federal financial aid proceeds to pay for charges related to a prior term, future term, or ‘non-institutional charges’. Examples of ‘non-institutional’ charges are health insurance or other health center charges, fines for housing damages, and library fines. You will be required to either authorize or decline the use of your Title IV funds for non-institutional charges or prior year terms ( up to $ 200.00) when initially accepting your financial aid package. If you want to edit your original selections, please complete the online Title IV Authorization Form. For further information, please visit this topic on the Financial Aid Title IV Authorization website.
College Administered Loans
The student’s eBill statement will reflect all College-administered financial aid awards for the billed semester. William & Mary will list offered and/or accepted Direct, PLUS, Perkins and Private loans as ‘Authorized Financial Aid’. The loan amount shown on the eBill statement is the approximate disbursement amount W&M will receive for the semester from the lending source. If the lender denies a PLUS loan or the borrower does not accept any loans, the authorized aid amount will be removed from the account, and the student will be responsible for paying all outstanding charges.
The borrower has the right to cancel all or a portion of any college-disbursed loan and has the proceeds returned to the lender. If the borrower wishes to cancel, they must notify the Financial Aid office at 757-221-2420 within 14 days from the disbursement date.
College Administered Grants & Scholarships
The student’s eBill statement will reflect all W&M administered grants and scholarships for the billed semester as ‘Authorized Financial Aid.’ Funds are disbursed to the student’s account on the first day of class for the semester. For more information regarding the types of aid available, please refer to the Financial Aid office.
Please direct any questions concerning your College-administered financial aid to the Financial Aid office at 757-221-2420 or email at [[finaid]].
Scholarships/Third-Party Payments
Scholarships or payments administered by organizations outside William & Mary will be reflected on the student’s eBill statement as:
- A student account payment if W&M receives the scholarship check before the date of the eBill statement.
- A memo item is pending if the Student Accounts Office has received official documentation from the scholarship organization. The scholarship award amount will reduce the semester charges.
Scholarship or other third-party payments or notifications should be submitted to the Bursar’s Office no later than one week before the due date of your eBill statement. A pending memo for scholarships/third-party payments will only be applied to the W&M student account if the funds are guaranteed to be received by the College. Funding awarded based on grades or any other condition will not be considered eligible for a memo at the beginning of the semester.
If W&M does not receive the scholarship funds in a timely manner for any reason, the student will be responsible for paying the balance owed and will be subject to late fees and collection.
College Work Study
Work Study awards have not been deducted from the bill as they represent potential student job opportunities and are not intended to be used to pay tuition.
Any balance not covered by financial aid must be paid in full by the due date on your billing statement or scheduled through the W&M Tuition Payment Plan. Unpaid balances will result in late fees, registration holds and holds on your transcripts.
