Academics

Financial Aid: Frequently Asked Questions

  1. How do I apply for financial aid?
    Two steps and you’re done! Complete the 2013-2014 WLC Financial Aid Application and submit a FAFSA. It’s that simple.
  2. How often do I apply for financial aid?
    You must apply for financial aid each year.
  3. Do I have to submit a FAFSA?
    No. If you are only requesting your WLC merit scholarship (Founders, Presidential, Academic, Discovery, Explorer, or Transfer Scholarship), then you do not need to submit a FAFSA. You do need to submit the WLC Financial Aid Application to tell us your intentions. Note that if you need to borrow a federal loan, you must submit a FAFSA.
  4. What is the Priority Deadline?
    New students: March 1, 2013. Continuing students: April 1, 2013. Submit the WLC Financial Aid Application and the FAFSA before this date to maximize your aid eligibility. After this date, we determine financial aid on a first-come, first-served basis depending on available funds.
  5. Why should I file for aid by the Priority Deadline?
    Missing this deadline may impact processing time of your financial aid package or state aid eligibility. Wisconsin residents: If you are at risk of missing the April 1 deadline, you should complete the FAFSA before filing your tax returns with the IRS. The state tends to run out of grant money quickly!
  6. Can I file my FAFSA with estimated tax numbers?
    Yes. If you file the FAFSA with estimated federal tax numbers, you will need to update the FAFSA later with actual tax information after your taxes are completed.
  7. When should I complete my federal taxes?
    As soon as possible! It will save you time if you complete your taxes and submit the FAFSA with actual tax information.
  8. When will I receive my financial aid package?
    We will start mailing awards to incoming freshmen as of mid-March. Returning students will receive awards during the summer. Note that if your FAFSA has estimated tax information on it, we may need to revise your financial aid later after you correct the FAFSA with actual tax data.
  9. What is verification?
    Your FAFSA may be chosen for federal verification by the U.S. Department of Education (DOE). If so, the Financial Aid Office will require some additional information from you to confirm the information on your FAFSA.
  10. How do I complete verification?
    If your FAFSA is chosen for verification, you will receive a Verification Worksheet from our office. You are required to return the completed form to us before we can continue processing your financial aid.
  11. What is the IRS Data Retrieval Tool?
    You are required to include tax information on your FAFSA. When completing your FAFSA, you will be given the option of using the IRS Data Retrieval Tool to transfer your tax information from the IRS directly into your FAFSA. If your taxes have already been submitted to the IRS, we highly recommend that you use the Data Retrieval Tool. Your FAFSA is less likely to be chosen for verification.
  12. When can I use the IRS Data Retrieval Tool on my FAFSA?
    You can use the Data Retrieval Tool about 2-3 weeks after you submit your taxes electronically to the IRS or about 8-11 weeks after you mail your paper tax return to the IRS.
  13. Why are you asking me for an IRS Tax Return Transcript?
    If your FAFSA is chosen for verification and you have not or cannot use the IRS Data Retrieval Tool, you will need to obtain an IRS Tax Return Transcript for both you and your parents. The DOE no longer allows us to complete verification using a copy of federal tax returns. We must verify your file with actual tax data from the IRS.
  14. How do I order an IRS Tax Return Transcript?
    You can order a tax transcript online, by phone or by mail. The IRS website provides directions.
  15. What are my loan options?
    Federal Direct Loans, Federal PLUS Loans, and Private Education Loans are available to help you pay for your education. See the 2013-2014 Loan Information flyer for more details.
  16. How do I borrow Federal Direct Loans?
    Accept the loans that you need through myFinancialAid.
  17. What if I need more loans than listed on my financial aid award letter?
    As a dependent student, if you need more loan funds than offered to you in the Direct Loan program, you will need the help of a parent to borrow a Direct PLUS loan for parents or a credit worthy person to cosign for you for a Private Education Loan.
  18. What if I receive private scholarships or other education funding?
    Congratulations! That helps you pay your bill! Notify the WLC Financial Aid Office if you receive private scholarships or other education funding. By law, such monies must be considered as part of your financial aid package.
  19. What if the situation (financial or otherwise) in my family changes after I file my FAFSA?
    Refer to our Special Circumstance Form 2012-2013. We can review your financial aid file to determine if the situation makes you eligible for additional aid. The Special Circumstance Form for 2013-2014 will be available April 1, 2013.

(As of 3/15/2013)