Wayne State College

Financial Aid FAQs

Financial aid can be an overwhelming process. We are here to help! The following are some questions we are frequently asked. If your questions are not answered here, or if you need additional information, contact Student Financial Services at [email protected] or at 1-800-228-9972 ext. 7229.

What is Wayne State College's school code?

Wayne State College’s Title IV code is 002566.

Do I have to apply for financial aid each year?

Yes, in order to be eligible for financial aid for consecutive academic years, you must complete a FAFSA each year. You can update your FAFSA form online each year at studentaid.gov.

When will I receive my financial aid award?

Awarding for new freshmen will begin in February each year. Current and returning student awarding will begin in April of each year.

Will my financial aid award be the same each year?

Since college costs change and family income fluctuates, your award probably will not be the same each year. Changes in your aid award will generally parallel changes in your family situation. Your academic standing can also affect the amount of your award.

Will my financial aid be adjusted if I receive an outside scholarship?

It may be. We will review your financial aid package to determine if any changes are necessary. If changes are made, we will send you an email to notify you that you have a revised award.

My parents are divorced, and I live with my mother. How do I complete the FAFSA?

The FAFSA needs to include the parent who provides more than half of your support. Typically, that is the parent that you live with.

My parent will not be claiming me as a dependent on their tax return. Can I file my financial aid application as an independent student?

Dependency, for federal aid purposes, is not determined by whether or not you are claimed on your parent’s tax return. A family’s decision that paying for college is the responsibility of the student is also not a determining factor. The FAFSA asks a series of questions that determine whether you are a dependent or independent student for purposes of applying for federal aid.

What is the Expected Family Contribution (EFC)?

Your EFC is an index number that college financial aid staff use to determine how much financial aid you would receive if you were to attend their school. The information you report on your FAFSA is used to calculate your EFC.

What does my Expected Family Contribution (EFC) mean?

Your EFC is not the amount of money your family will have to pay for college, nor is it the amount of federal student aid you will receive. It is the number used by your school to calculate how much financial aid you are eligible to receive.

What is the difference between Subsidized and Unsubsidized Stafford Loans?

Federal Direct Subsidized Stafford Loans do not accrue interest while the student is attending school at at least half-time enrollment status. Repayment on this loan is not required until six months after the student graduates from college. Federal Direct Unsubsidized Stafford loans do accrue interest from the time of disbursement. Repayment on this loan is also not required until six months after the student graduates from college. However, we encourage students to make the interest payment on the loan while in school.

What is a Parent PLUS Loan?

Parents can borrow a PLUS Loan to help pay their child’s educational expenses if they are a dependent undergraduate student enrolled at least half-time in an eligible program at an eligible school. Parents must have an acceptable credit history. The first payment is due within 60 days after the loan is fully disbursed. There is no grace period for these loans. Interest begins to accumulate at the time the first disbursement is made. Parents must begin repaying both principal and interest while the student is in school. Through this program, parents may borrow each year up to the total cost of attendance minus all other financial aid. The current interest rate and loan origination fees on PLUS loans can be found on the Federal Student Aid website.

What is included in the financial aid cost of attendance?

Financial aid cost of attendance includes estimates for tuition and fees, room and board, books and supplies, and personal expenses. Personal expenses are miscellaneous expenses a student may incur such as transportation, entertainment, laundry detergent, etc. 

Does Wayne State College have a payment plan?

Yes, Wayne State College offers a payment plan to help with out-of-pocket expenses. For more information, visit www.mycollegepaymentplan.com/waynestate.

How do my parents apply for a Parent PLUS Loan?

Parents apply for a PLUS loan at studentaid.gov. They will log in with their own FSA ID username and password. Under My Checklists, they will select I'm a Parent and select the Apply for Parent PLUS Loan link in order to complete the application. 

Where do I complete Direct Loan Entrance Counseling and Master Promissory Note?

Direct Loan Entrance Counseling and the Master Promissory Note can be completed at studentaid.gov. Once at the student loans website, students will log in with their FSA ID and password and then complete each of these steps.

My family's financial circumstances have changed since we applied for aid. Can WSC take these changes into consideration?

Yes, please go to this link to find information regarding special circumstances. You can fill out the form located on our website and submit it through secure document upload.

If you have any questions, please contact Student Financial Services at 1-800-228-9972 ext. 7229 to discuss your situation. 

Does Wayne State College offer scholarship to current and/or transfer students?

Yes. Each year the current/transfer student scholarship application is due on Feb. 1. This application can be found on WildcatsOnline. This application includes all scholarships that Wayne State College has to offer to current and transfer students.

How do I accept my financial aid award?

To accept your financial aid award, you will need to log in to WildcatsOnline.

  • Log in to myWSC.
  • Under Online Resources, access WildcatsOnline.
  • Once in WildcatsOnline, click on the Financial Aid tab. You will see a summary of your aid/scholarship offers.
  • Under My Links on the right, select Accept/Decline Awards.
  • Select the aid year/award period. Review the terms and conditions and select Continue.
  • Mark each award appropriately and select Submit/Save.

View help sheet for how to accept your financial aid awards

What are other options for payment if my financial aid does not cover my bill?

Other options for payment include Parent PLUS loans, payment plans, or alternative loans. For more information regarding Parent PLUS loans, please go to studentaid.gov.

Wayne State College partners with Nelnet Business Solutions to make college easier to pay for with a tuition payment plan. This plan allows you to split your charges into monthly payments for each term. Visit www.mycollegepaymentplan.com/waynestate for more information or to sign up.

Alternative loans are an additional option for payment. Alternative loans are loans that the student has to apply for and be approved for by an outside agency.

If I choose to live off campus, will my financial aid be affected?

Your financial aid will not be affected by your decision to live off campus. The financial aid cost of attendance includes an amount for room and board whether you live on or off campus.

What if my financial aid and scholarships are more than what I owe to Wayne State College?

If your financial aid is more than your semester cost at Wayne State College, you will be issued a refund for the difference. Your refund can be directly deposited into your bank account by signing up on the Student Account tab on WildcatsOnline.

How do I know where I need to make payment on my student loans?

For all information regarding your student loans, please visit studentaid.gov.

Why don't I have a financial aid award?

You may be selected for financial aid verification. Please check your Wayne State College email for notification from Student Financial Services regarding the steps you need to take to complete this verification process. You can also find “My To-Dos” in Wildcats Online on the Financial Aid tab. For further information or questions, please call Student Financial Services at 1-800-228-9972 ext. 7229.