The first day of classes is right around the corner, and the WSU Student Financial Services (SFS) office would like to make sure you and your student take the steps needed to begin this semester with the right foot forward!
Fall Financial Aid Timeline:
- July 25 Tuition and mandatory fee charges post to students’ accounts
- July 25-26 Housing charges post to students’ accounts (if applicable)
- August 14 Financial Aid disburses and begins paying charges on students’ myWSU accounts
- August 16-19 Financial Aid refunds sent to students. We strongly recommend students sign up for Direct Deposit. Paper checks can take several days to reach a student. Direct deposit is faster and safer!
- August 22 Classes begin and fall Semester tuition is due
- September 6 First Late Fee will be charged at 3% if tuition and mandatory fees are not paid in full at the end of the business day
- September 22 Second Late Fee will be changed at 5%
- October 7 Third Late Fee will be charged at 7%
Parent PLUS Loan:
For dependent undergraduate students, a PLUS loan enables parents or stepparents (but not legal guardians or grandparents) to borrow up to the total annual cost of attendance, minus any other aid the student has been awarded. Unlike other forms of aid, the PLUS loan is not guaranteed funding and is based on a credit check conducted by the Department of Education. This means that the parent applying can either be approved or denied depending on their credit history. You can find the complete process for how to apply for the PLUS loan on the SFS website.
Parent PLUS requirements:
- For dependent students.
- Student and parent(s) must complete the FAFSA.
- Parents must meet the credit eligibility requirements.
- Student must be enrolled at least half time (minimum of 6 credits).
Once the PLUS loan application has been completed, the Department of Education will do a credit check. It can take up to five business days to receive the credit decision from the Department of Education. The parent borrower receives an email from the Department of Education, and from WSU, on the status of the credit decision. If approved, the PLUS loan Master Promissory Note must be completed by the parent borrower on studentloans.gov before aid begins to disburse on August 14, 2016. If denied, the communication received will explain the next steps and other options available to your student.
Since the PLUS loan and other student loans are long term commitments, we highly encourage parents to be well informed on the various types of loans offered while also comparing alternatives provided by outside loan lenders. By doing so, you and your student can make sure you choose the loan that best fits your needs.
For current interest rates and additional information about the PLUS loan, you can visit the Federal Student Aid website.
Third Party Access:
Third Party Access (TPA) is a way for students to authorize parents, or another third party, to access their official WSU record, including account balances, financial aid, class schedules, grades, and more. TPA is granted by your student through myWSU.
As a parent of a first time student, you may have previously been given access to your student’s records without needing TPA from your student, however under FERPA guidelines starting August 22nd, the first day of classes, a Third Party Authorization Code will be required from you before Student Financial Services is able to share any detailed information regarding your student’s account. This means that in order to access or discuss your student’s financial aid status in detail, under FERPA, your student must grant you Third Party Access. Third Party Access must also be granted for a parent borrower to be able to complete the PLUS application process.
Our office does encourage active parent involvement however, like many other aspects of the university experience, college is intended for personal development and we strongly encourage that the student be the principle manager of their finances, budget, and the financial aid process. For this reason we recommend parents and students have a conversation before the first day of school about Third Party Access.
Your student can grant you TPA by going to >Main Menu> Self Service> Third Party Access>Third Party Access. To see step-by-step video instructions, click here.
It’s not too late to apply for scholarships!
Apply, Apply, Apply! During the summer leading up to the Fall semester is a great time for students to spend working on scholarship applications. The more time spent on applying for scholarships the better chances of receiving one! There are still tons of scholarship opportunities for students to take advantage of for the upcoming school year. We encourage students to visit our Outside Scholarships page on our website, to view several different scholarship opportunities. The Private Donor listing has over 130 pages of potential scholarship opportunities!
Follow or Contact SFS
Student Financial Services is here to help. If you have any questions, please contact the office Monday through Friday from 8 a.m. to 5 p.m. by calling 509-335-9711 or emailing firstname.lastname@example.org. You can also schedule an appointment to meet with an SFS advisor at WSU Pullman, Monday through Friday from 8 a.m. to 4 p.m. by visiting financialaid.wsu.edu.