Application Procedures and Deadlines
All financial aid applicants must undergo a standardized needs analysis by completing the Free Application for Federal Student Aid (FAFSA). Because of the time period involved with processing the paperwork, it is essential that applicants file the FAFSA by February 15 to receive priority consideration for the coming school year. Failing to file by the priority deadline can result in delays in receiving aid.

The federal processor uses a student's FAFSA to calculate their Expected Family Contribution (EFC), an estimate of their ability to contribute to their educational expenses for one year. JMU uses the EFC to calculate a student's need. "Need" is simply a computation of educational expenses (COA) minus EFC.

Students offered financial assistance by JMU will receive a financial aid notice indicating the source(s) and amount(s) of assistance. Aid notices are usually sent to students during the summer. Loan applications are included with the aid notice in case the student wants to apply for a student loan.


Federal Stafford Loan
The Stafford loan (subsidized and unsubsidized) is a long-term, low-interest loan borrowed from a bank, and insured by the federal government. To qualify for a Stafford loan, the student must be:

a U.S. citizen, national, permanent resident or eligible international student
enrolled as a degree-seeking student on at least a half-time basis
maintaining satisfactory academic progress as defined by the institution

The interest rate charged on a Stafford loan is variable, but is capped at 8.25 percent. The interest rate for the coming year is determined each July 1. If a student is offered a subsidized loan, the government pays the interest on the loan while the student is enrolled in school on at least a half-time basis and during any other eligible deferment periods. If a student is offered an unsubsidized loan, the student is responsible for the interest from the moment the money is disbursed to the school.

Federal Work-Study
A limited number of graduate and undergraduate students are employed each year through Federal Work-Study. Students are placed in academic or administrative offices and are paid directly twice a month. To be eligible, the student must have financial need, be degree seeking and be making satisfactory academic progress. Applications are available in the Student Work Experience Center in Warren Hall.