Federal financial aid is made up of grants, work study programs, and student loans. Federal student loans are funded, in part, by the federal government and are not subject to credit, making them more attractive than commercial private loans. The ability of students to defer repayment until after they leave school is also a feature not found in commercial loans. Therefore, student loans are considered financial aid. Federal grant monies are typically reserved for the students and families who demonstrate the most financial need. Middle-to-high-income households therefore might see little or no federal grant money in their financial aid award offers.
Financial aid eligibility will depend on your and your parents’ (if dependent) income, living expenses, assets, and savings. This is called the Student Aid Index (SAI).
Your financial aid eligibility is also determined by the estimated Cost of Attendance (COA) at Wichita State University. The amount of need-based aid you may receive is calculated by subtracting your Student Aid Index (SAI) and any Other Financial Assistance (OFA) from the estimated COA.
COA – SAI – OFA = Financial Need
Student who enroll less than full-time will have their loan eligibility reduced, based on their enrolled hours.