W&M Financial Literacy:
As the first person in your family to seek higher education, you are introduced to an array of financial terms that can seem intimidating to understand. For example, do you know the difference between a subsidized loan and an unsubsidized loan? Do you know the difference between a scholarship and a loan? Do you know the average cost of tuition for your incoming class? These questions are tough to answer for any type of student. Regardless of what type of student you are, it is crucial that you become aware of where your money goes, especially when you are investing in your future!
When entering as a freshman to W&M, you are fortunate that the school invests in a program called CashCourse. The Financial Aid Office of W&M wants this program to serves as a place where all students become more proficient in their financial literacy. I personally have used this program, and I can attest that it is useful. In fact, it taught me the difference between a subsidized and unsubsidized loan; it also answered the questions above. Please take advantage of this program: it is free for all W&M students.
Below I added a link that will take you to a W&M page describing how to login into your free account:
It is essential for both students and parents to know the definitions of important financial aid terms. Students should know the difference between loans and scholarships, subsidized and unsubsidized loans, the difference between the FAFSA and CSS, etc. Do you know the importance of the EFC on the FAFSA and CSS. It is crucial for students and parents to know what the EFC is on both forms (Estimated Family Contribution). The EFC determines the amount a family will contribute to the cost of attendance for an institution. Similarly, the federal government uses this number in order to determine how much a students will receive in pell grants and loans. The following links provide brief definitions to words, such as the EFC, that are crucial for all students to know regarding their finances:
- Parents: 12 Must-Know College Financial Aid Terms
- What Is a Good EFC Number?
- 20 Financial aid Terms Every College Student and Parent Should Know
- 12 Key Terms to Know About College Financial Aid
Financial Aid Office W&M:
No matter how simple a question might seem to you or complicated, you always have the financial aid office to help you at W&M. The financial aid office was created specifically for students so that you can always ask about the cost of attendance and about your financial aid package. When in doubt or worried, please don’t hesitate to go to the financial aid office of W&M.
Here is the link to the address and contact information of William and Mary:
The cost of attendance is different for in-state students and out-of-state students at W&M; this is typical for all institutions across the United States. Similarly, the cost of tuition is different year to year for each incoming W&M class. However, the W&M Promise prevents for tuition to increase more than three percent for the incoming class and throughout their four years at W&M.
The link below details tuition information and the W&M Promise: