For more information on financial aid please begin by reading the attached letter regarding Financial Aid for the 2013-2014 academic year.
1. Federal Financial Aid
There are several Federal programs available to help students pay for educational expenses. All students interested in applying for federal financial aid must complete the FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA) and meet with the financial aid officer to determine eligibility.
A student is eligible to apply for assistance from the Federal financial aid programs if he or she meets the following criteria:
▪ Is a U.S. citizen or an eligible non-citizen
▪ Has a high school diploma or its recognized equivalent
▪ Maintains satisfactory progress in his/her course of study;
▪ Files a Statement of Educational Purpose, a Statement of Selective Service Registration Status, and a
Certification Statement on Refunds and Defaults with the school.
A student is NOT eligible for Federal financial assistance if he or she:
▪ Is enrolled in an elementary or secondary school;
▪ Is in default on a student loan or owes a refund on a Pell Grant;
▪ Has borrowed in excess of the annual or aggregate loan limits in the Federal Student Loan program.
Nursing Assistant and Business & Industry courses are NOT eligible for any Federal financial aid programs.
Change of Enrollment Status If a student changes his/her enrollment status during the first five days of a semester, his/her financial aid package is recalculated. If enrollment status changes after the first five days of a semester, financial aid is not recalculated.
2. Federal PELL Grant
The Pell Grant program provides grants to help undergraduate students with financial need to meet the cost of their post-secondary education. A student is not eligible for a Pell Grant if he/she has received a bachelor's degree. Unlike a loan, a grant does not need to be repaid.
Eligibility is determined by using the following factors:
Pell Grant funds are credited to a student's account to pay for institutional charges at Washburn Tech. Any remaining proceeds are paid directly to the student to be used for other related educational expenses.
3. Federal Work Study (FWS)
Federal Work Study (FWS) is a need based program that provides undergraduate students the opportunity to apply for jobs that allow them to earn money to pay educational expenses. To be considered for FWS funding a student must indicate interest when completing the FAFSA and submit a completed FWS application to the Financial Aid Office. Contact the Financial Aid Office to obtain job descriptions for all FWS positions and to determine eligibility.
4. Direct Loan Program (DL)
The three types of loans available under the DL program are Subsidized, Unsubsidized, and Parent loans for undergraduate students (PLUS).
Repayment on the Subsidized and the Unsubsidized loan begins six months after the student ceases to be enrolled at least half-time. The minimum monthly payment is $50 per loan. The interest rate on both loans is fixed at 3.86%.
Repayment on the PLUS loan begins 60 days after the first disbursement has been made. The interest rate is fixed at 6.41%.
The Subsidized and Unsubsidized loan programs are available to both dependent and independent students. Eligibility for the Subsidized Stafford loan is based on financial need while eligibility for the Unsubsidized loan is not based on financial need. If a student's financial need is not great enough, he/she may not be eligible for the entire amount of the Subsidized Stafford loan. In this situation the amount not received in the Subsidized Stafford loan may be received in the Unsubsidized Stafford loan program. The maximum amount a dependent student can borrow per academic year (1 program) is $5,500, no more than $3,500 from the Subsidized loan program. If a parent applies for a PLUS loan on behalf of their dependent student and is denied, the student may apply for an additional $4,000 from the Unsubsidized program.
The maximum amount an independent student can borrow per academic year (1 program) is $9,500, no more than $3,500 from the Subsidized loan program. Under the Subsidized loan program the government pays the interest due until the student enters repayment, six months after ceasing at least half-time enrollment. Under the Unsubsidized loan program the student is responsible for interest that accrues from the date of the first disbursement.
The PLUS loan program is available to parents of dependent students. An eligible parent borrower for a Federal PLUS loan is a student's natural mother or father, adoptive parent, or legal guardian. An eligible parent borrower must meet the same citizenship or residency requirements that a student borrower is required to meet. The government does not provide an in-school interest subsidy on this loan.
In all Federal loan programs, a loan origination fee is charged. The origination fee for the Subsidized and Unsubsidized loan program is 1.051% and origination fee for the PLUS loan is 4.204%. There is an upfront interest rebate of 1.5% offered to all students that increases the net amount of the loan. To retain the upfront rebate, the student must make the initial 12 required payments on time.
Washburn Tech maintains a file of scholarship opportunities available to students. Each scholarship has specific criteria of eligibility and specific deadlines for application. Most scholarships are available for application between January and May for the upcoming fall or spring semesters. Any student interested in scholarship opportunities should contact staff in Student Services for details.
6. Other Sources of Aid
Many organizations and agencies provide financial assistance to students. These include but are not limited to: SRS, Heartland Works, Jones Foundation, Vocational Rehabilitation, Department of Human Resources and the Veterans Administration. Veterans may wish to contact the Regional Office of the VA for assistance at 1-800-827-1000. Information on any of these agencies can be obtained from the Financial Aid Office.
Are you waiting for your VA Education Benefits?
The Department of Veterans Affairs has made funds available for Veteran students who are still awaiting their education benefit claim to be processed. Eligible veterans can receive up to a $3000 advance, which will be recouped from future benefit payments. If you are a student who applied for one of VA's education programs and have not yet received your monthly benefit payment for the Fall 2009 term, you can request a one-time advance payment at your local VA Regional Office or through VA's website, www.va.gov.