Federal Aid
Federal Student Aid consists of three types:
- Grants -financial aid that typically does not have to be repaid.
- Work Study - allows you to earn money for your education.
- Loans -allow you to borrow money for your education. You
must repay your loans, with interest.
Additional information regarding funding your education can
be found at the Department of Education's website:
www.studentaid.ed.gov
STEPS TO FEDERAL STUDENT AID
1. To apply for Federal Student Aid, you must first complete a
Free Application for Federal Student aid (FAFSA) . This can
be done online at www.fafsa.ed.gov.
PLEASE NOTE: THERE IS NO COST TO COMPLETE A FAFSA.
THE ROBERTS WESLEYAN COLLEGE SCHOOL CODE IS 002805.
THE NORTHEASTERN SEMINARY SCHOOL CODE IS 034194.
2. After you apply, you will receive a Student Aid Report
(SAR). The SAR contains the information reported on your
FAFSA and usually includes your Expected Family
Contribution (EFC). The EFC, a measure of your family's
financial strength, is used to determine your eligibility for
federal student aid.
The significance of the EFC is two-fold:
a) It provides a standard by which most colleges develop a financial
aid package
Most financial aid administrators take the total cost of attendance
and subtract the EFC. The result is the student's financial need.
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The cost of attendance is composed of direct costs and indirect costs. Direct costs include tuition, fees, room and board; in other words, what is directly charged to the student by the college. Indirect costs are equated with incidental expenses (e.g., books, personal expenses, and transportation).
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The EFC is a combination of the parents' contribution (if student is dependent) and the student's contribution.
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Financial need is an indication of the amount the student and student's parents (if student is dependent) are unable to contribute toward the cost. Therefore, financial aid administrators try to meet or compensate the financial need through financial aid.
Note: No student may receive financial aid in excess of the cost
of attendance.
b) It determines what types and how much federal aid are eligible
for the student.
3. Once you have been accepted for admission at Roberts
Wesleyan College, we will determine your federal aid
eligibility and provide an award letter based on your SAR.
Federal Grants
Grant for undergraduate students that does not need to be
repaid. For the 2010-2011 academic school year, a student
may receive up to the maximum of $5550.
- FSEOG (Federal Supplemental Educational Opportunity Grant)
Awarded through the Roberts Wesleyan College Office of
Financial Aid to students with exceptional financial need, subject
to availability of funds. An undergraduate student must have an
EFC low enough to receive a Federal Pell Grant in order to be
eligible for a Federal SEOG.
First year: up to $750. graduated from high school after 1/1/06
and not enrolled in an ACG-eligible program while at or
below age of compulsory school attendance.
Second year: up to $1300. graduated from high school after
1/1/05 and have at least 3.0 cumulative GPA af the end of
first year of postsecondary study.
- SMART GRANT (National Science & Mathematics Access to Retain Talent). Grant for third or fourth year undergraduate students that does not need to be repaid. Must major in certain subject areas with at least a 3.0 cumulateive GPA to be eligible for upo to $4000 a year. For information can be found at www.studentaid.ed.gov.
- TEACH GRANT (Teacher Education Assistance for College and Higher Education). Up to $4000 a year for undergraduate and graduate students who are taking or will be taking course work necessary to become an elementary or secondary teacher. Does not have to be repaid unless you fail to carry ou the service obligation, in which case you must repay as a Direct Unsubsidized loan with interest accrued from the date the grant was disbursed. Must complete a TEACH Grant Initial and Subsequent Counseling and Agreement to Serve (ATS).
Federal Work Study
Federal College Work Study (CWS) provides jobs for enrolled
students with financial need which allows them to earn money to
help pay college-related expenses. Most Federal CWS jobs pay
minimum wage. However, employment on campus and hours
worked cannot be guaranteed.
Federal Loans
- FEDERAL PERKINS LOAN
Federal Perkins Loans are loaned out by colleges to students with financial need. The federal government pays the interest while the student remains enrolled at least half-time. Repayment of the loan begins nine months after a student drops below half-time, withdraws, or graduates. The interest rate is five percent. Students may not choose to receive this loan instead of the Stafford. Before classes begin a student will need to sign a Perkins promissory note.
- FEDERAL STAFFORD LOAN
NOTE CHANGE: Roberts Wesleyan College will be transitioning to the William D. Ford Federal Direct Loan program, with all students receiving Federal Direct loans for the 2010-2011 academic year. The Direct loan program offers low-interest Stafford loans for students and parents to help pay for the cost of a student's education after high school. For more information regarding Direct loans, please go the Federal Student Aid website at www.direct.ed.gov.
Federal Direct Loan Rates for 2010-2011:
Subsidized 4.5% fixed .5% net fee*
Unsubsidized 6.8% fixed .5% net fee*
*net fee includes an up-front rebate of 1% for stafford loans. For more information about this rebate, repayment plans, deferment and forebearance or cancellation and consolidation, please refer to the Federal Student aid website at www.direct.ed.gov
*Before receiving any loan funds, students must first complete Stafford and Perkins loan Combined Entrance Counseling at www.mappingyourfuture.org and have a valid Federal Direct Master Promissory Note which can be completed at www.studentloans.gov. Loan funds will be disbursed directly to Roberts Wesleyan College.
Direct Subsidized Loans are for students with financial need. The results of your Free Application for Federal Student Aid (FAFSA) are used to determine the amount you can borrow. You are not charged interest while you’re in school at least half-time and during grace periods and deferment periods.
Direct Unsubsidized Loans do not require you to demonstrate financial need to receive. Like subsidized loans, the amount you can borrow is determined from the results of your FAFSA. Interest accrues (accumulates) on an unsubsidized loan from the time it’s first paid out. You can pay the interest while you are in school and during grace periods and deferment or forbearance periods, or you can allow it to accrue and be capitalized (that is, added to the principal amount of your loan). If you choose not to pay the interest as it accrues, this will increase the total amount you have to repay because you will be charged interest on a higher principal amount.
For the 2010-2011 academic year:
Undergraduate dependent
Undergraduate Independent (and students whose parents
are unable to obtain PLUS loans)
Graduate students
Stafford Aggregate Loan Limits (as of 7/1/2008)
Undergraduate Dependent Students: $31,500
(no more than $23,000 of which can be subsidized.)
Undergraduate Independent Students: $57,500
(no more than $23,000 of which can be subsidized.)
Graduate and Professional Students: $138,500
(no more than $65,500 of which can be subsidized.)
The Direct PLUS loan program is loan that must be repaid and is
to help pay for the cost of a student's education after high school.
It is available to parents (or step-parents) or legal guardians of
dependent undergraduate students and graduate students who are
enrolled at least half-time in college. Eligibility is limited to the cost
of attendance minus financial aid already awarded. Repayment
normally begins within sixty days of full disbursement, but parents
or graduate students may request a forbearance.
Roberts Wesleyan College will be transitioning to the William D.
Ford Federal Direct Loan program, with all students and their
parents receiving Federal Direct loans for the 2010-2011 academic
year. For more information regarding Direct PLUS loans, please
go the Federal Student Aid website at www.direct.ed.gov.
The current rate for the 2010-2011academic year under the
William D. Ford Federal Direct Program is:
Plus 7.9% fixed 2.5% net fee*
*net fee includes an up-front rebate of 1.5% for plus loans. For
more information about this rebate, repayment plans, deferment
and forebearance or cancellation and consolidation, please refer to
the Federal Student aid website at www.direct.ed.gov
To apply for a plus loan, the PARENT OR GRAD student must:
1) Complete the Plus Loan Request Form which authorizes
Roberts Wesleyan College to obtain a credit check from
the Department of Education. Credit checks will not be
completed more than 90 days prior to the start of the
semester for which you are applying. *
2) Sign an electronic Federal Direct Master PLUS loan
Promissory Note at www.studentloans.gov.
*To be eligible to receive a FEDERAL DIRECT PLUS loan, a parent
generally will be required to pass a credit check. A parent cannot
be turned down for not having credit history, only for having an
adverse one. If a parent is denied for a FEDERAL DIRECT PLUS, a
dependent student automatically becomes eligible to borrow an
additional FEDERAL DIRECT Unsubsidized Loan. First and second
year students (0 - 59 earned cumulative semester hours) may
borrow up to $4,000. Third-year students and beyond (60+ earned
cumulative semester hours) may borrow up to $5,000.
Campus-based Aid
The Federal SEOG, Federal Perkins Loan, and Federal CWS are called campus-based programs because they are administered directly by the Office of Financial Aid.
How much aid a student receives from each of these programs depends on financial need and the availability of funds. Unlike the Federal Pell Grant and Federal Direct Loan programs, which provide funds to every eligible student, Roberts Wesleyan College receives a certain amount of funds for each campus-based program every year. When that money is gone, no more awards can be made from that program for that year.
Additional Note:
If a student (or student's family) has unusual circumstances, the Financial Aid Administrator should be notified. Examples include:
- tuition expenses at an elementary or secondary school
- unusual medical or dental expenses not covered by insurance
- a family member who recently became unemployed
- changes in income that affect a student's eligibility for federal financial aid
Roberts Wesleyan College is required by the U.S. Department of Education to check the accuracy of information for selected Student Aid Reports before Title IV funds (Federal Pell Grants, Federal SEOG Grants, Federal Direct Subsidized Loans, Federal Direct Unsubsidized Loans, Federal Perkins Loans, Federal College Work Study) can be disbursed to accounts. This process is called Verification. If you are selected for Verification, all information requested must be provided to confirm eligibility for the Federal funds that appear on your financial aid package.
Contact: Kathleen Stewart , Financial Aid Specialist (585) 594-6063
