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- Federal Financial Aid Programs
Federal Financial Aid Programs
The following programs require a financial aid application (FAFSA) for determination of eligibility.
Federal Pell Grant is a federal entitlement program provided to students who are determined to have financial need. The Pell Grant does not have to be paid back. Students award amount is based on their EFC as calculated by completing the FAFSA each year.
Federal SEOG Grant (Supplemental Education Opportunity Grant) is also an entitlement grant that does not have to be paid back. It is available on a limited basis to students who have an exceptional need. The award amount at WSC is $600. SEOG dollars are awarded to eligible students based on the date of their FAFSA application with priority given to students who apply before the April 15th deadline.
North Dakota State Grant is another "need based" grant that can be applied for by completing the FAFSA. A student must be a graduate of a North Dakota high school. The grant is available fall, spring and summer semester.
To learn more about federal grant programs, please visit the Department of Education's Website.
FEDERAL WORK PROGRAM
Federal Work Study (FWS) is a financial aid program in which a student with financial need may be provided with a job on or off campus. Students may work in various areas including office, clerical, library, bookstore, cafeteria, or buildings and grounds. WSC also participates in the America Reads Program, providing reading tutors to children in grades 1-3 in local elementary schools. FWS dollars are awarded to eligible students based on the date of their FAFSA application with priority given to students who apply before the April 15th deadline.
Federal Subsidized Direct Loans
Here's a quick overview of Direct Subsidized Loans:
- Direct Subsidized Loans are available to undergraduate students with financial need.
- Your school determines the amount you can borrow, and the amount may not exceed your financial need.
- The U.S. Department of Education pays the interest on a Direct Subsidized Loan
- While you're in school at least half-time,
- For the first six months after you leave school (referred to as a grace period*), and
- During a period of deferment (a postponement of loan payments).
Federal Unsubsidized Direct Loans
Here's a quick overview of Direct Unsubsidized Loans:
- Direct Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need.
- We will determine the amount you can borrow based on your cost of attendance and other financial aid you receive.
- You are responsible for paying the interest on a Direct Unsubsidized Loan during all periods.
- If you choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan).
For more information on Direct Student Loans inlcuding student rights and responsibilities, as well as yearly and lifetime loan limits please visit the Department of Education's website.
Additional Loan Requirements
Direct Loans (Subsidized and Unsubsidized)
All first time borrowers of Federal Direct Loans must complete an entrance interview before funds are disbursed to the student. A Master Promissory Note must also be signed before receiving the first Direct Loan.
Loan counseling, as well as signing the MPN, can be done on-line by contacting the
following web address: https://studentloans.gov
If you do not have access to the internet, you may complete your loan entrance requirement in our computer labs on campus during the first week of school.
Direct Loans (Subsidized and Unsubsidized)
This requirement must be completed 30 days prior to college graduation, departure from WSC, or upon less than half-time enrollment. Please access www.nslds.ed.gov to complete this requirement.
Parent Plus Loans
Federal Parent Loan for Undergraduate Students (PLUS) is a loan available to parent(s) of dependent, undergraduate students. Parents may borrow up to the "cost of attendance" less other aid for each dependent, undergraduate child.
PLUS loans are made by the federal government at a fixed interest rate that is determined on July 1 of each year. Financial need is not a requirement for this type of loan, although approval will be based on credit information. Loan repayment begins 60 days following the disbursement date on the check. Parents may contact www.studentloans.gov to apply.