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FinAid Tutor: Lesson 2 Financial Aid Programs at WVU
Lesson 2: Learning Objectives <ul><li>By the end of this lesson, you will have a better understanding of: </li></ul><ul><u...
Grants <ul><li>Grants are financial aid that students do not repay—they are “free” money </li></ul><ul><li>Eligibility is ...
Grants: Federal Pell Grants <ul><li>Award Amounts :  </li></ul><ul><ul><li>Between $400 and $4,050 per year </li></ul></ul...
Grants: Federal Supplemental  Educational Opportunity Grants <ul><li>Award Amounts : </li></ul><ul><ul><li>Up to $4,000 pe...
Employment <ul><li>Employment is financial aid that is earned through a part-time job, usually slightly above minimum wage...
Employment: Federal Work-Study <ul><li>Award Amounts : </li></ul><ul><ul><li>Up to $1,800 per year </li></ul></ul><ul><li>...
Loans <ul><li>Loans are financial aid that must be repaid, with interest </li></ul><ul><li>Loans at WVU include: </li></ul...
Loans: Federal Perkins Loan <ul><li>Award Amounts :  </li></ul><ul><ul><li>Up to $4,000 per year </li></ul></ul><ul><li>In...
Loans: Direct Subsidized Loan <ul><li>Award Amounts : </li></ul><ul><ul><li>Freshmen:  Up to $2,625 per year  </li></ul></...
Loans: Direct Unsubsidized Loan <ul><li>Award Amounts : </li></ul><ul><ul><li>Freshmen:  Up to $2,625 per year  </li></ul>...
Loans: Direct PLUS Loan <ul><li>Award Amounts : </li></ul><ul><ul><li>Up to the full Cost of Attendance minus any other ai...
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Lesson 2: Financial Aid Programs at WVU

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Transcript of "Lesson 2: Financial Aid Programs at WVU"

  1. 1. FinAid Tutor: Lesson 2 Financial Aid Programs at WVU
  2. 2. Lesson 2: Learning Objectives <ul><li>By the end of this lesson, you will have a better understanding of: </li></ul><ul><ul><li>The basic differences between each type of financial aid, including: </li></ul></ul><ul><ul><ul><li>Grants </li></ul></ul></ul><ul><ul><ul><li>Employment </li></ul></ul></ul><ul><ul><ul><li>Loans </li></ul></ul></ul><ul><ul><li>The specific requirements for each financial aid program </li></ul></ul>
  3. 3. Grants <ul><li>Grants are financial aid that students do not repay—they are “free” money </li></ul><ul><li>Eligibility is based on financial need </li></ul><ul><li>Grant aid at WVU include: </li></ul><ul><ul><li>Federal Pell Grants </li></ul></ul><ul><ul><li>Federal Supplemental Educational Opportunity Grant (SEOG) </li></ul></ul>
  4. 4. Grants: Federal Pell Grants <ul><li>Award Amounts : </li></ul><ul><ul><li>Between $400 and $4,050 per year </li></ul></ul><ul><li>Eligibility : </li></ul><ul><ul><li>Undergraduates w/o a bachelor's degree </li></ul></ul><ul><ul><li>Complete FAFSA </li></ul></ul><ul><ul><li>Demonstrate financial need </li></ul></ul><ul><li>Additional Requirements : </li></ul><ul><ul><li>Maintain Satisfactory Academic Progress </li></ul></ul>
  5. 5. Grants: Federal Supplemental Educational Opportunity Grants <ul><li>Award Amounts : </li></ul><ul><ul><li>Up to $4,000 per year </li></ul></ul><ul><li>Eligibility : </li></ul><ul><ul><li>Complete FAFSA by March 1 </li></ul></ul><ul><ul><li>Undergraduates w/o a bachelor’s degree </li></ul></ul><ul><ul><li>Demonstrate exceptional financial need </li></ul></ul><ul><ul><li>Priority given to Federal Pell Grant recipients </li></ul></ul><ul><li>Additional Requirements : </li></ul><ul><ul><li>Maintain Satisfactory Academic Progress </li></ul></ul>
  6. 6. Employment <ul><li>Employment is financial aid that is earned through a part-time job, usually slightly above minimum wage </li></ul><ul><li>Work sites can be on campus or at non-profit organizations in the community </li></ul><ul><li>Students typically work between 12 and 15 hours per week </li></ul><ul><li>Payments will be made every two weeks as your work, rather than in a lump sum </li></ul><ul><li>Employment aid at WVU includes: </li></ul><ul><ul><li>Federal Work-Study </li></ul></ul>
  7. 7. Employment: Federal Work-Study <ul><li>Award Amounts : </li></ul><ul><ul><li>Up to $1,800 per year </li></ul></ul><ul><li>Eligibility : </li></ul><ul><ul><li>Complete FAFSA by March 1 </li></ul></ul><ul><ul><li>Demonstrate financial need </li></ul></ul><ul><li>Additional Requirements : </li></ul><ul><ul><li>Complete the Job-Skills Sheet </li></ul></ul><ul><ul><li>Obtain Authorization Form from Financial Aid Office </li></ul></ul><ul><ul><li>Maintain Satisfactory Academic Progress </li></ul></ul>
  8. 8. Loans <ul><li>Loans are financial aid that must be repaid, with interest </li></ul><ul><li>Loans at WVU include: </li></ul><ul><ul><li>Federal Perkins Loan </li></ul></ul><ul><ul><li>Direct Subsidized Loan </li></ul></ul><ul><ul><li>Direct Unsubsidized Loan </li></ul></ul><ul><ul><li>Direct PLUS Loan </li></ul></ul>
  9. 9. Loans: Federal Perkins Loan <ul><li>Award Amounts : </li></ul><ul><ul><li>Up to $4,000 per year </li></ul></ul><ul><li>Interest rate : </li></ul><ul><ul><li>5% </li></ul></ul><ul><li>Eligibility : </li></ul><ul><ul><li>Complete FAFSA by March 1 </li></ul></ul><ul><ul><li>Demonstrate financial need </li></ul></ul><ul><li>Additional Requirements : </li></ul><ul><ul><li>Complete a Master Promissory Note </li></ul></ul><ul><ul><li>Maintain Satisfactory Academic Progress </li></ul></ul>
  10. 10. Loans: Direct Subsidized Loan <ul><li>Award Amounts : </li></ul><ul><ul><li>Freshmen: Up to $2,625 per year </li></ul></ul><ul><ul><li>Sophomores: Up to $3,500 per year </li></ul></ul><ul><ul><li>Juniors & Seniors: Up to $5,500 per year </li></ul></ul><ul><li>Interest Rate : </li></ul><ul><ul><li>Fixed interest rate of 6.8% </li></ul></ul><ul><ul><li>Government pays the interest while in school </li></ul></ul><ul><li>Eligibility : </li></ul><ul><ul><li>Complete FAFSA </li></ul></ul><ul><ul><li>Demonstrate financial need </li></ul></ul><ul><ul><li>Enrolled at least half-time </li></ul></ul><ul><li>Additional Requirements : </li></ul><ul><ul><li>Complete a Master Promissory Note </li></ul></ul><ul><ul><li>Complete Entrance Counseling </li></ul></ul><ul><ul><li>Maintain Satisfactory Academic Progress </li></ul></ul>
  11. 11. Loans: Direct Unsubsidized Loan <ul><li>Award Amounts : </li></ul><ul><ul><li>Freshmen: Up to $2,625 per year </li></ul></ul><ul><ul><li>Sophomores: Up to $3,500 per year </li></ul></ul><ul><ul><li>Juniors & Seniors: Up to $5,500 per year </li></ul></ul><ul><li>Interest Rate : </li></ul><ul><ul><li>Fixed interest rate of 6.8% </li></ul></ul><ul><ul><li>Government does not pay the interest while in school </li></ul></ul><ul><li>Eligibility : </li></ul><ul><ul><li>Complete FAFSA </li></ul></ul><ul><ul><li>Enrolled at least half-time </li></ul></ul><ul><li>Additional Requirements : </li></ul><ul><ul><li>Complete a Master Promissory Note </li></ul></ul><ul><ul><li>Complete Entrance Counseling </li></ul></ul><ul><ul><li>Maintain Satisfactory Academic Progress </li></ul></ul>
  12. 12. Loans: Direct PLUS Loan <ul><li>Award Amounts : </li></ul><ul><ul><li>Up to the full Cost of Attendance minus any other aid received </li></ul></ul><ul><li>Interest Rate : </li></ul><ul><ul><li>Fixed rate to be determined </li></ul></ul><ul><ul><ul><li>Our best guess - between 7.9% & 8.25% </li></ul></ul></ul><ul><li>Eligibility : </li></ul><ul><ul><li>Favorable credit history </li></ul></ul><ul><ul><li>Enrolled at least half-time </li></ul></ul><ul><li>Additional Requirements : </li></ul><ul><ul><li>Parent completes a PLUS Loan Application </li></ul></ul><ul><ul><li>Parent completes a Master Promissory Note </li></ul></ul><ul><ul><li>Maintain Satisfactory Academic Progress </li></ul></ul>
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