Lesson 2: Financial Aid Programs at WVU
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Lesson 2: Financial Aid Programs at WVU

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Lesson 2: Financial Aid Programs at WVU Lesson 2: Financial Aid Programs at WVU Presentation Transcript

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