ELIGIBILITY

WHO IS ELIGIBLE

 

Before any assistance is granted (Federal Pell Grant or Federal Stafford/PLUS Loan), general eligibility and program requirements must be met. To be eligible for financial aid the student must:

  1. Establish eligibility by completing and filing the Free Application for Federal Student Aid (FAFSA) or Renewal Application;

  2. Not be in default on any Title IV loan (Federal Perkins or Federal Stafford), or owe a refund or repayment on educational funds received at any institution;

  3. Be a U.S. citizen or permanent resident of the United States;

  4. Be registered with the Selective Service if you are a male at least 18 years old born after December 31, 1969 (most males between the ages of 18 and 25, including permanent residents and other eligible non-citizens, are required to register with Selective Service);

  5. Enroll in and maintain at least a half-time class load for most programs;

  6. Use all funds received through financial aid for educational purposes;

  7. Be accepted for admission by the college and enrolled in a degree program;

  8. Be making reasonable academic progress;

  9. Have a valid Social Security Number; and

  10. Have graduated from high school or received a GED (general equivalency diploma).

STEPS TO ELIGIBILITY

 

Step 1: Completing Necessary Applications


U.S. citizens and legal residents may apply for financial assistance by first completing their enrollment for a starting date at the college.  For the determination of federal student financial aid eligibility, the Free Application for Federal Student Aid (FAFSA) must be filed.  The FAFSA, a financial aid guide, and applicable college forms are available from the Financial Services Department. The Office of the Director of Financial Services is available to assist and counsel students applying for financial assistance.  Students requesting financial assistance are encouraged to apply for admission and register for classes as early as possible.


We encourage students to apply for federal student financial aid using FAFSA on the Web at http://www.fafsa.ed.gov. The school code for Wade College is 010130. FAFSA on the Web is smarter and easier than ever, providing an intuitive Web experience for each applicant. Live interactive help is accessible as the applicant uses the site; applicants also can get assistance by calling the U.S. Department of Education’s toll-free number, 1-800-4-FED-AID (1.800.433.3243).

 

The applicable FAFSA may also be downloaded by the student and/or parent by visiting http://studentaid.ed.gov/PORTALSWebApp/students/english/publications.jsp, and mailed to Wade College after completion.

 

For additional information on student eligibility, the application process, and financial aid programs and annual maximum amounts, please read the two-page flyer, Do You Need Money for College? Federal Student Aid at a Glance.

 

Also, please apply for any outside, third-party scholarships as early as possible. 


Step 2: Processing Your Information

 
Wade College is committed to helping every enrollee plan for educational expenses.  An individual Wade College Student Financial Plan is prepared for registered students prior to the start of classes. Once the FAFSA is processed with the federal processing agency, the agency sends each applicant a multi-page Student Aid Report (SAR) and the college receives an electronic SAR.  After grant eligibility is determined, student and/or parent loans may be applied for through the Federal Direct Loan program.  The Wade College Student Financial Plan is prepared after loan approvals and required credit determinations are obtained. The Wade College Student Financial Plan is a direct result of a lengthy process that considers the relevant information a student provides on his or her financial aid application and reflects estimated financial aid eligibility over the length of the student’s educational program.  This plan shows the approximate amounts and dates of all estimated financial aid awards and institutional charges for the student’s educational program.

 
Wade College notifies the student of his or her estimated financial aid eligibility and educational expenses via the Wade College Student Financial Plan.  Other additional documentation necessary for completion of the student’s financial aid eligibility is requested at that time.


Step 3: Awarding Student Financial Aid


Once the student has received notice of his or her student financial aid eligibility via the Wade College Student Financial Plan, the student must return all requested documents to the Financial Services Department by the deadline stated in the notification.


If the student has applied for and received scholarships from outside sources, all awards must be reported to the Financial Services Department.


Under the Federal Direct Loan programs, loan proceeds may be disbursed in accordance with federal regulations, as follows:

  • The Financial Services Department is in receipt of a signed and accepted financial aid award notification (the Wade Student Financial Plan).
  • The Direct Loan Service Center has received, accepted and guaranteed the student and parent signed promissory note(s).
  • For parents applying for the PLUS loan, the credit check must be approved by the Direct Loan Service Center and the college must receive notification of the approval.

Once all the applicable conditions listed above have been met, the student's and parent's loan proceeds may be credited to the student's account no earlier than ten days before the first day of the term.  First-time borrowers are subject to further federal regulations requiring participation in entrance loan counseling and delayed disbursement.  Information can be obtained from the Financial Services Department or visiting http://studentloans.gov/myDirectLoan/index.action.


Step 4: Accepting or Rejecting Student Financial Aid Awards


As actual financial aid disbursements are received and institutional charges become known, a Statement of Account is sent to each student. The student’s Statement of Account reflects the up-to-date actual funds received by Wade College and actual institutional charges incurred by the student.  The student and/or parent (for PLUS loans) has the right to cancel the current trimester’s loan(s) or the loan disbursement(s) [in whole or in part] by notifying the Office of the Director of Financial Services in writing within 30 days of the receipt of the notice.

 
If a student and/or parent elect to cancel a loan disbursement, the college will return the loan proceeds to the U.S. Department of Education accordingly and will expect the student to pay for educational costs from his or her own resources.