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GRANTS AND LOANS

The Financial Services Department supports students and their academic endeavors by offering student financial assistance programs that can help them achieve their educational goals. The following is a description of the student financial assistance options offered by Wade College:

 

FEDERAL GRANTS (Non-repayable funds)

Federal Pell Grant
The Federal Pell Grant is a need-based grant available to students pursuing their first undergraduate degree.  Student eligibility is based upon the Estimated Family Contribution (EFC) as calculated by the federal government from information provided on the FAFSA.   For the 2012-2013 award year, the maximum Federal Pell Grant award is $5,550.  For more information on the Federal Pell Grant, visit http://www.studentaid.ed.gov/PORTALSWebApp/students/english/PellGrants.jsp?tab=funding.

 

FEDERAL LOANS (Repayable funds)

 

The William D. Ford Federal Direct Subsidized and Unsubsidized Stafford Loan
This loan program enables students to borrow funds directly from the U.S. Department of Education to assist with educational expenses.  A subsidized loan is awarded on the basis of financial need.  If a student qualifies, he or she will be charged interest from the time the loan is disbursed until it is paid in full.  The student may choose to pay the interest or allow it to accumulate and/or be capitalized periodically.  The 201-2013 award year amounts a student may borrow per academic year are as follows:

 

Freshman	$3,500 ($1,750 per trimester)
Sophomore	$4,500 ($2,250 per trimester)
Junior	$5,500 ($2,750 per trimester)
Senior	$5,500 ($2,750 per trimester)

 

If a student does not qualify for the maximum subsidized loan amount shown above, he or she may borrow the difference through the unsubsidized loan program.

 

An unsubsidized loan is not awarded on the basis of need.  If a student qualifies, he or she will be charged interest from the time the loan is disbursed until it is paid in full.  The student may choose to pay the interest or allow it to accumulate and/or be capitalized periodically.

 

The amounts a student with federal "independent" status or a student with federal “dependent” status whose parents have applied for but were unable to get a parent loan [see PLUS below] may borrow, in addition to the subsidized loan maximum per academic year, are as follows:

 

Freshman/Sophomore	$6,000 ($3,000 per trimester)
Junior/Senior	$7,000 ($3,500 per trimester)

 

A student with federal “dependent” status whose parents have applied for and were able to get a parent loan [see PLUS below] may also borrow per academic year the following amounts as unsubsidized loans:

 

Freshman/Sophomore/Junior/Senior

$2,000 ($1,000 per trimester)

 

Student loan borrowing can not exceed the cost of attendance. Students may not borrow over the annual and lifetime aggregates that are set for the Stafford loan. An origination fee is collected by the U.S. Department of Education upon disbursement. The type of loan the student is offered is based upon the calculation results from information provided on the FAFSA. Additionally, all funds are received electronically and posted to the student's Statement of Account to pay authorized educational expenses.

 

The William D. Ford Direct Parent Loan for Undergraduate Students (PLUS) 
This loan program enables credit-worthy parents and step-parents of dependent undergraduate students to borrow funds for educational purposes.  Parents may borrow the full cost of education or any educational expenses that student aid does not cover.  PLUS loans are collateral free, low interest rate loans with at least a 10-year repayment term and several repayment options.  Monthly repayment begins 60 days after the last disbursement for the academic year. There is no grace period for these loans.  Interest begins to accumulate at the time the first disbursement is made.  The approved loan is disbursed in substantially equal amounts between the number of terms in the loan period.  Regulations allow the net proceeds, after the lender's processing fee is deducted, to be applied directly to the student's account no earlier than ten days before the first day of the term.  To learn more about the Direct PLUS program, parents should visit http://www.studentaid.ed.gov/PORTALSWebApp/students/english/parentloans.jsp. 

 

Federal Publications 

Students and parents can learn about the direct loan program through online publications at http://www.studentaid.ed.gov/pubs. These publications include:

• Direct Loan Basics for Students: This brochure covers Direct Subsidized and Unsubsidized loans for students.
• Direct Loan Basics for Parents: This brochure covers Direct PLUS Loans for parents.
• Entrance Counseling Guide for Direct Loan Borrowers: Before receiving a student loan, first time borrowers must complete an entrance counseling session.  The counseling is completed on-campus.
• Exit Counseling Guide for Direct Loan Borrowers: Prior to graduation, all candidates for graduation must complete exit counseling that explains the rights and responsibilities as a Direct Loan borrower.  The counseling is completed on-campus.  

Direct Loan Interest Rates 

For information on direct loan interest rates, please visit http://www.ed.gov/offices/OSFAP/DirectLoan/calc.html.

ALTERNATIVE LOANS (Repayable funds)

 

Wade College Institutional Loans

In addition to the federal student financial aid programs, Wade College offers institutional loans to cover expenses not paid for by federal student financial aid. Such loans are interest-free and offered to graduating students who have maintained good financial standing with the college. The maximum institutional loan authorized is $5,000. Upon graduation, the student completes a promissory note and is granted a payment period of up to 5 years. Details of the loan program are available from the Office of the Director of Financial Services.