Office of Financial Aid - Wescoe Students
Q: How do I qualify for financial aid?
A: Eligibility for federal and state aid is determined by a student's annual filing of the Free Application for Federal Student Aid (FAFSA). You should file your FAFSA between January 1st and May 1st.
Q: What is the income cut-off for financial aid?
A: There is no income cut-off for financial aid. The amount of financial aid you will receive is determined by your family's financial need as calculated by your annual filing of the FAFSA. This application takes into account the student's and parents' of dependent student’s income and assets, number in family, and the number of family members in college.
Q: How can I be considered an independent student?
A: In order to be considered independent for federal and state purposes, you must meet one of the following criteria:
- Be at least 24 years of age by December 31st of the financial aid award year
- Be married on the day you apply for financial aid (being separated still counts as being married)
- You have children who receive more than half of their support from you
- You have dependents other than children who live with you and receive more than half of their support from you (for example, a grandparent)
- Your parents are deceased
- You were a ward of the court until age 18
- You are serving active duty in the armed forces (other than training)
- You are a veteran of the U.S. armed forces
Q: What are the components of a financial aid package for the Wescoe student?
A: The typical financial aid package for a Wescoe student will usually consist of one or more of the following:
- Federal Grant Money: The Federal Pell Grant is awarded by the federal government based on need and does not need to be repaid. You will be considered for a Pell Grant when you complete your FAFSA.
- State Grant Money: The State PHEAA Grant is awarded by the state government and does not need to be repaid. You will be considered for a PHEAA Grant when you complete your FAFSA.
- Federal Direct Loans: This is money that the student repays. Subsidized Loans are need-based, while Unsubsidized Loans are not.
The make-up of the award (grant vs. self-help) is based on a student's financial need as determined by the state and federal processor.
Q: What kinds of loan options are available?
A: There are several loan options available to students and parents of dependent students.
Federal Direct Subsidized Loan: This is a need-based loan that goes in the student's name. The interest is paid by the federal government while you are in school. There are no payments required as long as the student is enrolled in school on at least a half-time basis.
Federal Direct Unsubsidized Loan: This is also a loan that goes in the student's name. Interest payments are not made by the federal government while the student is in school. You have the option of paying the interest or deferring it until after you graduate.
Alternative Educational Loan: These are loans that go in the student's name. Students normally have a co-signer for the loan. The maximum amount that may be borrowed is the Cost of Attendance minus any other financial aid. Principal and interest may be deferred while the student is enrolled in school.
Q. Can I borrow money to cover expenses other than tuition?
A: Yes, your Cost of Attendance or financial aid budget is made up of actual tuition, fees and estimates for books, supplies, personal expenses, transportation, and room and board