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Financial Aid Programs
INTRODUCTION
West Virginia University believes the talents, hopes, and ambitions of our young people are among the most valuable resources this nation possesses. With this thought in mind, the University continues to promote scholarship, grant, loan, and employment opportunities for its students who need financial assistance to make college attendance a reality. In addition, scholarships are available to reward outstanding achievement.
Advance planning, financial as well as academic, is the key to achievement of any student's educational goal. This site is intended to acquaint present and prospective students with financial resources available and to assist them in obtaining the financial aid they may need.
TYPES OF FINANCIAL AID AT WVU
Financial aid is money to be used in meeting expenses related to the completion of an educational program. Financial aid primarily comes in four basic forms:
Grant Programs: Gift aid--money which you do not repay; usually requires financial need.
Pell Grant: This grant is offered by the Federal government to the most needy students using a federal formula. The range of awards is $800-$4,731 per year.
Supplemental Educational Opportunity Grant (SEOG): The SEOG is awarded to undergraduate students with exceptional financial need (students with the lowest EFCs) and working on their first bachelor's degree. Award amounts vary but will not exceed $4,000. Priority is given to students who receive the Federal Pell Grant.
State Grants: WVU students may apply for one of several State Grant programs awarded by each State Grant Office. The West Virginia Higher Education Grant pays 70% of tuition and fees. The Pennsylvania State Grant offers a maximum award of $600 pre year for undergraduate students, and $800 per year for veteran students. Typically, you must be a resident of the state issuing the award.
West Virginia Higher Education Adult Part-time Student (HEAPS) Grant Program: Independent students attending school on a part-time basis (6-11 credit hours) who have not been enrolled in a high school diploma program other than GED for the past two years are eligible. Eligible applicants must have lived in West Virginia continuously for a minimum of twelve months immediately preceding the application for the HEAPS Grant and be paying West Virginia resident tuition rates.
Low Interest Loans: Money which you repay; usually after college.
William D. Ford Direct Loan: A loan awarded by WVU and funded through the U. S. Department of Education. The yearly maximum amounts awarded for Freshman is $3,500; Sophomores, $4,500; and $5,500 for Juniors and Seniors.
Beginning July 1, 2008 the United States Department of Education authorized an additional $2,000 in the Federal Direct Unsubsidized Loan. The amount of this loan may vary depending on eligibility for other forms of assistance.
PLUS (Parent Loan for Undergraduate Students): A Federal loan awarded by WVU, and funded through the U. S. Department of Education. The parent of a dependent student may borrow up to the difference between the cost of attendance, and any financial aid awarded. A WVU Parent Loan Application (if you are awarded a PLUS, an application will be enclosed with your award letter) must be submitted to the WVU Financial Aid Office before the PLUS can be processed. The PLUS requires the parent applicant to have a favorable credit history for approval.
2008-09 PLUS Loan Application for parents of undergraduate students
PLUS for Graduate Students: This is a new program. The Federal Direct Graduate/Professional PLUS Loan is available to graduate and professional students to help meet the cost of their education. Students may borrow up to the cost of attendance minus any financial aid. Students must complete a Free Application for Federal Student Aid (FAFSA).
For approval, the student must complete a separate application, pass a credit check and be enrolled at least half-time. The interest rate is fixed and will not exceed 7.9%. Interest accrues from the date the loan funds are disbursed until the loan is repaid in full. The first repayment begins sixty (60) days after the final loan disbursement. A borrower may receive a deferment while he or she is enrolled in school on at least a half-time basis. Payments are approximately $60 each month for every $5,000 borrowed. Borrowers can select from a range of flexible repayment plans. For more information, contact the Direct Loan Servicing Center at (800) 848-0979.
2008-09 PLUS Loan Application for Graduate Students
Perkins Loan: A long term, low interest loan awarded by WVU. It has a fixed 5% interest rate, and a nine month grace period between the time you graduate or leave school and the time you begin repayment.
Employment: Money you can earn through a job during college.
Federal Work Study: This program allows students to earn money by working a part-time job on campus for 12-15 hours per week at minimum wage. Employment opportunities with participating off-campus, non-profit organizations may be available.
Scholarships: Gift aid. Based on academic performance, talent, or achievement. Scholarships can be offered by WVU or by an outside source.
Entering Freshmen can apply for WVU Scholarships by completing the admissions process by February 1. Recipients will be notified by early March if they are selected for a scholarship.
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WHAT KIND OF FINANCIAL AID CAN I RECEIVE?
The financial aid award is based on your individual financial need and eligibility, and may include various types of aid. This is your financial aid package. This package may include any combination of scholarships, grants, loans, or employment.
Eligible students meeting required deadlines are offered the maximum amount of aid available after considering external sources such as the Federal Pell Grant, State Grants and non WVU scholarships.
Students that do receive offers of Federal Work Study must pick up their authorization forms during the first 21 days of the semester. Students that do not, even returning workers, will cause their Federal Work Study awards to be canceled.
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