Federal Financial Aid Programs

Programs requiring a financial aid application (FAFSA) for determination of eligibility are:

FEDERAL GRANTS

Federal Pell Grant is a federal entitlement program provided to students who are determined to have a financial need. The Pell Grant does not have to be paid back. The minimum Pell Grant is $400 and the maximum amount is $4731.

Federal Academic Competitiveness Grant (ACG) is a federal program provided to Pell Grant eligible, full-time, first and second year undergraduate students who have completed a rigorous high school program of study, and have graduated after January 1, 2005.   The recipients must be U.S. citizens.  The first-year award is $750 and the second-year award is $1300.

Federal SEOG Grant (Supplemental Education Opportunity Grant) is also an entitlement grant that does not have to be paid back. It is available on a limited basis to students who have an exceptional need. The award amount at WSC is $500.

North Dakota State Grant is another "need based" grant that can be applied for by completing the FAFSA. A student must be a graduate of a North Dakota high school and be enrolled as a full-time student in a North Dakota college or university. The award amount is $800.

FEDERAL WORK PROGRAM

Federal Work Study (FWS) is a financial aid program in which a student with financial need may be provided with a job on or off campus. Students may work in various areas including office, clerical, library, bookstore, cafeteria, or buildings and grounds. WSC also participates in the America Reads Program, providing reading tutors to children in grades 1-3 in local elementary schools.

FEDERAL LOANS

Federal Perkins Loan is a loan program in which funds received must be repaid. A student who demonstrates financial need may be eligible for this student loan at the current interest rate of 5 percent. There is a nine month grace period after the student graduates or terminates enrollment on at least a half-time basis before repayment of the principal and interest begins. The student has up to ten years to repay the Perkins Loan. The maximum award amount at WSC is $1500. An entrance counseling session must be completed before the Perkins Loan is disbursed.

Federal Stafford Loan is a loan program available to students who are found to have a financial need. This low interest loan is made to a student by a lender such as a bank or credit union, to help pay for college expenses. The interest rate is fixed at the rate that is determined every July 1. Currently, depending upon eligibility, a student may borrow up to $3500 as a Freshman and $4500 as a Sophomore.  Visit our reference list of lenders if you would like some assistance in choosing your lender.

All first-time Stafford Loan borrowers must complete the entrance loan counseling requirement before they receive their first disbursement. All first-time Stafford Loan borrowers are required to wait 30 days before receiving their first disbursement.

There is a six month grace period after the student graduates or terminates enrollment on at least a half-time basis before repayment of the principal and interest begins. The student is allowed up to ten years to repay the Stafford Loan.

Unsubsidized Stafford Loan is a non-need based loan program. Students who may not be eligible for any or all of the Stafford Loan may apply for the difference through the Unsubsidized Stafford Loan. Interest will not be deferred while the student is attending college, therefore, the student must pay that interest while in college.  Visit our reference list of lenders if you would like some assistance in choosing your lender.

The Ensuring Continued Access to Student Loans Act was recently approved by Congress and signed by President Bush on May 7, 2008.  This legislation included an increase to the annual maximum of the Federal Unsubsidized Stafford Loan by $2,000 for undergraduate students not to exceed the Cost of Attendance.  Lifetime aggregate amounts for the Unsubsidized Stafford Loan have also been increased.

Federal Parent Loan for Undergraduate Students (PLUS) is a loan available to parent(s) of dependent, undergraduate students. Parents may borrow up to the "cost of attendance" less other aid for each dependent, undergraduate child.

PLUS loans are made by a lender at a fixed interest rate that is determined on July 1 of each year.  Financial need is not a requirement for this type of loan, although approval will be based on credit information. Loan repayment begins 60 days following the disbursement date on the check. The lender should be contacted for an application.  Visit our reference list of lenders if you would like some assistance in choosing your lender.

Additional Unsubsidized Loan for Independent Students is a loan similar to the Unsubsidized Stafford Loan. It is available to independent students who may not qualify for other types of financial aid or who need additional funding to meet the cost of education. The interest rate is fixed.  Visit our reference list of lenders if you would like some assistance in choosing your lender.