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Federal Loans

Eligibility for Federal aid is restricted to U.S. citizens or eligible non-citizens with a valid Social Security Number. Applicants must have a high school diploma or a General Education Development [GED] Certificate, or have met other approved state standards for completing high school. Enrollment in an eligible program as a regular student seeking a degree or certificate is required and male students between the ages of 18-25 must register (or have registered) with the U.S. Selective Service.

Federal Supplemental Educational Opportunity Grant (FSEOG): Awarded to those students eligible for the Pell Grant (see below) only. FSEOG awards at Wesley College are limited to Federal funding and are capped at $1000 per eligible applicant per academic year. 

Federal Work Study (FWS): Allows students to work on and off campus earning a specific award amount over a semester or academic year (2 semesters). At Wesley, a student awarded FWS may have their earnings applied to any outstanding balance owed the College for tuition, room and board. FWS awards average $2250 for an academic year.

Parent Loan for Undergraduate Students (PLUS): Available for parents with dependents in college. This loan allows parents to borrow additional funding to pay for a dependent’s college costs not covered by other types of aid. Applicants apply for this loan through a bank and must have a good credit history for approval. The interest rate is 8.50%.

Pell Grant: Eligibility for the Federal Pell Grant is determined by the U.S. Department of Education. Awards are made to undergraduate students only and range from $555 to $5550 an academic year.  

Perkins Loan: A loan available to eligible students that carries a 5% interest rate and does not have to be repaid while the student is enrolled at least half-time (6 credit hours). Federal funding for this type of loan is extremely limited at Wesley College. Awards are made by the Office of Student Financial Planning, and generally range from $500 to $2500 an academic year. 

Stafford Loan: An interest-bearing loan available to eligible students that does not have to be repaid while the student is at least enrolled half-time (6 credit hours). Effective the 2009-2010 school year, eligibility ranges from $5500 for freshman, $6500 for sophomores and $7500 for juniors/seniors each academic year. The interest rate for this loan is 5.60%. 

Click here to find out how to apply for a Federal Loan.

 

Helpful Links:

Free Application for Federal Student Aid

www.fafsa.ed.gov

To Obtain Student Loan History

www.nslds.ed.gov