Federal Aid Programs
You may find a more complete description of the Federal aid programs at http://studentaid.ed.gov.
Federal Pell Grant
A federally funded grant program. Eligibility is determined on the basis of financial need. Eligible students may receive up to $5,550 per year depending on need and federal funding of the program.
Federal Supplemental Educational Opportunity Grant (SEOG)
These federally funded grants are awarded to students demonstrating exceptionally high financial need. Priority in awarding is given to students who have been accepted for admission and whose financial aid application results have been received by February 15. The amount is up to $2,000 at Westminster College.
Federal Perkins Loan
Eligible students who have demonstrated exceptionally high financial need may receive up to $1,500 per year at Westminster College from this Federally funded loan program. No interest accrues while the student is enrolled at least half-time in college. The current interest rate, which is applied after repayment begins, is fixed at 5.00%. Repayment begins within nine months after the student ceases to be enrolled at least half-time. Students must complete the FAFSA by February 15 to be considered.
Federal Stafford Loan
This is the largest Federal aid program currently available to students. All students who file a FAFSA application will be considered for a Stafford Loan. Depending upon a student’s demonstrated financial need, the Stafford Loan may be subsidized (interest does not accrue while the student is enrolled at least half-time in college because it is paid by the Federal government) or unsubsidized (interest begins to accrue upon receipt of the loan). Interest rates are fixed at 6.80% for subsidized loans and 6.80% for unsubsidized loans. The amount a student may borrow ranges from $5,500 to $7,500 per year depending upon the number of credits a student has completed toward his or her degree. Repayment begins six months after the student ceases to be enrolled at least half-time.
Federal PLUS Loan
Parents of dependent students may borrow funds under this loan program. Past credit history is used to determine eligibility. Loan amounts vary, but the PLUS Loan combined with the student’s total financial aid package cannot exceed the cost of attendance. Interest accrues on this loan upon receipt of the funds. Interest rates are fixed at 7.90%. Repayment begins within 60 days after the loan has been fully disbursed.
Federal Work Study Program/College Employment
Students with demonstrated financial need may be eligible for the Federal Work Study Program or College Employment. These programs allow students to work on campus. Students are responsible for securing their own positions; however, the Office of Financial Aid will assist with this process. Typical work awards allow students to earn up to $1,500 per year. This equates to an average of 7.5 hours of work per week (based on minimum wage of $7.25/hr).
Before a student begins working, he/she must submit to Westminster College’s Human Resources Department (located in the Business Office):