Financial Aid
FOR INFORMATION CONTACT: WESLEY COLLEGE Wesley College’s School Code = 001433 Wesley College participates in Federal and state financial aid programs. The College also offers a number of institutional grants and scholarships to eligible applicants. To find out if you qualify, visit our Financial Aid Calculator. Most forms of financial aid can be divided into two categories: Federal and institutional, although there are others (see below). Typically, grants and scholarships do not need to be repaid by the applicant. Loans do need to be repaid – with interest – by the applicant, although most do not require payment while the student is at least half-time (6 credits) each semester. Grants, scholarships and loans all require submission of the Free Application for Federal Student Aid [FAFSA]. Remember to list Wesley College’s code 001433.
*Except as noted, you must complete the Steps to Applying for Financial Aid each academic year that you wish to receive aid. Note that in subsequent years, you must complete the appropriate year FAFSA and DATA SHEET.
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. Academic Competitiveness Grant (ACG): Recipients must be Pell Grant (see below) eligible, and a U.S. Citizen who completed a rigorous secondary school program of study. The award is up to $750 for first academic year students and up to $1300 for second academic year students. 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 $976 to $5350 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%.
Wesley College institutional financial aid is aid funded directly by the College for a variety of programs for students meeting specific eligibility criteria for individual aid programs. Admissions Scholarships: Awarded to new students admitted to the College and may be renewed as the student completes the first undergraduate degree. These scholarships normally carry specific cumulative grade point average requirements for subsequent renewal. For more information on these scholarships, please contact the Office of Undergraduate Admissions at 302.736.2400. Endowed Scholarships: Awarded by the Scholarship Committee at Wesley College to continuing students who meet eligibility requirements set by individual scholarship donors. Awards from these scholarships average $500 annually and are not automatically renewed in subsequent years. Students interested in these scholarships may contact the Office of Student Financial Planning to request an Endowed Scholarship Application at 302.736.2494. Wesley Grant: Awarded to eligible students who complete the appropriate year FAFSA. Students awarded this grant may not normally receive more than $5000 in total aid funded through Wesley Colleges resources, with the exception of an Admissions Scholarship (see above) that sometimes may exceed the $5000 cap. Work-Ship Programs: Students not awarded FWS may be considered for this student work program funded directly by Wesley College. There are normally 58 on-campus positions filled each academic year in the program. Interested students must complete the appropriate year Financial Aid Data Sheet, available at the Office of Student Financial Planning.
The availability of financial aid is not limited or restricted to those funds provided by the Federal government or Wesley College. Alternative Loans: Also referred to as private loans, these are a very viable source of funding to help families meet college costs -- if the applicant is aware that these are interest-bearing loans that will need to be repaid. These loans, having many similarities between them, are offered by a bank or other lending institution and are credit-worthy loans. When investigating these loans, it is wise to compare the interest rates and repayment terms. For more information on available alternative loans, contact the Office of Student Financial Planning Office at 302.736.2494. Civic/Social Groups and Other Organizations: Examples might include a family member’s fraternity or sorority, churches and other religious orders. These can prove an excellent source for scholarship and grant opportunities. Libraries/Internet Access: These often are two of the greatest resources for getting information on scholarships, grants and loans available from sources other than the Federal government and Wesley College. You should avoid services that charge a fee for providing information on scholarships and grants. State Grants and Scholarships: Some states provide residents with grants and/or scholarships. Applicants usually apply for these when completing the appropriate year FAFSA by the state’s filing deadline. You should refer to an appropriate year FAFSA for specific state application deadlines. Applicants should also check with their state scholarship agency to see if grants and scholarship awards may be used at colleges outside of their state of residency. Wesley College ROTC Program: Through a partnering with the University of Delaware ROTC unit, Wesley College students are able to participate in the benefits of the ROTC program. Please seek further information at the following link regarding this program. Wesley College ROTC Program STEPS TO APPLY FOR FINANCIAL AID Any student enrolled, accepted or applying into a program of study, who is either a U.S. citizen or eligible non-citizen, may apply for federal, state and institutional financial aid and a number of private loans. To apply for financial aid, the following steps should be completed to facilitate the timely processing of all aid that a student may be eligible for. Federal and institutional aid is awarded on a first-come, first-serve basis to eligible applicants at Wesley.
Note: Students applying for and receiving the Federal Stafford Loan MPN will only have to submit a loan application in their initial year of borrowing. In subsequent years, the loan may be renewed without completing another MPN, as long as the appropriate year FAFSA for each academic year is completed.
WHAT TO EXPECT ONCE WESLEY RECEIVES YOUR INFORMATION If you listed Wesley College’s code 001433 to receive your processed FAFSA information, it will be forwarded to your state scholarship administration (where applicable) for state scholarship consideration and to Wesley College electronically. Once your completed FAFSA information is received at the College, it will be evaluated to determine if you (and/or your parent(s)) provided all required information to calculate your eligibility for assistance. If, there are no processing issues with your Student Aid Report (SAR) information, you will receive an award letter, usually within two weeks after the SAR information is received at the Office of Student Financial Planning. In the event there are processing issues with your SAR information, the Office of Student Financial Planning will advise you of corrective action you must take. Once all processing issues are resolved and corrected SAR information is received at the College, you will be evaluated for an award offer and subsequently an award letter will be mailed to you.
ONCE YOU RECEIVE THE AWARD NOTIFICATION (AWARD LETTER) Students receiving an award letter will receive two copies, one for signing and returning to the Office of Student Financial Planning within a specified time period and one to keep for their records. Before signing/returning the office copy, students should thoroughly review and understand the award(s) offered. Award offers are not negotiable, as in many instances, the needs-analysis of the processed FAFSA determines Federal award amounts, as well as actual Federal and institutional funding allocations. Students have the right to appeal their initial award by contacting the Office of Student Financial Planning. Award packages are determined based upon financial need.
WESLEY COLLEGE FINANCIAL AID APPEAL PROCESS
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