TYPES OF FINANCIAL AID
The initial award letter for a school year is sent to the student’s university e-mail address and the e-mail address provided on the most recent FAFSA, if eligible, as well as to the address on file. Updates to the award letter are sent via the university email (with authorization) or to the student’s mailing address (without authorization). Any updates to enrollment, housing or verification may also adjust the award. As notification of additional assistance is received or any other adjustments, a new award letter will be sent out. This may result in multiple award letters during an academic year.
The Pell Grant is a federal grant to help undergraduate students pay for their higher education, specifically his or her first bachelor’s degree. For many students, the Pell Grant provides a foundation of financial aid to which aid from other federal and non-federal sources may be added. Unlike loans, grants do not have to be paid back. Federal Pell Grant eligibility is determined by completing the Free Application for Federal Student Aid (FAFSA). For the 2017-2018 academic year, the Pell Grant ranges from $596 – $5920. Here is some more information regarding the Federal Pell Grant.
Federal Supplemental Educational Opportunity Grant (FSEOG)
To receive an FSEOG, the student must fill out the FAFSA so John Wesley University can determine how much financial need you have. Students who will receive Federal Pell Grants and have the most financial need will receive FSEOGs first and the grant will be awarded on a first-come, first-serve basis. The FSEOG does not need to be repaid, as it is a grant. The amount of the award at JWU is $500 for the year, half for the fall semester and half for the spring semester. The awarded student must attend at least half-time and be pursuing their first bachelor degree. Here is some more information regarding the FSEOG.
Direct Stafford Loans are low-interest loans offered to students to assist them in paying for their post-high school education. The lender is the U.S. Department of Education, rather than a bank or other lending institution. Eligibility for this loan is determined by completing the FAFSA. The student must be enrolled at least half-time per semester to qualify for a Direct Stafford Loan. Here is some more information regarding federal student loans, including limits, interest rates and origination fees. The student MUST complete both an Entrance Counseling and a Master Promissory Note to use a Direct Stafford Loan. These may be completed by logging onto www.StudentLoans.gov with the student’s FSA ID.
Federal Direct Subsidized loan eligibility is determined by the student’s remaining unmet need after completing the FAFSA. This particular loan does not accrue interest while remaining at least a half-time student. Once the student has graduated or is no longer at least a half-time student, the loan will begin accruing interest and the student will be contacted by their assigned servicer to set-up a repayment arrangement. The government takes an origination fee (fee for borrowing from the government) before disbursement (literally paying to the account); therefore, the amount of loan paying onto the account will be slightly smaller than the amount indicated on your award letter. **This is a loan and is the student’s responsibility to repay, if borrowed.** Here is some more information regarding federal subsidized loans, including limits, interest rates and origination fees.
Federal Direct Unsubsidized loan eligibility is determined after completing the FAFSA. This particular loan does accrue interest from the time it has disbursed (literally paid to the account). Once the student has graduated or is no longer at least a half-time student, he or she will be contacted by their assigned servicer to set-up a repayment arrangement. The government takes an origination fee before disbursement; therefore, the amount of loan paying onto the account will be slightly smaller than the amount indicated on your award letter. **This is a loan and is the student’s responsibility to repay, if borrowed.** Here is some more information regarding federal unsubsidized loans, including limits, interest rates and origination fees.
Parent/Graduate PLUS Loan
The maximum amount a parent or graduate student may apply to borrow is equal to the student’s financial aid budget less any other financial aid for which the student has qualified. This is called the “remaining unmet need.” Students must complete a FAFSA and the parent borrower / graduate student must qualify with the Department of Education (DOE). If parents are denied the PLUS loan, the undergraduate student may be eligible for additional Unsubsidized Direct Loan (please note that this counts towards your student’s lifetime Direct Loan limit).
The PLUS Loan is a government loan offered to graduate students or parents of a dependent student to help subsidize to the cost of college. The loan is applied for online and is based on a credit check. If approved, the government will take an origination fee before disbursement. **This is a loan and is the parent’s/graduate student’s responsibility to repay, if borrowed.** Here is some more information regarding federal PLUS loans, , including limits, interest rates and origination fees.
**Please do NOT complete the Direct PLUS loan application prior to June 1st for the fall/award year, or November 1st for spring only, as the credit approval is only valid for a limited period.**
If you have been awarded a Direct Loan, you MUST complete a Direct Loan Master Promissory Note (MPN) and Entrance Counseling before your funds will be released to the school. You may access these documents below and must sign in with your FSA ID.
Parents / Graduate Students wishing to apply for a Direct PLUS Loan should click on the link below and sign in to complete the online application.
- Federal Direct PLUS Loan Application
- Upon determination of credit approval, the parent borrower / graduate student will be notified that he/she must complete a master promissory note at:
- Direct PLUS MPN
- While the loan may be added to the student’s award letter before these requirements are completed, JWU will be unable to pay the loan until completion of the MPN and any other paperwork the student may receive from the Department of Education. This may result in a balance on the student’s account.
Most scholarships offered by John Wesley University require an application and are not applied to the student’s account until the summer. The Scholarship Application and information regarding the various opportunities is available on the Scholarships webpage.
If a student is receiving a scholarship from an outside donor, the donor must submit an award notification on letterhead to the university with the details of the award.
Federal Work Study
John Wesley University provides some opportunities for students to work on campus and earn extra money to pay for personal expenses throughout the year. Students will receive a paycheck every month. Federal Work Study (FWS) eligibility is determined by the student’s unmet need after completing the FAFSA. FWS may be applied for at the beginning of each semester. Because funding is based on hours worked during the semester, this is not an option to cover the direct costs due at the beginning of the semester. Here is some more information regarding Federal Work Study.
College Savings is any money saved by the student and/or parent to help cover the cost of college. Here is some information about saving for college and college savings plans.
This includes any other additional aid the student may receive for the school year, including private loans. Here is some information on other types of financial assistance that may be available to you.
**Please note that if there is additional financial assistance that you will be receiving, they may not be reflected on your award letter; therefore, you want to take those into account when determining your remaining balance.**