Financial Aid and Scholarships
Applying for Financial Aid
In order to be considered for financial aid, students must take the following actions.
- Students must complete and submit an application for admission (new students only).
- Students must complete and submit the Free Application for Federal Student Aid (FAFSA) at studentaid.gov/FAFSA. The FAFSA must be submitted annually.
First time borrowers must also complete “Entrance Counseling” and the Master Promissory Note at studentaid.gov/FAFSA
- Students interested in aid for summer must complete a separate application, which is made available in March.
Teach Grant
The Teacher Education Assistance for College and Higher Education (TEACH) Grant Program provides grants of up to $4,000 per year to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families. As a recipient of a TEACH Grant, you must teach for at least four academic years within eight calendar years of completing the program of study for which you received a TEACH Grant. IMPORTANT: If you fail to complete this service obligation, all amounts of TEACH Grants that you received will be converted to a Federal Direct Unsubsidized Stafford Loan. You must then repay this loan to the U.S. Department of Education. You will be charged interest from the date the grant(s) was disbursed. To receive a TEACH Grant you must meet a number of student eligibility requirements. Please contact the WLU Financial Aid staff for additional information.
Work Study
An employment position that is awarded to students showing financial need. The student is awarded work study funds based on the FAFSA. Students apply for available positions through the NEOGOV system. The student receives a paycheck every other week according the WLU payroll schedule. The usual workload per week varies from five to 20 hours. The work-study award is not applied to the student’s bill.
Direct Loan Program
A federal subsidized and unsubsidized loan program available to all students. The maximum loan amount for a graduate student is $20,500. Effective loan interest rates for the 2020-2021 academic year: Graduate loan interest rates: 5.28%. Repayment of the interest and principal begins six months after graduation or enrollment ceases. An Entrance Interview and Exit Interview are also required for any student receiving a Direct Loan. To apply for a Direct Loan, students must complete the FAFSA online at studentaid.gov/FAFSA . Entrance and Exit Interviews must be completed online at studentaid.gov. Graduate students must be enrolled in at least 6 credit hours per semester to qualify for direct loans.
Plus Loan
A federal loan program available to parents and graduate students. A PLUS Loan Data Request Form must also be completed in the Enrollment Services Center or applied for at studentaid.gov. The loan amount is determined either by request or by the eligibility remaining towards the student’s cost of attendance. A credit check is required and will be processed by the Direct Loan Service. The current interest rate is 5.3%. Repayment is made through the Direct Loan Program and begins 60 days after the last disbursement of the loan is received. Usually the last disbursement is received in January. Borrowers have the option of waiting until six (6) months after the student creases to be enrolled on at least a half-time basis.
Scholarships
Some scholarships are awarded by various departments of the university on the basis of students’ majors and/or special abilities. More details can be found on the individual college websites.