Financial Aid is Available for Those Who Qualify
- Federal Pell Grant (FPELL)
- Federal Supplemental Educational Opportunity Grant (FSEOG)
- Federal College Work-Study Program
- Subsidized Stafford Loan
- Unsubsidized Stafford Loan
- Federal Family Education Loan Program (FFEL)
- PLUS Loans (Parent Loan for Undergraduate student)
- William D. Ford Federal Direct Student Loans
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CERTIFIED TO PARTICIPATE in the FEDERAL Title-IV, Education Funding Assistance Programs
There are many financial aid programs available at the federal level; it’s just a matter of knowing the various programs that are out there. Our knowledgeable financial aid staff will put together the best programs that fit your needs.
You can apply now for financial aid by completing the Free Application for Federal Student Aid (FAFSA) online. That is one popular way that many students use to pay for their education. The FAFSA is a standard application to help you determine your eligibility for all types of financial aid programs. This can help show if you qualify for federal aid, state aid, campus-based funds, and college scholarships. Our Student Financial Aid staff is happy to assist you in completing the FAFSA if you wish; or they can answer any questions you might have, and ensure that you’ve completed the FAFSA correctly.
The (FAFSA) application needs to be completed yearly to continue receiving financial help. Financial aid is awarded on the basis of need, regardless of sex, age, race, color, creed, or national origin.
Financial Aid Eligibility
Below we have listed the maximum eligibility amounts of federal student grant and loan funds that are available to students under Title IV of the Higher Education Act to the extent they qualify. All grant and loan program eligibility amounts are awarded on an individual student basis, the amounts vary based on the information provided by each student on the Free Application for Federal Student Aid (FAFSA). Information regarding each program will be provided by the RWM Financial Aid Office.
Federal Pell Grant (FPELL)
Maximum award for full time enrollment – $5550.
This federal student grant program is designed to provide assistance to any eligible undergraduate student pursuing post-high school education. Grant amounts may vary from year to year depending upon federal regulations. This program is the foundation for most financial awards.
Federal Supplemental Educational Opportunity Grant (FSEOG)
From $100 to 4000 (subject to respective school’s award allocation).
This federal student grant program is intended to assist undergraduate students who have been determined to have financial need.
The amount of aid disbursed under FSEOG is limited to an annual allocation made to the school by the Department of Education. In determining the amount of FSEOG a student receives, the college first funds students with the greatest need (lowest Expected Family Contribution (EFC).
Federal College Work-Study Program (employment in an approved job is required)
Eligibility up to- Cost of attendance less other financial aid awarded (subject to respective School’s award allocation).
We participate in the Federal College Work-Study Program with award amounts based on demonstrated need. This program is designed to provide part-time employment to enable students to earn money to fund their education. Students employed under the Work-Study Program are generally limited to 20 hours per week during the regular academic period. Students may be authorized to work more hours during vacation periods. Wages vary, depending on the type of work and skill experience required.
Stafford Subsidized Loan
The interest rate on Stafford Loans is 3.4% up to June 30, 2013 for subsidized loans for undergraduate students. The government pays the interest on Subsidized loans while a borrower is enrolled in school at least half time and during certain other periods.
Stafford Unsubsidized Loan
The interest rate on Unsubsidized loans is fixed. It is currently at 6.8 percent for undergraduate students. Unsubsidized loans interest starts accruing from the time the funds are distributed. Student can chose to either pay it while they are in school or let it accrue and be added to the principal balance of the loan.
Federal Family Education Loan Program (FFEL)
The FFEL program offers low interest loans with generous repayment terms to assist students and /or parents in meeting the costs of education. The federal government guarantees loans made under the FFEL program but student will have to choose lender to fund the loan. You have the right to work with lender of your choice and although some colleges do have a preferred lender list, you are not limited to those options because; the federal government backs our loan.
Specific information regarding the loan limits and interest rate may be obtained from the financial aid office.
PLUS Loans (Parent Loan for Undergraduate student)
Eligibility up to – Cost of Attendance less other financial aid awarded. Financial Aid may include grants and loans. These different aid types are combines in an “aid package” depending on your eligibility and need. Once it is determined that you are eligible for financial aid, there are several financial aid programs available to students at this college.
PLUS loans are loans parents can obtain to help pay the cost of education of their dependent undergraduate children. A parent can apply for a PLUS loan that does not have any adverse credit history. The maximum PLUS loan amount a parent can borrow is equal to the cost of attendance, as determined by the school, less any other financial aid the student may be receiving.
PLUS loans are unsubsidized; the borrower is responsible for interest during the life of the loan. There is no grace period on PLUS loans.
PLUS loans have a fixed rate of 8.5 percent.
Median Loan Amount
Note: The Median Loan amount for student participation during July 1, 2013 to June 30, 2014 was $8,321.67* for our Federal Title IV eligible; Communications Technician 100 program.
William D. Ford Federal Direct Student Loans
These loans are basically the same as the FFEL loans described above. The difference is that the US Department of Education is the lender and will disburse the loan proceeds through your school. You and /or your parents will send all your loan repayments to the Department of Education instead of to a bank or lender.
For further information or assitance, please do not not hesitate to call us on: 888.768.0968, our additional contact details can be found here.
