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Types of Financial AidTable of Contents Grants and Scholarships
Employment Loans
Grants and ScholarshipsFederal Pell GrantFor undergraduate students, first baccalaureate degree only. Eligibility is based on financial need. The amount of the award ranges from $400 to $4,310 per year, subject to Congressional appropriations, and will be reduced for students who enroll less than full time. Starting with the 2008-2009 school year, the new award ranges are $890 to $4,731 per year. The Federal Pell Grant processor notifies students of their eligibility by sending them the "Student Aid Report" (SAR). Federal Supplemental Educational Opportunity Grant (SEOG)For undergraduate students, first baccalaureate degree only. The Financial Aid Office determines eligibility for this program based on the FAFSA information and funds available. Priority is given to Federal Pell Grant recipients who have demonstrated exceptional financial need. Federal Academic Competitiveness GrantFor undergraduate financial aid applicants who are U.S. citizens in their first or second year of postsecondary education and who have expected family contributions (EFC) that would make them eligible for a Federal Pell Grant and are enrolled full-time in a degree program. The award amount is $750 for the first academic year and $1300 for the second academic year of study. The second year student must have at least a 3.0 cumulative grade point average to receive this award. Federal SMART GrantFor undergraduate financial aid applicants who are U.S. citizens in their third or fourth academic years of study and who have expected family contributions (EFC) that would make them eligible for a Federal Pell Grant and are enrolled full-time in degree program majoring in physical, life or computer science, engineering, mathematics, technology, or a critical foreign language. The award amount is $4000 for each of the third and fourth academic years of study. The student must have a least a 3.0 cumulative grade point average to receive this award. Federal TEACH GrantThrough the College Cost Reduction and Access Act of 2007, Congress created the Teacher Education Assistance for College and Higher Education (TEACH) Grant Program that 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. Effective Dates The first TEACH Grants will be awarded to eligible students for the 2008-2009 school year. Conditions In exchange for receiving a TEACH Grant, you must agree to serve as a full-time teacher in a high-need field in a public or private elementary or secondary school that serves low-income students (see below for more information on high-need fields and schools serving low-income students). 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. Note: TEACH Grant recipients will be given a 6-month grace period prior to entering repayment if a TEACH Grant is converted to a Direct Unsubsidized Loan. Student Eligibility Requirements To receive a TEACH Grant you must meet the following criteria:
High-Need Field High-need fields are the specific areas identified below:
Schools Serving Low-Income Students Schools serving low-income students include any elementary or secondary school that is listed in the Department of Education’s Annual Directory of Designated Low-Income Schools for Teacher Cancellation Benefits. To access the Directory, please go to https://www.tcli.ed.gov/CBSWebApp/tcli/TCLIPubSchoolSearch.jsp. TEACH Grant Agreement to Serve Each year you receive a TEACH Grant, you must sign a TEACH Grant Agreement to Serve that is available electronically at the Department of Education’s website, www.teach-ats.ed.gov. The TEACH Grant Agreement to Serve specifies the conditions under which the grant will be awarded, the teaching service requirements, and includes an acknowledgment by you that you Unsubsidized Loan, with interest accrued from the date the grant funds were disbursed. Specifically, the TEACH Grant Agreement to Serve will require the following:
IMPORTANT REMINDER If you receive a TEACH Grant but do not complete the required teaching service, as explained above, you will be required to repay the grants as a Federal Direct Unsubsidized Stafford Loan, with interest charged from the date of each TEACH Grant disbursement. To complete the Agreement to Serve go to www.teach-ats.ed.gov. ENTRANCE COUNSELING Before you receive a TEACH Grant, regulations require that you complete a counseling session. The counseling session provides information about the terms and conditions of a TEACH Grant service agreement, as well as the rights and responsibilities that apply if your TEACH Grant is converted to a loan. Minnesota State GrantFor undergraduate students that are residents of Minnesota, demonstrate financial need, attend a school in Minnesota and have not exceeded the equivalent of 8 full-time semesters of attendance. Winona State University calculates eligibility for enrollment levels ranging from 3 to 15 credits. Students must submit the FAFSA within 30 days from the beginning of the term in order to qualify for a Minnesota State Grant. See the http://www.ohe.state.mn.us/ home page for further information on the State Grant. Minnesota Child Care Grant Program
MN G.I. Bill
Minnesota Achieve Scholarship Program
Scholarships
WSU Academic Scholarships
Scholarships Awarded by the WSU Financial Aid Office
WSU Foundation Scholarships OUTSIDE SCHOLARSHIPSIn addition to receiving the scholarships described here, each year WSU students also receive thousands of dollars in scholarships from outside sources such as government agencies, professional organizations, civic groups, corporations, sororities and fraternities, foundations, religious groups, educational associations and military/veterans organizations. Directories of these scholarship sources are available in public libraries, high school counselor offices and financial aid offices. You may also access scholarship information on the internet at: http://www.finaid.org/ and http://www.scholarships.com/. Unless disbursement instructions are received from the donor, scholarships are applied to the student account in even increment, half for fall and half for spring. Employment
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| Years | Dependent Undergraduate Student (Base amount) | Independent Undergraduate Student | Additional unsubsidized loan amount, Effective July 1, 2008 | Graduate Student |
| First Year | $3,500 | $7,500 - no more than $3,500 of this amount may be in subsidized loans. | $2000 | $20,500 - no more than $8,500 of this amount may be in subsidized loans. |
| Second Year | $4,500 | $8500 - no more than $4,500 of this amount may be in subsidized loans. | $2000 | $20,500 - no more than $8,500 of this amount may be in subsidized loans. |
| Third and beyond (each year) | $5,500 | $10,500 - no more than $5,500 of this amount may be in subsidized loans. | $2000 | $20,500 - no more than $8,500 of this amount may be in subsidized loans. |
| Maximum total debt from Stafford loans when you graduate | 31,000 (no more than $23,000 can be subsidized) | $57,500 (no more than $23,000 can be subsidized) | $138,500 - no more than $65,500 of this amount may be in subsidized loans. The graduate debt limit includes Stafford loans received for undergraduate study. |
Federal Plus Loans
The law now allows graduate and professional degree students to borrow from the PLUS program. The terms and conditions applicable to parent PLUS Loans (made to parents of dependent students) also apply to PLUS Loans made to graduate and professional degree students. These terms and conditions include: a requirement that the applicant not have an adverse credit history; a repayment period that begins on the date of the last disbursement of the loan; and a fixed interest rate of 8.5%. As with PLUS Loans made to parent borrowers, eligible graduate and professional degree students may borrow under the PLUS program up to their cost of attendance, minus other financial aid received.
Unlike parent PLUS applicants, graduate and professional degree student PLUS applicants must file a FAFSA. In addition, graduate and professional degree students must have their annual loan maximum eligibility under the Stafford Loan program determined by the school before they apply for a PLUS loan.
Although not a requirement if the student will not be receiving any other federal student aid, parents are encouraged to have their dependent children submit a FAFSA so their children can receive the maximum student financial aid they're eligible for. Graduate and professional degree students applying for a PLUS are required to submit a FAFSA.
A 4% origination fee and insurance premium may be charged. Borrowers must begin repaying principal and interest within 60 days of disbursement. However, you may contact the lender for deferment options to make interest only payments. You can compare lender options by checking out the Parent PLUS Loan Lender List, or the Grad PLUS Loan Lender List.
PLUS Pre-Approval and Application
To see if you qualify for a PLUS loan click on PLUS Pre-Approval and Application. If you are eligible, you must complete the PLUS loan application for the loan to process.
If you want to use EAC as the guarantor click here. If completing a paper application, include dollar amount requested. If you want to use Sallie Mae as the guarantor click here.
Student Educational Loan Fund (SELF)
What is the SELF Loan Program?
The Student Educational Loan Fund (SELF) Program is an educational loan provided by the Minnesota Office of Higher Education. The program is unique to Minnesota and the Office of Higher Education is the only lender in the program.
Who may borrow in the program?
Minnesota residents attending eligible post-secondary institutions in-state or out-of-state, and nonresidents physically attending eligible post-secondary institutions within Minnesota are eligible to apply. An eligible school has signed a participation contract with the Office of Higher Education.
How much am I allowed to borrow?
Loan limits for undergraduate student in grade levels 1 through 5 are $7,500 per year. Graduate students may borrow up to $9,000 per year. Cumulative SELF borrowing maximums are$7,500 for grade level 1, $15,000 for grade level 2, $22,500 for grade level 3, $30,000 for grade level 4, and $37,500 for Post Baccalaureate. The maximum cumulative SELF limit for graduate and undergraduate loans is $55,500. The minimum loan amount is $500. The amount borrowed cannot exceed the cost of attendance minus other financial aid for the loan period.
What is the interest rate?
SELF loans are currently being made under Phase IV. As of April 1, 2008 the interest rate is 6.0%. The interest charged is the sum of the margin, which is currently 2.7%, added to the index, which is based on the average rounded to the nearest tenth of one percent of the three-month London Interbank Offered Rates (LIBOR) rate during the previous calendar quarter. There is a cap on interest rate changes of 3% during any 12-month period.
The interest rate will vary quarterly throughout the life of the loan. The interest rate may increase or decrease depending upon changes in the index and/or margin.
Interest rate information is available at http://www.selfloan.org/.
Are there any application, processing, or guarantee fees deducted from my loan?
There are no application, origination, processing, or guarantee fees deducted from your loan.
What are my repayment requirements?
Quarterly payment (interest only) begins within 90 days after disbursement, and continues as long as you are properly enrolled. At termination of study, monthly (interest only) payments begin and continue for up to 12 months. You also may have the option to select an additional two years of interest only payments.
Note: The SELF Loan offers no deferment options to borrowers.
If I transfer to another school or go on to graduate school can I still make interest only payments?
Yes, but ONLY if you transfer before the Transition Period elapses, ONLY if the school to which you transfer is an eligible one, and if you haven't started a required repayment period.What is the maximum repayment period for Phase IV Loans?borrowers with aggregate principal loan balances from all SELF phases that are less than $18,750 shall have a repayment period not exceeding ten years from the borrower's graduation or termination date;borrowers with aggregate principal loan balances from all SELF phases of $18,750 or greater shall have a repayment period not exceeding 15 years from the borrower's graduation or termination date;the loans shall enter repayment no later than seven years after the first disbursement date on the loan.How is my eligibility for a SELF loan determined? There is no minimum income threshold or requirement for the demonstration of financial need. Eligibility is determined by subtracting available financial aid from the yearly cost of attendance. Cumulative SELF loan debt is considered. Every applicant must have the SELF application certified by the financial aid officer, and completed by a credit-worthy co-signer.What is a credit-worthy co-signer? A credit-worthy co-signer is a U.S. citizen or permanent resident, 24 years old unless they are a sibling of the borrower, and then they must be at least 18 years old, with an address in the United States, who has no credit bureau balances discharged through bankruptcy, no garnishments, attachments, foreclosures, repossessions, or suits; no delinquent or unsatisfied credit obligations; or no more than five percent (5%) of credit bureau balances past due. The threshold for acceptable negative credit items is $300. Co-signers are required to have a current credit report. Personal financial statements will no longer be accepted. The Office of Higher Education performs the credit check on each co-signer for each application. To see if your co-signer meets the credit criteria go to http://www.selfloan.org/ click<Apply Online> for credit pre-approval.
What is a credit-worthy co-signer?
A credit-worthy co-signer is a U.S. citizen or permanent resident, 24 years old unless they are a sibling of the borrower, and then they must be at least 18 years old, with an address in the United States, who has no credit bureau balances discharged through bankruptcy, no garnishments, attachments, foreclosures, repossessions, or suits; no delinquent or unsatisfied credit obligations; or no more than five percent (5%) of credit bureau balances past due. The threshold for acceptable negative credit items is $300. Co-signers are required to have a current credit report. Personal financial statements will no longer be accepted. The Office of Higher Education performs the credit check on each co-signer for each application. To see if your co-signer meets the credit criteria go to http://www.selfloan.org/ click<Apply Online> for credit pre-approval.
Why is a credit-worthy co-signer or an in-school payment necessary?
The SELF Program is not subsidized by the federal or state government. Because SELF must pay for itself, continuous payment from the borrower is required, and a credit-worthy co-signer is needed to insure repayment By doing this, SELF Loan is able to keep costs low, and in turn, offer the loan to you at low interest.
Who do I contact if I have questions?
For your existing SELF Loans you may contact Firstmark Services at 651.265.7666, or toll-free, 888.295.0713; or visit their website at http://www.firstmarkservices.com/ For questions on pending SELF Loans you may contact the Office of Higher Education.
Minnesota SELF loan offers an online loan application process. Click here to start the pre-approval process.
MINNESOTA OFFICE OF HIGHER EDUCATION
1450 Energy Park Drive Suite 350
St. Paul, MN 55108-5227
E-MAIL: selfloans@ohe.state.mn.us
Internet: http://www.selfloan.org/
PHONE: 651.642.0567
800.657.3866
TTY Relay: 800.627.3529
FAX: 1-651-642-0570
WSU Short-term Loan (maximum $300)
The WSU Short-term Loan fund is designed to assist students with unexpected expenses. It is a short term loan typically involving repayment between thirty and sixty days after disbursement. Expenses caused by unforeseen family, medical or personal circumstances may be temporarily defrayed through use of this fund. Normal living expenses and educational costs should be financed from other sources.
Payment is due as agreed to and is not based upon the scheduling of student aid disbursements. As the borrower, you should know the due date and be prepared to repay the loan when it is due. Do not allow the loan to become delinquent since registration materials and grade transcripts are held for delinquent borrowers.
Mayo Nursing Loan
The following criteria need to be met for the Mayo Nursing Loan Program:
- Students admitted into the following careers are eligible to apply: Nursing with baccalaureate degree, Medical Technology, Cytotechnology.
- Priority will be given to students who do not qualify for typical loans or have exhausted other sources of financial aid but still are in need of financial assistance.
- The loan amount will not exceed $1,500 per academic year.
- Loan repayment will initially be the loan recipient's responsibility. If however, the loan recipient is employed by Mayo Medical Center at least twenty hours per week in a non-temporary position that requires him/her to have successfully completed the educational program for which he/she received the loan, repayment will be made by Mayo Medical Center. Mayo will repay the loan at the rate of $100 per month beginning at the end of the first month the loan recipient is employed and continuing so long as the loan recipient is employed. Loan recipients are in no way given priority or any assurance of employment by Mayo Medical Center.
- Loan recipients not employed by the Mayo Medical Center will repay their loan directly to Winona State University. Repayment will be at the rate of $100 per month plus 8% interest.
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Application deadline is June 1.
Last Modified: Friday, October 23, 2009 10:01
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