| USA Student Aid |
|
Western States students typically meet their financial needs for the chiropractic program through use of student loan programs that are supported and regulated by the federal government. All UWS students in the Doctor of Chiropractic program are considered to be graduate/professional level. As a graduate level student in a Health Professions course of study, you are eligible for higher annual limits on Federal Direct Stafford Loans than undergraduate and non-Health Professions graduate students. Graduate/professional students are not eligible for Pell Grant or Supplemental Education Opportunity Grant (SEOG) funds. The College Financial Aid Office will assist you in gaining access to available financial aid to meet your cost of education beyond the amount you are able to contribute from your own resources. UWS does not discriminate on the basis of race, color, sex, national origin, age, disability, or sexual orientation in any of its financial aid or scholarship programs. Students may apply for federal student aid on the Web by visiting the FAFSA website (priority deadline is March 1st of each year). UWS’ Federal School Code is 012309 Eligibility To qualify for U.S. financial aid you must meet the following requirements:
Calculating Eligibility The information you provide on your FAFSA is used to determine your Expected Family Contribution (EFC). Statutory formulas take into account untaxed income, assets, the number of people in your household, etc. to determine the EFC. This number appears in the upper right hand corner of your Student Aid Report (SAR). The Financial Aid Office determines your need by subtracting your EFC from the Cost of Attendance (COA), which is also known as the student budget. Example: $42,583 (COA) - $2,750 (EFC) = $39,833 Financial Need You are permitted to receive up to the amount of the COA from all sources, including, but not limited to, Perkins Loan, Stafford Subsidized and Unsubsidized Loans, scholarships, stipends, etc. ALL LOANS MUST BE REPAID AFTER YOU GRADUATE OR CEASE ATTENDANCE. If you decide to accept a loan, you are making a commitment to repay that loan. Loan counseling and debt management information is provided via entrance counseling prior to the first disbursement of federal student loan funds. Information regarding your rights and responsibilities as a borrower will be provided to you during the financial aid acceptance process. It is ultimately your responsibility to repay your student loans on time and in full. How to Apply All eligible students wishing to apply for financial aid should fill out a Free Application for Federal Student Aid (FAFSA). This form is available in January of each year for the upcoming school year. Most students choose to apply online at www.fafsa.ed.gov. If you prefer to apply using a paper application, you may request up to 3 copies of the paper application from the Department of Education by calling 1-800-4-FED-AID (1-800-433-3243). If you are hearing impaired, please call the TTY line at 1-800-730-8913. When you fill out the FAFSA, you will need to enter WSCC’s Federal School Code: 012309. Other Required Information As part of the verification process, you may be asked to submit to the college a copy of your complete federal income tax return and all W-2s, along with a verification worksheet and other documents, as deemed necessary by the Financial Aid Office. There are sometimes additional information sheets that need to be filled out in order to fairly and accurately determine your need. The Financial Aid Office will contact you if further information is needed. Types of Federal Student Loans Perkins Loans The Federal Perkins Loan program carries a fixed 5% interest rate. No origination or guaranty fees are charged. Interest does not begin to accrue until repayment starts. Repayment generally begins nine months after you graduate or otherwise leave school. Perkins loans are available based upon collections received on Perkins Loans that are in repayment status; funds available for these loans may vary substantially from year to year. Funds are awarded to students with the lowest EFCs and who file their FAFSA by UWS’s priority filing deadline of March 1st each year. Subsidized and Unsubsidized Federal Direct Stafford Loans ("Direct Loans") Both the Subsidized and Unsubsidized Federal Direct Stafford Loans have a fixed interest rate of 6.8% and 1% in total loan fees, of which .5% is deducted from each disbursement and the remaining .5% is rebated up-front in anticipation of timely repayment. In the case of the Subsidized Direct Loan program, the federal government pays your interest while you are in school and through the 6 month grace period after you graduate or cease to attend school on at least a half-time basis. The maximum Subsidized Direct Loan is $8,500 for three terms (nine months). For the Unsubsidized Direct Loan, the interest rate is the same, but accrues throughout the life of the loan. You may borrow up to $33,000 in combination from both the Subsidized and Unsubsidized Direct Loan program for every three terms (nine months), depending on other financial aid, scholarships, and assistance. Most students receive the total of $33,000 broken down as follows: $8500 Subsidized Direct Loan plus $24,500 Unsubsidized Direct Loan. Federal Direct Grad PLUS Loans The Direct Grad PLUS Loan program came into existence in July 2006 and allows students to borrow up to the Cost of Attendance, minus any other financial aid (loans, grants, scholarships, VA benefits, etc.) a student is receiving. Grad PLUS loans carry a fixed interest rate of 7.9% and statutory origination and guaranty fees totaling 4%. Of the total 4% in loan fees, 2.5% is deducted up-front and the remaining 1.5% is rebated up-front in anticipation of timely repayment. Grad PLUS loans do not have a grace period after graduation; therefore, repayment begins immediately upon graduation or other periods of non-attendance. Unlike other federal student loans, the Grad PLUS program requires a credit check to determine your eligibility. If you have an adverse credit history, you may be denied a Grad PLUS loan; if this happens, you may re-apply with a credit-worthy cosigner Award Process Financial aid applications are reviewed beginning in April of each year. Only those students who have been accepted for admissions and have filed a FAFSA with our school code (012309) are reviewed. This group also includes any currently enrolled students who have completed their applications. If additional information has been requested, such as tax returns, verification worksheets, etc., your application will be reviewed after all requested documents are received. Financial aid applications are reviewed on a continuous basis throughout the academic year. Once your application has been reviewed, you will receive a financial aid package from the Financial Aid Office. This package will include two copies of your Financial Aid Award Letter listing all of the Perkins and Stafford loan funds you are eligible to receive, along with a letter explaining how to receive the financial aid listed on your award letter. Please sign one copy of your Award Letter and retain the other copy for your records. If you are awarded Perkins Loan funds, a Perkins Loan Master Promissory Note and Perkins Loan Borrower Rights and Responsibilities statement will be enclosed. Instructions on completing the required Entrance Counseling session and Direct Loan Master Promissory Note will also be included in your financial aid package. You are required to complete entrance counseling for each type of loan you will receive. Direct Loan Entrance Counseling All students receiving Federal Direct Loans for the first time at UWS must complete an Entrance Counseling session before receiving Direct Loan funds. To complete the Direct Loan Entrance Counseling session, go to studentloans.gov, sign in using your Federal PIN (this is the same PIN used to file your FAFSA--go to www.pin.ed.gov if you have forgotten your PIN), select “Counseling” in the left sidebar, then “Complete Entrance Counseling.” Note that you can add an email address to which correspondence about your loans can be sent. Direct Loan Master Promissory Note (MPN) To complete your Direct Loan MPN online, go to studentloans.gov and sign in using your PIN (this is the same PIN used to file your FAFSA—go to www.pin.ed.gov if you have forgotten your PIN). Select “Master Promissory Note” in the left sidebar, then “Complete MPN.” The entire MPN process must be completed in a single session lasting no more than 30 minutes. Be prepared to provide reference information (address, phone, etc.) for two people who have known you for at least 3 years. Perkins Loan Entrance Counseling All students receiving a Perkins Loan from UWS for the first time must complete Perkins Loan Entrance Counseling. Perkins Entrance Counseling may be completed at www.mappingyourfuture.org/pe. If you have any questions, you may contact financial aid at finaid@uws.edu Veterans' Benefits Students at WSCC are eligible to use any veteran's benefits they would be eligible to use at a graduate level college, including vocational rehabilitation. If you have questions on eligibility, contact the Veterans Administration Office near you. |
