Types of Financial Aid
The Financial Aid Office at Wenatchee Valley College will provide applicants complete information about all types of financial assistance available, in an effort to minimize the financial burden of college education.In order for students to qualify for financial aid they must be in an eligible degree or certificate program at Wenatchee Valley College.Visiting students or students that will not receive a degree or certificate from WVC are not eligible for aid.
Students can apply for any of the following financial aid programs by submitting the Free Application for Federal Student Aid (FAFSA) to the processor. Financial aid programs available include grants, federal work-study, and student loans. Grants are a form of gift aid and do not have to be repaid.Work study is part-time employment on- or off-campus. Student loans are a form of aid that must be repaid including interest. For information and applications, contact the financial aid office by phone (509-682-6810) or stop by the office on the first floor of Wenatchi Hall. There are 3 general types of aid:
- Gift aid, which does not have to be repaid (for example, grants and scholarships)
Loans (which do have to be repaid -- though in many cases they can be deferred while in school)
- Work Study (earnings for example through work-study jobs which are supported by state and federal aid)
Generally, gift aid is the most desirable for students, but not all students may be eligible. Self-support is good option, and many studies have shown that students who work part-time while in school tend to do better academically than those who do not. Loans are an important option, but students (and their parents) should borrow sparingly and only as much as needed.
The WVC financial aid staff work to offer students the best package of financial aid that is available based on available financial aid resources, cost of going to school, the student's calculated need, and other factors.
The 2009 Washington Legislature authorized the Higher Education Coordinating Board (HECB) and public institutions of higher education to label all financial aid (except student loans) as Opportunity Pathways.
The intent is to provide students with a clear understanding of available resources to pay for postsecondary education, thereby increasing access to postsecondary education and meeting the needs of local business and industry. For more information about the opportunity overviews of Washington State, go to http://www.opportunitypathways.wa.gov
Grants are gift aid and do not require repayment unless a student fails to maintain satisfactory progress and remain enrolled in class. Wenatchee Valley College awards the Federal Pell Grant, Federal Supplemental Education Opportunity Grant (FSEOG), Washington State Need Grant, and Wenatchee Valley College tuition waiver and grant to eligible students. Grants other than Pell are awarded on a funds available basis. For this reason, timely applications are important.
Federal Pell Grant (PELL)
A Federal Pell Grant, unlike a loan, does not have to be repaid. Generally, Pell grants are awarded only to undergraduate students who have not earned a bachelor's or professional degree. (A professional degree is typically earned after earning a bachelor's degree in a field such as medicine, law, or dentistry.) In some cases, you may receive a Pell grant for attending a post baccalaureate teacher certification program. For many students, Pell grants provide a foundation of financial aid to which other aid may be added.
The Free Application for Federal Student Aid, completed by the student and submitted to the U.S. Dept. of Education is used to process the Pell grant. A Student Aid Report (SAR) will be sent to the applicant. A copy of the SAR will be electronically transmitted to the financial aid office at WVC, where the actual amount of the Federal Pell Grant Award will then be determined. Full awards are based on a minimum of 12 credits. Students taking between 9-11 credits will be awarded on a ¾ time basis, and those taking 6-8 credits will be awarded on a ½ time basis. Students enrolled as undergraduates but who already have a bachelor's degree are not eligible.
Federal Supplemental Educational Opportunity Grant (FSEOG)
The purpose of the FSEOG Program is to provide grants to students who demonstrate a calculated financial need. Students enrolled as undergraduates but who already have a bachelor's degree are not eligible. A student must be enrolled at least half-time (6 credits or more) and must be Pell grant eligible before they can qualify for the SEOG. SEOG funds are limited and not all students will be awarded these funds.
Washington State Need Grant (SNG)
The college is given a specific allotment of money that comes from state appropriations and is available to assist low and lower/middle income Washington residents who enroll in eligible programs. Eligibility is determined using a methodology established by the state and administered by the Higher Education Coordinating Board. The student may receive the grant for a maximum of five years as long as they have not received an undergraduate degree. Five years is equal to 15 quarters. Also, a student may not be awarded the SNG if they have obtained credits that exceeded 125 percent of the published length of his or her program. A student must complete the Free Application for Federal Student Aid (FAFSA) to apply for the SNG. State Need Grant funds are limited and awarded on a first come, first served basis.
WVC Tuition Waiver
These are awarded only to the amount of tuition and are only valid if tuition is not paid by any other agency. If you are awarded a tuition waiver, it cannot be replaced with any other funds.These funds are limited and are not guaranteed to be awarded each quarter or academic year. Generally, if a student is awarded the Pell grant and/or State Need Grant, they will not be awarded the WVC Tuition Waiver.
These grants are limited and may be awarded to resident applicants that are enrolled for at least 3 credits per quarter.These funds are limited and are not guaranteed to be awarded each quarter or academic year. Generally, students are awarded these funds if they do not qualify for other grant funds yet still have financial need as defined by the financial aid office.
Who is considered a Washington Resident?
"Resident" means being a resident of the State of Washington as defined in 28B.15.012(2)(a) through (d) and Board-adopted rules pertaining to the determination of residency. The statutory reference and the complete residency rules are in the "Rules" section of the State Need Grant Manual available in the Student Financial Services office.
William D. Ford Direct Student Loan Program
The Direct Loan program offers long-term loans, which will allow students to postpone paying for a portion of their school expenses until after they graduate or leave school. Repayment begins six months after completion or withdrawal from the program. Wenatchee Valley College participates in the William D. Ford Direct Loan Program (subsidized and unsubsidized).
- Direct Subsidized Loans are need-based. A student's eligibility to borrow is based on financial need as determined by the federal government who pays interest on the loan while the student is in school.
- Direct Unsubsidized Loans do not require a student to show financial need; however, the cost of the student's education must exceed any other financial aid offered. The student, not the federal government, is responsible to pay all interest that accrues on this loan.
- Direct Parent Loan program-(PLUS) PLUS Loans are for parents borrowing on behalf of a dependent child. Interest rates are variable with a cap of 8.5%. Borrowers pay up to 1% in loan guarantee fees and 3% in loan origination fees. A parent may only borrow up to the cost of their student's education, as determined by the college, less any financial aid or other assistance the student may receive. The borrower has the option of beginning repayment on the PLUS loan either 60 days after the loan is fully disbursed or waiting until six months after the dependent student on whose behalf the parent borrowed ceases to be enrolled on at least a half-time basis.
Parent borrowers must:
- Be borrowing on behalf of a dependent undergraduate student
- Be either a U.S. Citizen, U.S. National or eligible non-citizen
- Not be in default on any education loan or owe a refund on any education grant
- Not have an adverse credit history as defined by the U.S. Department of Education
Dependent students must:
- Be either a U.S. Citizen, U.S. National or eligible non-citizen
- Be enrolled or accepted for enrollment at least half-time in a degree or certificate program at an eligible school
- Not be in default on any student loan or owe a refund on any education grant
Loan recipients must maintain 6 or more credits to maintain eligibility for the Direct Loan. If a student's enrollment drops below six credits during a quarter, the college is required by the U.S. Department of Education to cancel the student's loan. The student is no longer eligible to receive any further funds from the original loan application. The student must be re-approved for the receipt of further loan aid.
First-time student loan borrowers will experience a 30 day delay in the release of their student loan check. The college is required to hold loan checks 30 days into the quarter to ensure the student is making satisfactory academic progress. First-time borrowers are required to go through loan entrance counseling when applying for the Federal Direct Loan and loan exit counseling upon leaving Wenatchee Valley College or graduating. Students must complete and submit to the financial aid office a student loan application in order to apply for a student loan.
CALCULATING YOUR MONTHLY REPAYMENT AMOUNT
You can determine your approximate monthly repayment by using the loan calculator at http://mapping-your-future.org/features/loancalc.htm. Borrow carefully and don’t borrow more than what you can repay. Remember your loan repayment will be an additional monthly bill you will have to pay when you graduate. Other useful calculators for calculating your budget, school affordability, loan repayments and loan consolidation are available at: http://www.nela.net/calculators/default.asp?nav_section=11
****New Online Debt Management Tool for Students*****
The U.S. Department of Education (ED) just released a new online interactive loan counseling tool to help students manage their loan debt.
The Financial Awareness Counseling Tool aims to provide students with basic financial management information, such as their current loan debt and estimates of debt levels when interest accrues after graduation.
The tool provides students with five interactive tutorials on topics including managing a budget and avoiding default. Students can also access their individual loan history and receive personalized feedback.
Check this site out for information to help you understand your financial aid and assist you in managing your finances.
Online Loan Entrance Counseling
Direct loan funds will not be disbursed to first-time WVC borrowers until the required entrance counseling has been completed. You will go to the entrance counseling Web site, review your rights and responsibilities as a borrower and complete a short quiz. Once you complete the quiz correctly, the results will be forwarded to the financial aid office. We cannot process your request for a student loan unless you have submitted a FAFSA to our office for the appropriate academic year and have submitted a loan application worksheet, which is available in our office.
Online Loan Exit Counseling
Loan exit counseling is required for loan recipients who cease enrollment at Wenatchee Valley College. You will go to the exit counseling Web site, review your rights and responsibilities as a borrower and complete a short quiz. The results will be forwarded electronically to the financial aid office.
Work-study programs provide part-time employment to eligible students with either on- or off- campus employers. The maximum a student can earn is determined by financial need and funds available. Students can work up to 19 hours per week while school is in session. Every effort is made to place students in jobs that relate to their training. Wenatchee Valley College participates in both the federal and state work study programs.
The Federal Work Study and state-sponsored Washington Work Study Programs are need-based financial aid programs that give students the opportunity to work part time while going to school. Under either program, the employer pays only 20-35 percent of the student's wages; the rest is subsidized by federal or state funds. Work-study students can therefore find jobs and may be able to keep their loan debt down by earning part of their aid eligibility, rather than borrowing more loans.
To apply for work-study assistance, students should indicate on their Free Application for Federal Student Aid (FAFSA) that they are interested in work study. It is recommended that students apply before March 1 each year to ensure availability of funds. Eligible students who indicate that they are interested in work study will receive a Notice of Award (award letter from the financial aid office). If work study is not listed as an award on the letter, students are welcome to contact the financial aid office, Wenatchi Hall, first floor, (telephone: 509.682.6810), to determine if they are eligible.
If you have been awarded work study, you should contact Randy Mitchell at the Career Center in Wenatchi Hall, first floor, near the testing center. She will assist you in job placement and discuss your work options. Her phone number is 509.682.6858.
If you are a continuing student and had work study the prior year, you can request to continue with work study and your same employer.Contact the financial aid office to let us know if you would like to do this.
See the Scholarships Page for more information.