Federally Funded Financial Aid for Graduate Students
Financial aid is available to those who qualify. If educational expenses are greater than the family’s ability to pay, as determined by a Congressionally-defined formula, a student is considered to be in need of financial assistance. The primary responsibility for financing a college education rests with students, and federal financial aid is provided to supplement the total family contribution and is awarded on the basis of demonstrated financial need.
Application Procedures for Financial Aid
- Wilmington University requires all financial applicants to complete the Free Application for Federal Student Aid (FAFSA) each academic year and strongly urges all students to do so on-line at www.fafsa.gov. If not already done, students must request a FSA ID as the first step in completing the FAFSA on-line. When accessing the FAFSA web site, students who do not have a FSA ID are directed to apply for one. The PIN allows students to electronically sign the FAFSA, which reduces federal processing time to days instead of weeks. The data required on the FAFSA is based on the previous year’s tax information.
- Upon receipt of students’ FAFSA data, Wilmington University will send letters to students indicating what additional documents are needed to complete processing. Students must be fully admitted into an eligible degree program and submit all required documents before financial aid awards will be made.
- Upon receipt of all required documents, a determination will be made by Wilmington University as to the applicant’s aid eligibility. Students then will receive an Award Letter from the Financial Aid office listing the types and amounts of aid offered to them.
- Students who are offered and who accept student loans for the first time at Wilmington University must complete a Master Promissory Note (MPN). Students who have received or who are currently receiving a student loan at Wilmington University do not have to do this, as the MPN is good for 10 years. Applicants will be notified by the direct loan servicer concerning the loan approval and terms.
- In order to be eligible for aid, applicants must be fully admitted into a degree program. In order to actually receive aid, student must begin attending classes for the semester, and must maintain an enrollment of a minimum of five credits per semester in courses that apply to the degree program.
Determination of Eligibility for Financial Aid
In order to be eligible for loans, state grants and scholarships, and institutional scholarships, students must submit the FAFSA. The data from the FAFSA is used to determine the Expected Family Contribution (EFC), which is then used to determine the type and amount of aid for which a student may be eligible. The procedure for completing and submitting the FAFSA is outlined below.
Financial aid applicants must complete an admissions application, submit required admissions documents, and be accepted into an eligible degree program, as no funds can be awarded until the applicant has been officially accepted to the University. Currently, only the following Certificate Programs are eligible for Federal Student Aid funding: Child and Family Counseling, Homeland Security, Mental Health Counseling, Nurse Practitioner, Family, Adult/Gerontology Nurse Practitioner, Legal Nurse Consultant, Educator Nurse, Executive Nurse.
Federally-Funded Financial Aid
There are two types of federal financial assistance: grants and self-help.
Federal grants:
- TEACH Grant. The Teacher Education Assistance for College and Higher Education (TEACH) Grant Program will provide up to $4,000 annually in aid to undergraduate and graduate students who agree to teach as a highly qualified teacher in a “high need” field.
Self-help programs:
- Federal Work-Study Program (FWS).
- Direct Stafford Unsubsidized Loan - This loan is NOT based on need and the student is responsible for paying the interest on the loan from the date of the first disbursement.
- Direct Graduate PLUS Loan - Graduate or professional students are now eligible to borrow under the credit based PLUS Loan program. Students may borrow amounts up to their cost of attendance minus other estimated financial assistance.
Federal financial aid provides assistance with paying for: tuition and fees, books and supplies, transportation costs, modest living expenses, and dependency expenses. This assistance is not meant to provide all living expenses. Rather, the funds are available to assist students to attend college.