What types of aid are part of a financial aid package at Worsham College?
There are six types of financial aid which include the following:
- Federal Pell Grant-assists students who do not have the financial resources to attend college without assistance. Eligibility is based upon income, tuition at the selected college, academic year of the student, default status, registration status, satisfactory academic progress and the amount of grant funds received at prior enrollment
- Subsidized Stafford Loan-is a need-based, low interest loan. If you are eligible for a subsidized Stafford loan you will not be charged interest while you are in school, and six months after graduation or withdrawal. The Federal government pays (subsidizes) the interest during these periods. The student will pay a nominal origination/guarantee fee for the loan, because of this deduction, the student will receive slightly less than the amount borrowed to apply to their tuition account. For example, if a student borrowed $3500.00 on a Subsidized Stafford Loan, the disbursed amount would be $3474.00.
- Unsubsidized Stafford Loan-is not awarded on the basis of need. For unsubsidized loans, you will be charged interest from the time the loan is disbursed until it is paid in full. A student may choose to defer payment of interest while attending classes and during any grace or deferment period. However, if interest is allowed to accrue (accumulate) during these periods, it will be capitalized; This means that interest will be added to the principal amount of your loan, and additional interest will be based on that higher amount. The student will pay a nominal origination/guarantee fee, because of this deduction, the student will receive slightly less than the amount borrowed to apply to their tuition account. For example, if a student borrowed $6000.00 on the Unsubsidized Stafford Loan, the disbursed amount would be $5937.00.
- Parent Plus Loan, (for dependent students only)-This option allows parents to borrow on their dependent student’s behalf. The interest begins to accrue on the date of the first disbursement, and payment is the responsibility of the borrow. Payment of interest may be deferred until after the student graduates, however, the parent must contact the loan servicer to make these arrangements, it will not be done automatically. Like the Stafford Loans above, a parent will pay an origination/guarantee fee, because of this deduction, the student will receive slightly less than the amount the parent borrowed to apply to their tuition account. For example, if a parent borrowed $13200.00 on the Parent Plus Loan, the disbursed amount would be $12642.00.
To determine eligibility for items #1-#4 above, the student (and parents if applicable), must complete the FAFSA (Free Application for Federal Student Aid).
5. Scholarships-are available from numerous funeral service organizations and foundations. Please check your Worsham email regularly for applications and deadlines. Also see FAQ
6. Veteran’s Administration-Montgomery and the Post 9/11 GI Bills-for eligibility information please go to https://explore.va.gov/education-training.