Federal Student Aid | Williston State College

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Federal Student Aid

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INTRO PARAGRAPH(S)

Types of Aid

INFO
 
Grants
A financial aid grant is money to help a student pay for college or career school. A grant is a form of financial aid that doesn’t have to be repaid, except under certain circumstances. Types of grants include:
Federal Pell Grants
A Federal Pell Grant is awarded to undergraduate students who have not earned a Bachelor or professional degree. It is available to students attending full or part time. The award amount is determined by the student’s EFC, which is calculated by completing a FAFSA.

The Pell Grant amount a student receives can change depending upon the number of credits a student is enrolled in.
  • 12+ credits  = Full-time
  • 9-11 credits = Three-quarter time
  • 6-8 credits   = Half-time
  • 1-5 credits   = Less than half-time
 
The maximum Federal Pell Grant amount for each academic year may vary and is determined by federal funding and the Department of Education. There is no priority funding deadline to apply for this grant.

Federal Pell Grant award is based on enrollment status and percentage/dollar amount.
  • 12 + Credits - 100%
  • 9-11 Credits  - 75%
  • 6-8   Credits  - 50%
  • 3-5   Credits  - 25%
Federal Supplemental Educational Opportunity Grants (FSEOG)
A Federal Supplemental Grant (FSEOG) is awarded to students who demonstrate exceptional financial need, determined by completing FAFSA, and who have not earned a Bachelor or professional degree.

The amount received varies depending on your financial need, when you apply, the amount of other aid you get, and the availability of funds at your school.

To maintain the FSEOG, enrollment must remain as an undergraduate student and must not have previously earned a bachelor’s degree. It is determined by completing the FAFSA on an annual basis.
North Dakota State Grant
The North Dakota State Student Incentive Grant Program provides approximately $7,900-8,500 non-repayable grants to North Dakota residents pursuing their undergraduate degree and who attend North Dakota's public, private (not-for profit), and tribal colleges. The purpose of this need-based grant is to assist students with their cost of attending a North Dakota post-secondary institution. A State Grant also reduces the amount of money a student needs to borrow for his or her education.

To be eligible for State Grant consideration, a student must meet all the following requirements:
  • Be a citizen or permanent resident of the United States, and a North Dakota resident.
  • Be a high school graduate, or hold a General Equivalency Diploma (GED), and be able to meet all requirements for admission at an eligible institution.
  • Payment will be based on your enrollment status as defined by the college you attend at the time of financial aid census.
  • Use the Grant at an eligible college in North Dakota.
  • Enroll in a program of at least one academic year as defined by your college.
  • Be a first-time undergraduate student during the period of award.
  • Not be in default on any federal financial aid loans.
  • Not owe a refund on any Title IV grants or loans.
  • Not have received State Grant funding for more than 8 semesters.
  • Must maintain Satisfactory Academic Progress as determined by the college.

The application for this Grant is the Free Application for Federal Student Aid (FAFSA).

Award Amounts Based on Enrollment Per Semester
Full time                12+            $975.00 
¾ time                  9-11            $731.00 
½ time                  6-8              $487.00 
¼ time                  3-5              $243.00 
less than                 3                  $0.00 

The award amount may be downward adjusted based on unmet need and enrollment status.

For more information, visit NDUS Financial Aid Information.
Loans
An education loan is a form of financial aid that must be repaid with interest. Eligibility may be based on tuition costs and financial need for the loan. Students loans can come from the federal government, referred to as federal student loan, and is determined by completing a FAFSA.
Federal Direct Loans
Eligibility for need-based loans is based on results of the Free Application for Federal Student Aid (FAFSA) and on receipt of other types of financial assistance, such as scholarships and grants.

Federal Direct Subsidized Loan | The Federal Direct Loan is subsidized by the Federal Government, which means the Federal Government pays the interest while the student is in school. Students need to complete the Free Application for Federal Student Aid to qualify for this program. The Federal Direct Loan is awarded based upon the financial need of the student. There is no priority deadline to qualify for this program. Students need to enroll at least half-time to be eligible for this program.

Federal Direct Unsubsidized Loan | The Federal Direct Unsubsidized Loan is not subsidized by the federal government. Therefore, the student is responsible for paying interest on the loan while they are in school. If you choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan). Students need to complete the Free Application for Federal Student Aid to qualify for this program. There is no priority funding deadline to qualify for this program. Students need to enroll at least half-time to be eligible for this loan.

The following chart shows the annual and aggregate limits for subsidized and unsubsidized loans.
 
Year Dependent Students (except students whose parents are unable to obtain PLUS Loans) Independent Students (and dependent undergraduate students whose parents are unable to obtain PLUS Loans)
First-Year Undergraduate Annual Loan Limit $5,500 - No more than $3,500 of this amount may be in subsidized loans. $9,500 - No more than $3,500 of this may be in subsidized loans.
Second-Year Undergraduate Annual Loan Limit $6,500 - No more than $4,500 of this amount may be in subsidized loans. $10,500 - No more than $4,500 of this amount may be in subsidized loans.
Subsidized and Unsubsidized Aggregate Loan Limit $31,000 - No more than $23,000 of this amount may be in subsidized loans $57,000 for undergraduates - No more than $23,000 of this amount may be in subsidized loans.

$138,500 for graduate or professional students - No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study.
Federal Parent PLUS Loan
Parents of dependent students may apply for a Federal Direct PLUS Loan to help pay their child's education expenses as long as certain eligibility requirements are met. To be eligible for a Direct PLUS Loan for Parents:
  • The parent borrower must be the student's biological or adoptive parent. In some cases, the student's stepparent may be eligible.
  • The student must be a dependent student who is enrolled at least half-time at a school that participates in the Direct Loan Program.  Generally, a student is considered dependent if he or she is under 24 years of age, has no dependents, and is not married.
  • The parent borrower must not have an adverse credit history (a credit check will be done). If the parent does not pass the credit check, the parent may still receive a loan if someone (such as a relative or friend who is able to pass the credit check) agrees to endorse the loan. The endorser promises to repay the loan if the parent fails to do so. The parent may also still receive a loan if he or she can demonstrate extenuating circumstances.
The student and parent must be U.S. citizens or eligible noncitizens, must not be in default on any federal education loans or owe an overpayment on a federal education grant, and must meet other general eligibility requirements for the federal student aid programs. For additional information on eligibility requirements, visit the Federal student aid eligibility page.

For a Direct PLUS Loan, the parent must complete a Direct PLUS Loan Application and Master Promissory Note (MPN). The MPN is a legal document in which the borrower promises to repay the loan and any accrued interest and fees to the Department. It also explains the terms and conditions of the loan. In most cases, one MPN can be used for loans that a parent receives over multiple academic years although a separate Loan Request must be filed for each school year. If the parent previously signed an MPN to receive an FFEL PLUS loan, he or she will need to sign a new MPN for a Direct PLUS Loan.

Complete the PLUS application and MPN online at www.studentloans.gov.

The annual limit on a PLUS Loan is equal to the student's cost of attendance minus any other financial aid the student receives.

For example, if the cost of attendance is $6,000 and the student receives $4,000 in other financial aid, the student's parent can request up to $2,000.

Repayment Plans-The Direct PLUS Loan Program for parents offers three repayment plans-standard, extended, and graduated-that are designed to meet the different needs of individual borrowers. The terms differ between the repayment programs, but generally, borrowers will have 10 to 25 years to repay a loan. To read more about repayment plans, go to Repayment Information.
Additional Loan Information
To review the amount of loans you have borrowed while attending school, please visit studentloans.gov and click on My Financial Aid History.
 
Entrance Loan Counseling | Before receiving a student loan, borrowers must complete an entrance counseling session. This quick and easy interactive counseling session provides useful tips and tools to help you develop a budget for managing your educational expenses and helps you to understand your loan responsibilities You can complete this requirement at studentloans.gov.
 
Master Promissory Note | The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s). Students can complete this requirement at studentloans.gov.
 
Exit Loan Counseling | Prior to graduating or leaving school, Direct Loan borrowers must complete exit counseling. The Direct Loan Exit Counseling will explain your rights and responsibilities as a Direct Loan borrower. Students can complete this requirement at studentloans.gov.

To log in to this site and complete these requirements, you will need the same FSA ID and password that you signed your FAFSA with.
Federal Work Study
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Applying for Aid

Once you have applied to WSC you are able to begin filling out your Free Application for Federal Student Aid (FAFSA).

After your FAFSA has been processed, the Financial Aid Ofiice will notify about your eligibility for financial aid. The financial aid award letter includes information about how to accept aid.
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