What is Federal Student Financial Aid (SFA)?
SFA
is assistance for students enrolled at least half time
in participating schools. It helps to cover school
expenses, including tuition and fees, room and board,
books and supplies, and transportation. The three
types of aid are grants, loans, and work-study.
Grants
Grants
are financial aid that does not have to be repaid.
Grants are for undergraduate students and the amount
is based on need, school cost, and enrollment status.
While most people consider Grants and Scholarships to
be synonymous terms, most Grants are based on financial
need while Scholarships are generally based on academic
merit. More information about grants can be found
at http://www.cfNC.org.
http://www.cfnc.org/static/pdf/home/sc/pdf/G635b.pdf
Loans
Loans
are borrowed money that must be repaid with interest.
Both undergraduate and graduate students may borrow
money. Parents may also borrow money to help offset
educational expenses for dependent undergraduate students.
Maximum loan amounts increase with each year of completed
study. More
information about loans can be found at http://www.cfNC.org.
Types of Loans
Federal Stafford Loans are made to students through two programs:
Direct
Loan Program: Using the Direct Loan Program, students
borrow directly from the federal government. WCU uses
the Direct Loan Program to award Federal Stafford Loans
to students.
Federal
Family Education Loan Program (FFELP): Using the FFELP
program, private lenders provide the funds.
Perkins Loans: WCU uses the limited funds in this program to provide low-interest
loans to the students with the most need.
Federal Plus Loans:
Federal Plus Loans are made to qualifying parents of
dependent undergraduate students.
Work Study
Money
for education expenses paid by the school for on campus
or community-based work. This award is based on
need and is paid to students as they work.
Scholarships
Scholarships are funds awarded primarily for academic merit
that do not have to be repaid.
Where do I apply for Scholarships?
Students
interested in receiving academic merit scholarships
administered by the WCU Admission Office are not required
to complete any additional applications. There
are numerous scholarships that have no direct connection
to WCU, which students can apply for. A
good source for information on both North Carolina scholarships
and national scholarships can be found at http://www.cfNC.org.
Financial
Aid Acronyms/Definitions
FAFSA-
Free Application For Federal Student Aid- main application
used by all schools to establish eligibility for SFA.
SAR-
Student Aid Report-report mailed to student when FAFSA
is processed.
ISIR-
Student Aid Report printed by the school.
SFA-
Student Financial Aid
FAO-
Financial Aid Office
PDA-
Personal Data Application
- Western
Carolina University's institutional
application that is required from all students applying
for federal aid.
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