Federal Aid Programs
The U.S. Department of Education sponsors the following programs. The links on this page lead to Funding Education Beyond High School published by that agency.
Federal Pell Grant
This is a federal grant awarded to students with high financial need. Pell Grants may range from $400 to $4,310 and need not be repaid. Wheaton requires all students applying for financial assistance to apply for Pell funds via the Free Application for Federal Student Aid (FAFSA) each year.
Federal SEOG Grant
The Federal Supplemental Educational Opportunity Grant (FSEOG) is awarded to students who demonstrate an exceptional need for assistance. Wheaton determines the size of the student's award based on the amount of FSEOG funds available to the college each year. Ranging from $500 to $3,000, these grants need not be repaid.
Federal Perkins Loan
This low-interest federal loan is offered through Wheaton to students with significant financial need. No interest is charged and no payments are required until nine months after the student leaves school. Once repayment begins, interest accrues at 5 percent. The minimum monthly payment is $40 with a maximum 10-year repayment. This loan may be deferred if the student attends graduate school full time. Wheaton determines the size of a student's Perkins Loan based on available funding; awards range from $500 to $4,000 per year. The student signs a master promissory note and completes entrance counseling prior to the first disbursement of the loan.
Federal Direct Subsidized Stafford Student Loan
The federally subsidized direct student loan is funded directly from the Federal Treasury. Stafford loans borrowed after July 1, 2006 have a fixed interest rate of 6.8%, while loans borrowed prior to 7/1/2006 have a variable interest ratewhich is adjusted annually based on the 91 day Treasury Bill rate plus 1.70 percent, with a cap of 8.25 percent. The minimum monthly payment is $50 and the maximum repayment period is 10 years. In addition to the interest, students will pay a loan origination fee that is a percentage of the principal amount of the loan. For 2008-09, the currentorigination fee is 2.5% off of the principal amount of the loan). Students will receive a 1.5% rebate are the time of disbursement, reducing the net impact of the origination fee to 1% of principal and interest begins six months after the student leaves school, graduates, or drops below half-time attendance. Repayment may be deferred if the student goes on to full-time graduate school. Maximum eligibility for freshmen is $3,500, sophomores, $4,500, and juniors and seniors, $5,500. All students are also eligible for an additional $2,000 in Unsubsidized Stafford loan funding.Students who wish to borrow their maximum Direct Stafford loan should contact SFS to speak with a financial aid counselor. Students who apply for alternative financing and have not maximized their federal loan eligibility will be awarded the increased loan limits before certifying the students remaining federal eligibility with a higher cost private loan.
Federal Direct Unsubsidized Stafford Loan
Students who are not eligible for the Subsidized Direct Stafford Loan program are still be eligible to borrow a Stafford loan without the federal interest subsidy. Although repayment of principal is deferred during enrollment, interest does accrue. The student borrower has the option of making interest payments while in school, or having the accrued interest capitalized (added to the principal borrowed prior to the start of repayment.) Freshmen may borrow up to $5,500 for the year, sophomores up to $6,500, and juniors and seniors up to $7,500 per year. Interest accrues at a fixed rate of 6.8%. In addition to the interest, students will pay a loan origination fee that is a percentage of the principal amount of the loan. (For 2008-09, the current origination fee is 2.5% off of the principal amount of the loan). Students will receive a 1.5%rebate are the time of disbursement, reducing the net impact of the origination fee to 1%. Repayment of principal and interest begins six months after the student leaves school, graduates, or drops below half-time attendance. Repayment requires a minimum payment of at least $50 and extends for up to 10 years. Students who wish to apply for the Unsubsidized Direct Stafford Loan must complete the Free Application for Federal Student Aid (FAFSA).
Federal Work Study
This is a campus employment program in which the federal government pays a portion of the student's wage. It is intended to assist with personal expenses (such as travel, books and supplies) during the academic year. While it is the student's responsibility to find a position, Student Financial Services maintains an online job directory of positions available on campus as well as community service opportunities. Wheaton is a participant in the America Reads program, in which federal work study students are placed as reading tutors for preschool and elementary school students. The college holds a job fair early in the fall semester during which students can meet potential campus employers. Wheaton students typically work between eight and ten hours per week; paychecks are issued every other week.
Special Considerations
Federal and state programs are subject to annual appropriations approval. Programs or funding levels may be subject to change based on federal or state budgetary constraints.