Federal Aid Programs
Federal Pell Grant
This is a federal grant awarded to students with high financial need. Pell Grants may range from $400 to $4,050 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 exceptional 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, which may range from $500 to $4,000 per year. The student signs a promissory note upon arrival on campus in the fall.
Federal Subsidized Stafford Student Loan
This is a federally subsidized student loan available from banks and other lenders. No interest is charged and no payments are required until six months after the student leaves school. At that time, interest begins to accrue at an annually variable rate based on the 91-day treasury bill rate plus 3.10 percent, with a cap of 8.25 percent. The minimum monthly payment is $50 and the maximum repayment period is 10 years. Repayment may be deferred if the student goes on to full-time graduate school. A 3 percent origination fee is deducted from the total amount borrowed prior to disbursement. Repayment of principal and interest begins six months after the student leaves school, graduates or drops below half-time attendance. Maximum eligibility for freshmen is $2,625, sophomores, $3,500, and juniors and seniors, $5,500.
Federal Unsubsidized Stafford Loans
Students who are not eligible for the Subsidized Stafford Loan program may still be eligible for 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). Interest accrues at a variable rate determined annually, with a cap of 8.25 percent. A 3 percent origination fee is deducted from the total amount borrowed prior to disbursement. Freshmen may borrow up to $2,625 for the year, sophomores up to $3,500, and juniors and seniors up to $5,500. Repayment of principal (and interest, if deferred) begins six months after the student leaves school, graduates or drops below half-time attendance. Repayment requires a minimum monthly payment of at least $50 and extends for up to 10 years. Students who wish to apply for the Unsubsidized Stafford Loan must complete the Free Application for Federal Student Aid in addition to the bank loan application; all forms and applications are available from the Office of Student Financial Services.
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.