Federal programs require completion of the FAFSA
ACG -(Academic Competitiveness Grant)
Pell eligible Freshmen and Sophomores based on need and academic performance. Freshmen must provide final high school transcript to verify ONLY ONE: advance/honors diploma, rigorous program, or required credits. Freshmen awards are $750. Sophomores are required to have a cumulative 3.0 GPA at the end of their freshmen year and be a U.S. citizen. Sophomore awards are $1300.
SMART - (National Science and Mathematics Access to Retain Talent Grant)
Pell eligible Juniors and Seniors with a cumulative 3.0 GPA and majoring in physical, life, or computer science, engineering, mathematics, technology, or a critical foreign language. Students are required to be a U.S. citizen and take a least one course required for their major each semester. Awards are $4000.
NEW for 2008! TEACH-(Teacher Education Assistance for College and Higher Education Grant) Awards are $4000
In exchange for receiving a TEACH Grant, you must complete a "Agreement To Serve" as a full-time, highly qualified teacher in a high-need field in a public or private elementary or secondary school that serves low-income students. As a recipient of a TEACH Grant, you must teach for at least four academic years within eight calendar years of completing the program of study for which you received a TEACH Grant. IMPORTANT: If you fail to complete this service obligation, all amounts of TEACH Grants that you received will be converted to a Federal Direct Unsubsidized Stafford Loan. You must then repay this loan to the U.S. Department of Education. You will be charged interest from the date the grant(s) was disbursed. Note: TEACH Grant recipients will be given a 6-month grace period prior to entering repayment.- if a TEACH Grant is converted to a Direct Unsubsidized Loan it can not be reversed.
Pell Grant
Requires demonstrated need. Awards range from $976 to $5350.
SEOG -(Supplemental Educational Opportunity Grant)
Requires demonstrated need. Student must be eligible for a Pell Grant. Awards range from $200 to $2,000.
Perkins Loan
Low interest loan offered to students with exceptional need. The 5% interest rate does not accrue during full-time enrollment. Repayment begins nine months after a student ceases to be enrolled at least half-time in any given semester.
Stafford Loans
Virtually all students will be eligible to borrow using this type of loan. Students who have demonstrated need based on the FAFSA will be entitled to borrow a loan which will be subsidized by the government while they are enrolled at least half-time. Students who do not show need will also be eligible to borrow, however, the loan will not be subsidized by the government and interest will begin accruing as soon as the funds have been disbursed. Effective July 1, 2008 annual loan limit for freshmen is $5,500, $6,500 for sophomores and $7,500 for juniors and seniors ($2000 of all limits must be a Unsubsidized Stafford loan). Subsidized Stafford interest rate is 6.0%; Unsubsidized Stafford interest rate is 6.8%. Subsidized Stafford interest rate is 5.6% as of July 1, 2009. VWC participates with the Federal Family Education Loan Program (FFELP) which allows borrowers to choose which lender they want to process and service their loans.
Work-study
Full-time students with proven financial need are eligible to apply for a Federal Work-study Program position and may earn up to $1,500 an academic year by working in a position on campus. The amount of the award depends on when the student applies, financial need and the school funding level. Students who complete the FAFSA by the priority deadline of March 1 and complete the verification process, if selected by the federal government, and pay the deposit or continuing enrollment fee by the specified deadline are given preference. The amount of each check will be based on the number of hours the student worked within the pay period. Students will receive a paycheck twice a month. If "Work-study" is on the Financial Aid Award letter, the student may go online beginning in August to apply for a work-study position. Actual work does not begin until the first week of school.
Parent Loans for Undergraduate Students (PLUS)
Parents may borrow up to the cost of attendance, less any financial aid the student receives. Completion of the FAFSA is not required. Generally, the first payment is due within 60 days after the loan is fully disbursed, and interest begins to accumulate at the time the first disbursement is made. Interest rate is currently 8.5%. VWC participates with the Federal Family Education Loan Program (FFELP) which allows borrowers to choose which lender they want to process and service their loans.