Financial AidFinancial Aid

University of Akron Wayne CollegeUniversity of Akron Wayne College

What is financial aid?

Any assistance used to reduce the amount you must pay

• Grants

• Loans

• Work-Study

• Scholarships

• Tuition reimbursement

• Military Benefits

Grants

Federal Pell Grant

Available almost exclusively to undergraduates . Students

will receive the Federal Pell Grant amount they qualify for

based on financial need. Estimated annual awards range

from $705.50to $5,645 (2013-14) and these grants are

prorated based on the number of enrolled credit hours.

Grants

Federal Supplemental Educational Opportunity Grant

These grants are only awarded to students who meet the

strict need guidelines established by the U.S. Department

of Education, and submit the FAFSA by March 1. You

must be Pell eligible to receive this grant.

Grants

The Teach Grant

A federal grant program for students planning to be

teachers in a high need field within a low-income

school. The University of Akron has set additional

specifications for its TEACH Grant recipients.

Loans

Subsidized Direct Loan

The most popular federal student loan, a Subsidized Direct Loan is awarded based on need as determined from information on the FAFSA form. The U.S. Department of Education pays interest while the borrower is in school and during any grace and deferment periods. The student must be at least a half-time student (six credit hours) and have financial need. The annual loan limit ranges from $3,500 to $8,500 based on grade level.

Loans

Unsubsidized Direct Loan

This loan is not need-based and is given in lieu of, or in

combination with, Direct Subsidized Loans. Terms are the

same as the Subsidized Loan, except the borrower is

responsible for the interest from the date of disbursement.

Loans

Federal Direct Parent Loan for Undergraduate Students (PLUS)

The applicant is the student's parent, who is responsible to begin repayment almost immediately upon disbursement. The interest rate is fixed at 8.5%. If a parent is denied for this loan, the student may be eligible for a Stafford Unsubsidized Loan. To receive the PLUS loan, apply at www.studentloans.gov to see if you qualify.

Loans

Alternative Loans

These are private loans that are generally in the name of the student and may need to have a creditworthy co-borrower. Interest rates, repayment plans and deferment options vary widely among lenders. Be sure to "shop" for the option that is right for your situation since these are loans that are designed to bridge the funding gap when savings, scholarships, grants, federal loans, and other resources are not sufficient.

Loans

Perkins Loan

The Perkins Loan is another need-based loan program. Students must have filed their FAFSA by March 1 to be considered for this program. Interest charged on this loan is 5 percent. As long as a student is in school, the government pays the interest on the loan. Upon graduation, the student has a nine month grace period, and then a 10 year repayment period.

Federal Work Study

The Federal Work-Study Program is a federally funded,

campus-based aid program designed to provide part-time

jobs for eligible students with financial need.

The Office of Student Financial Aid will include this with

other student financial aid information.

Federal Work Study

To be considered for Federal Work Study:

• Submit the FAFSA no later than March 1 each year.

• Students must have financial need. • Students must have a grade point average of

2.25. • Students must be enrolled at least half time (6

credit hours) each semester they are employed.

Who can get federal financial aid?

• U.S. citizen or permanent resident

• High school graduate/GED holder

• Eligible degree/certificate program

• Valid Social Security Number

• Satisfactory academic progress

• No issues with receiving aid in the past

Scholarships

Wayne College offers 33 different scholarships to our

students each year. The criteria for each varies. Some

scholarships are based on financial need while others are

based on academic record. Some require additional

information such as a letter of recommendation or an

essay.

Priority deadline for new students: March 1Priority deadline for continuing students: April 1Deadline for academic year: July 1Deadline for second awarding (spring only): Oct 1

Scholarships

Students attending Wayne may also be eligible for Akron campus scholarships. A list of the scholarships and additional information can be found at:

http://wayne.uakron.edu/admissions/financial-aid/scholarships.dot

Military Benefits

The University of Akron is a “Veteran Friendly” institution

and recognizes its obligations to our students who serve

in the military. We are committed to making your

transition to The University of Akron as smooth as

possible. After all, it is the least that we can do, given the

sacrifices that you have made for our country.

Contact the Student Services Center to speak with our

representative 330-684-8900.

Tuition Reimbursement

Most commonly, tuition reimbursement comes from a

students’ employer. Check with your place of

employment to see if they offer that program and if you

are eligible.

How do I apply for federal student aid?

• Complete the Free Application for Federal Student Aid (FAFSA) as early as possible, it is available January 1 at www.fafsa.gov (this is a free application, if they ask for payment, you are at the wrong website!)

• Use the data retrieval tool on the FAFSA for quicker completion, less chance for error, and possibly avoid having to do verification paperwork

• Scholarship deadline for new freshmen is March 1. For continuing students it is April 1 for priority awarding. Applications are available in the Student Services Center and online at: http://wayne.uakron.edu/admissions/financial-aid/scholarships.dot

How do I apply for federal student aid?

• Within a few days of completing your FAFSA, you will receive confirmation that the application is complete. If you do not, call them (1-800-433-3243)

• After your application is complete, you will receive paperwork from Akron if you are selected for verification

• Be sure to return any paperwork immediately, the awarding process will NOT continue until all documents are received

How do I apply for federal student aid?

• Any documentation requested by Akron can be turned in at the Wayne Student Services Center, we will send it for you

• If no verification is needed, you should receive an award letter (new students only) or check your My Akron Experience (formerly Zipline) for your award

• Call with any questions

How much federal student aid can I get?

In general, this depends on your financial need

• Your financial need is determined by your Expected Family Contribution (EFC) and cost of attendance (COA)

• EFC is determined by the information entered on your Free Application for Federal Student Aid (FAFSA)

• COA is tuition, fees, room and board, transportation and other charges

How much federal student aid can I get?

• Federal Pell Grant: $2775 - $5645

• TEACH Grant: $4,000

• Federal direct Loan: up to $5500

• Federal Perkins Loan: $$200-$1000

I’ve been awarded, now what?

• No action is necessary to receive grants that you qualify for, they will apply to your account automatically

• Loans must be accepted through the My Akron (formerly Zipline) and if you are a first time borrower at Wayne/Akron, you must complete the Entrance Counseling and Master Promissory Note (MPN) at www. Studentloans.gov in order for the school to receive the funds for you

Additional information….

• Federal grants, like the Pell Grant, will be based on the number of credit hours you have (ex: if you are ½ time, you will receive half of your grant amount)

• You must be enrolled in six (6) credit hours or more to be eligible for any loan money you’ve accepted

Quick Reference:

FAFSA website: www.fafsa.gov

FAFSA number: 1-800-4fed aid (800-433-3243)

Akron Financial aid: 330-972-7032

Wayne Student Services: 330-684-8900

Wayne Financial aid: 330-684-8942 or 330-684-8747Information about aid: www.studentaid.gov (types of aid, how to apply, how to avoid scams, who is eligible, etc)