Federal Pell Grants
A Federal Pell Grant is a need-based grant that does not have to be repaid. Pell Grants are awarded only to undergraduate students who have not earned a bachelor's or professional degree. (A professional degree would include a degree in a field such as medicine, law or dentistry.)
To determine whether you're eligible financially, the U.S. Department of Education uses a standard formula, established by Congress, to evaluate the information you report when you apply for Federal Aid. The formula produces an Expected Family Contribution (EFC) number. Your Student Aid Report (SAR) contains this number and will tell you if you're eligible.
How much you receive will depend not only on your EFC, but also on your cost of attendance, your enrollment status and whether you attend school for a full academic year or less. You may not receive Pell Grant funds from more than one school at a time.
William D. Ford Federal Direct Lending Program
Eligibility for a Federal Direct Loan is determined by the Office of Student Financial Planning at Wingate University. Direct Loans are made available through the Federal Government and require the completion of a Master Promissory Note.
You may qualify for a Federal Direct Loan based on the results of your Free Application for Federal Student Aid (FAFSA). If you receive a need-based "Subsidized Federal Direct Loan," the interest will be paid by the Federal Government while you are in school at least half-time. If you do not qualify for the interest-subsidized Direct Loan (or you qualify for only a part of the amount of your eligibility as subsidized) you may receive the non-need-based "Unsubsidized Federal Direct Loan." If your loan eligibility is from the Unsubsidized Direct Loan, you are personally responsible for the interest throughout your enrollment and "grace" periods, as well as during the repayment period. All Direct Loans have an origination fee of 1.0%.
2012-2013 Interest Rates:
Subsidized/Unsubsidized: 6.8% Fixed
Academic Year (12 Months) Loan Limits:
| First-year undergraduates |
$5,500 |
| Second-year undergraduates |
$6,500 |
| Third-year undergraduates |
$7,500 |
| Fourth-year undergraduates |
$7,500 |
Note: These amounts include the additional $2,000 unsubsidized loan available for students.
To Obtain a Direct Loan:
- Sign and return one copy of your award letter indicating the amount of the loan you are requesting.
- Go to www.studentloans.gov to complete Undergraduate, or Graduate/Professional, Student Loan Entrance Counseling and sign a Subsidized/Unsubsidized Master Promissory Note (MPN).
- Both the Entrance Counseling and the MPN must be completed before your loan can be finalized. Once all steps are complete, Wingate University will certify your loan for disbursement.
Additional Unsubsidized Federal Direct Loan
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If you are an independent undergraduate (as defined by federal regulations) or a dependent student whose parents are unable to secure a PLUS loan, you may borrow additional unsubsidized Direct Loan funds.
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Academic Year (12 Months) Loan Limits:
|
First-year undergraduates
|
$4,000
|
|
Second-year undergraduates
|
$4,000
|
|
Third-year undergraduates
|
$5,000
|
|
Fourth-year undergraduates
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$5,000
|
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Additional information on Direct Loans may be found here.
Alternative Loans
Alternative Loans may be a more preferred option for you. Lenders generally make available alternative student loans to help fill the gap between the financial aid you receive and the money you still need. These loans are available to creditworthy students, or students with creditworthy co-borrowers. Please visit the link below for up-to-date borrower benefits, interest rates and other information for Alternative loans.
By reviewing the lender websites, you may obtain applications and get more specific information regarding some of the lenders that Wingate University students have historically used. You can also compare interest rates, borrower benefits and fees that may be associated with making the loan.
Federal law requires colleges to certify federal education loans using the borrower's choice of lender and the guarantee agency used by that lender. Based upon this law, you can choose any lender, including one that may not appear on the list provided.
To apply for an alternative loan please visit http://www.wingate.edu/financial-planning/loans#ALT.