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Categories of Financial Aid
Winthrop University
administers both
need-based
student
financial aid and
merit-based assistance.
About 60% of the $57 million administered by the University is
based on financial need, with the remainder based on
achievement, skills, and abilities. Whether aid is need-based or
merit-based, there are two distinctive types:
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Gift Aid
» carries no repayment or service requirement
» consists of typically grants and scholarships
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Self-Help
» requires repayment or service in return (typically loans
and employment)
Terminology
As you begin your search for the right college, you should also begin
your search for all available financial aid. First, you need to
understand what is included when you hear the term "financial
aid". Financial aid includes
merit-based aid
and
need-based aid.
Merit-based awards,
usually in the form of scholarships, may be determined in a
variety of ways. Some are academic, while others are awarded on
talent.
Need-based awards,
including grants, student loans and employment are determined
using your family's financial situation, including income,
assets, and number of family members.
Searching for Aid
Merit-Based Aid
Competition is keen in the world of merit-based aid. There are
always more qualified applicants than awards.
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Use
colleges' printed materials and Web sites to determine
scholarships they offer for which you are qualified.
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Visit the
"Scholarship Search" Web sites (several are listed on the
Web page
"
Financial Aid Internet Sites"). Enter your
information as requested for the searches.
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Review your
state scholarship requirements to determine if you qualify,
and if so, how to apply.
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Check out
the application procedures and pay close attention to the
scholarship application deadlines.
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Make sure
you meet the requirements and follow the application
procedures correctly.
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Be
realistic in your expectations. Continue to explore
need-based aid and other options.
Need-Based Aid
Applying for need-based aid is somewhat more structured than the
merit-based process. A common application used by all
colleges to determine your eligibility, known as the
Free Application for Federal
Student Aid (FAFSA) is available
online.
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Visit
college Web sites to obtain information about need-based
programs. Also check to see if they require any forms in
addition to the FAFSA. Note priority filing dates.
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Estimate
your eligibility for need-based aid using one of the
calculators on the various financial aid information Web
sites.
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Complete
the FAFSA as soon after January 1st when you have accurate
tax information.
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Follow the
FAFSA instructions "to the letter." Pay particular attention
to directions regarding whose income is to be reported and
who can be counted as a family member.
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List
federal code numbers of all schools you wish to receive your
application data.
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FAFSA's are completed electronically.
Apply now for PIN to
use in this process. Both the parent who provides
information and the student must have a PIN's.
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Respond
promptly to requests for additional information and/or
documents.
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Investigate
available alternatives, including tuition payment plans and
Parent Loans. Receiving aid for full cost is rare.
Winthrop University participates in the following major financial aid programs:
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Federal Direct Loans – Available to all students enrolled in a degree program who
are US citizens or eligible non-citizens. The maximum loan amounts
for an academic year are $3500 for freshmen, $4500 for sophomores,
$5500 for juniors and seniors, and $20,500 for graduate students.
Students considered to be independent of parental support for
financial aid purposes qualify for increased loan amounts.
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Federal Pell Grants – Available to all undergraduate students who meet the federal
government’s eligibility formula. Pell Grants range from $400
to $4310 for the 2007-08 school year.
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Other Grants – Winthrop
receives funds through the Federal Supplemental Educational Opportunity
Grant and South Carolina Need-Based Grant programs. These funds
are awarded to the neediest students who complete their FAFSA applications
by March 1.
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Federal Perkins Loan – Funds
from this program are made available to the students with exceptional
need and who complete their FAFSA applications by March 1.
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Federal Work-Study – Eligible
students are awarded funds through this program. These students
may work part-time on the campus and are paid for hours worked
every two weeks. The program encourages community service work
and work related to the student’s course of study. The rate of
pay set for work study jobs is at least the federal minimum wage.
Higher wages may be set, depending upon the type of work to be
performed and skill required.
View the work-study
job opportunities available now.
Non Need-Based Programs
Student Loans
Regardless
of a family’s ability to pay college costs, any degree seeking
student who is a US citizen or an eligible non-citizen may be eligible
to receive a federal student loan. For students with financial need
determined by the FAFSA, the loan is
subsidized, which means
the federal government will pay the interest while the student is
enrolled at half time in school.
Students who do not have financial need may borrow an unsubsidized
loan. For these loans, the student is responsible for the interest
while enrolled in school.
If financial aid award will
notify you whether your loan is subsidized, unsubsidized,
or a combination of both.
Scholarships
Various
scholarships are available for the college bound.
Payment Plans
Winthrop University offers a
payment plan
to assist families in managing the cost of college. For a small
application fee, families may divide the cost for a semester into four
equal installments. You may contact
the
Winthrop University Cashiers’ Office at 803-323-2167 for additional
information.
Parent Loans
In addition to student loans, parent loans are available. Parents of
dependent students may borrow through the Federal PLUS Loan any amount
up to the cost of attendance less any financial aid received by the
student. The interest rate is fixed at 8.5%. Repayment begins after the loan is disbursed and can take up to
10 years.
For more detailed information and applications, contact
the
Office of Financial Aid
at Winthrop
University or visit our
Parent Loan page.
Private Loans:
Students who have used all of their federal aid eligibility may apply
for aid from one of the private loan programs.
Information is available on our Private Loan page.
Employment
Student employment opportunities exist on the campus.
On-campus
employment opportunities
may be listed and available in the Office of Financial
Aid. You may visit the
Career
Services Center for off-campus employment opportunities.
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