What Is Financial Aid?

Financial aid consists of grants and loans that are designed to help students finance their higher education costs.

Grants

Grants are federal aid that students do not have to pay back, as long as the student finishes the credits for which the grant was received.

Federal Pell Grants are awarded only to undergraduate students who have not earned a bachelor or professional degree. A professional degree would include a degree in a field such as pharmacy or dentistry. For many students, Federal Pell Grants provide a foundation of financial aid to which other aid may be added.

Federal Supplemental Educational Opportunity Grants (FSEOG) are for undergraduate students with exceptional financial need—students with the lowest Expected Family Contributions (EFCs). Priority for FSEOG awards is given to students who receive Federal Pell Grants.

Loans

Loans are borrowed money that you MUST repay, with interest. Repayment begins six months after the student stops attending school at least half-time. The interest rate is variable, but will not exceed 8.25%.

Direct Loans is a program administrated by the U.S. Department of Education. The U.S. Department of Education acts as a lender, providing funds for student loans in the same amount as the Stafford and PLUS offered through the Federal Family Education Loan Program (FFELP).

Students and parents who want to use Direct Loans must complete a Direct Loans Master Promissory Note (MPN). Students and parents can update an existing Direct Loans MPN from another university and use it at Western International University.

Students apply online for federal financial aid at http://www.fafsa.ed.gov.