FAQs and Tips

Financial Aid can be confusing, so we have compiled a list of questions from past and current students to help you as you apply. Additionally, we have put together a list of tips that we think would be helpful for every student to know as they go through this process. We hope that by providing these resources the financial aid process will be an easy task.

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Frequently Asked Questions

Can I access my financial aid information on myWheaton?

Once you have been accepted into Wheaton College, you can access your financial aid information on the Banner Self-Service link on myWheaton. The Admissions Office sends out instructions for creating a Wheaton email account and a myWheaton account.

Who receives financial aid?

In order for a student to receive federal financial aid and/or institutional need-based financial aid, the student must be eligible to apply. For eligibility information, please visit our Student Eligibility page. All students who are eligible and demonstrate financial need are eligible to receive aid. Approximately 50% of enrolled students receive need based grants. Financial aid is determined through a complex analysis of each family's income, assets, family size, and other variables.

How is financial need determined?

When you complete the Free Application for Federal Student Aid (FAFSA), the federal government sends your FAFSA information to the Financial Aid Office at Wheaton. Our financial aid staff uses this information and the information that you provide on the Wheaton College Financial Aid application to assess your need. Each family is expected to contribute a portion of the parents' income and assets and a portion of the student's earnings and assets. With our Net Price Calculator families can input their data and receive an estimate of their financial aid award at Wheaton College.

What is included in a financial award?

Three types of need-based aid may be awarded: grants, low-interest student loans, and money earned through work-study. Wheaton College also offers several merit-based awards. These include the Blanchard Award, Holmes Award and the National Merit Scholarship, along with music and multicultural student scholarships. There is also other aid available, such as ROTC scholarships and loans that are not based on financial need.

Do I have to accept all of the loan funds that I am offered?

You can choose to reduce the amount of the loan, or refuse it all, and still keep the grant portion of your package. We will offer a loan that is the maximum amount that the student is eligible for. Nevertheless, you do not have to accept the loans for which you qualify. Talk with your Financial Aid Counselor for more information.

How will my financial aid change if I receive an outside scholarship?

We encourage you to investigate all possibilities for assistance, such as scholarships from corporations and private organizations. If you receive awards in an amount that would put your total resources above your demonstrated financial need, your award may be revised to first reduce or remove your federal work study, then your loans and finally your grants.

Can I pay in installments?

Semester bills are due in full on the first Wednesday of classes. The student and parents are responsible to pay for whatever is not covered by financial aid. This does not include those who are participating in a payment plan. The Student Accounts Office has an installment program available to help your family budget their payment. For more information, contact the Wheaton Installment Program at 630-752-5804 or WIP@wheaton.edu.

Are loans available to parents?

There are low-interest Federal PLUS loans available to help parents finance their portion of the family contribution. Parents can borrow up to the amount of the full cost of attendance (financial aid budget) less all financial aid the student is receiving. Parents can apply online at www.studentloans.gov. Visit our Supplemental Loans page for more information.

Will I apply for aid each year?

In making every effort to distribute our financial aid funds as equitably as possible, Wheaton reconsiders the needs of the whole student body annually and distributes the available aid on that basis. For this reason, please keep in mind that you must reapply each year in order to continue receiving financial aid. If your financial situation changes from year to year, you may also see your financial aid increase or decrease based on those changes. Your aid eligibility will be evaluated each year, based on the information that you provide on the current year FAFSA and financial aid application. Students are eligible to apply for financial aid for at least eight full-time semesters. If students require more financial aid for more than eight semesters to complete degree requirements, they may apply for fifth year eligibility through the Registrar's Office.

Will my financial aid change if my circumstances change?

If your family experiences an unforeseen change in financial circumstances, or if you feel you have special circumstances that should be taken into account, please notify our office. We will review your situation for additional consideration.

What if I don't qualify for need-based aid?

Students who do not receive need-based financial aid awards are still eligible to apply for certain other loans, payment plans, and parent loans. These are all made available to help families fit tuition payments into their budgets more easily. Call or e-mail the Financial Aid Office for more information on federal unsubsidized stafford loans and federal parent PLUS loans.

Am I eligible to apply for financial aid?

If you have questions concerning your eligibility to apply for Financial Aid, please visit our Student Eligibility Page.

Where can I get more information?

E-mail your questions to finaid@wheaton.edu or call us at 1.800.362.2674

 

 

 

Frequently Asked Questions

Can I access my financial aid information on myWheaton?

Once you have been accepted into Wheaton College, you can access your financial aid information on the Banner Self-Service link on myWheaton. The Admissions Office sends out instructions for creating a Wheaton email account and a myWheaton account.

Who receives financial aid?

In order for a student to receive federal financial aid and/or institutional need-based financial aid, the student must be eligible to apply. For eligibility information, please visit our Student Eligibility page. All students who are eligible and demonstrate financial need are eligible to receive aid. Approximately 50% of enrolled students receive need based grants. Financial aid is determined through a complex analysis of each family's income, assets, family size, and other variables.

How is financial need determined?

When you complete the Free Application for Federal Student Aid (FAFSA), the federal government sends your FAFSA information to the Financial Aid Office at Wheaton. Our financial aid staff uses this information and the information that you provide on the Wheaton College Financial Aid application to assess your need. Each family is expected to contribute a portion of the parents' income and assets and a portion of the student's earnings and assets. With our Net Price Calculator families can input their data and receive an estimate of their financial aid award at Wheaton College.

What is included in a financial award?

Three types of need-based aid may be awarded: grants, low-interest student loans, and money earned through work-study. Wheaton College also offers several merit-based awards. These include the Blanchard Award, Holmes Award and the National Merit Scholarship, along with music and multicultural student scholarships. There is also other aid available, such as ROTC scholarships and loans that are not based on financial need.

Do I have to accept all of the loan funds that I am offered?

You can choose to reduce the amount of the loan, or refuse it all, and still keep the grant portion of your package. We will offer a loan that is the maximum amount that the student is eligible for. Nevertheless, you do not have to accept the loans for which you qualify. Talk with your Financial Aid Counselor for more information.

How will my financial aid change if I receive an outside scholarship?

We encourage you to investigate all possibilities for assistance, such as scholarships from corporations and private organizations. If you receive awards in an amount that would put your total resources above your demonstrated financial need, your award may be revised to first reduce or remove your federal work study, then your loans and finally your grants.

Can I pay in installments?

Semester bills are due in full on the first Wednesday of classes. The student and parents are responsible to pay for whatever is not covered by financial aid. This does not include those who are participating in a payment plan. The Student Accounts Office has an installment program available to help your family budget their payment. For more information, contact the Wheaton Installment Program at 630-752-5804 or WIP@wheaton.edu.

Are loans available to parents?

There are low-interest Federal PLUS loans available to help parents finance their portion of the family contribution. Parents can borrow up to the amount of the full cost of attendance (financial aid budget) less all financial aid the student is receiving. Parents can apply online at www.studentloans.gov. Visit our Supplemental Loans page for more information.

Will I apply for aid each year?

In making every effort to distribute our financial aid funds as equitably as possible, Wheaton reconsiders the needs of the whole student body annually and distributes the available aid on that basis. For this reason, please keep in mind that you must reapply each year in order to continue receiving financial aid. If your financial situation changes from year to year, you may also see your financial aid increase or decrease based on those changes. Your aid eligibility will be evaluated each year, based on the information that you provide on the current year FAFSA and financial aid application. Students are eligible to apply for financial aid for at least eight full-time semesters. If students require more financial aid for more than eight semesters to complete degree requirements, they may apply for fifth year eligibility through the Registrar's Office.

Will my financial aid change if my circumstances change?

If your family experiences an unforeseen change in financial circumstances, or if you feel you have special circumstances that should be taken into account, please notify our office. We will review your situation for additional consideration.

What if I don't qualify for need-based aid?

Students who do not receive need-based financial aid awards are still eligible to apply for certain other loans, payment plans, and parent loans. These are all made available to help families fit tuition payments into their budgets more easily. Call or e-mail the Financial Aid Office for more information on federal unsubsidized stafford loans and federal parent PLUS loans.

Am I eligible to apply for financial aid?

If you have questions concerning your eligibility to apply for Financial Aid, please visit our Student Eligibility Page.

Where can I get more information?

E-mail your questions to finaid@wheaton.edu or call us at 1.800.362.2674