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News
H. R. 5715 increases federal Stafford Loan limits for undergraduates. Additional unsubsidized Stafford loan limits for undergraduate students have been increased by federal regulation for loans first disbursed on or after July 1, 2008. The amount of additional eligibility for freshmen, sophomores, juniors, and seniors is $2,000. This amount applies to both dependent and independent undergraduates. Loan amount for graduate students remains unchanged.
Students must complete the process for financial aid application in order to receive this loan. If students have already been awarded financial aid and are interested in these additional funds, they can complete and return an Amended Stafford Loan Request Form to our office. If they are eligible, the form will be processed for the amount requested up to $2,000; if not, students will be notified.
Question: What does 'suggested deadline' mean?
Answer: Our application deadlines are not hard and fast deadlines;they are meant to be guidelines to allow sufficient processing time including time for us to request additional information from you if needed. We understand that, especially with the February 15 deadline, some families will not be able to meet that deadline, so we encourage them to apply as soon as they can once they have their 2007 taxes completed. Turning in an application later means that the award will be processed later, but it is likely that most funds will still be available.
Question: When will I receive my financial aid award?
Answer: Several things must be in place before we can process a financial aid award: 1. We must have the budget for the coming aid year (generally late February); 2. a student must have been accepted into Wheaton College; 3. and a student's financial aid file must be complete (FAFSA, application, and any required verification documents). Then we process new students (freshmen, transfers, and grads) first. After that we start on returning students. Within each category, we process students' awards by date of file completion, i.e. those students whose files have been completed first (all necessary documents submitted) will be processed first.
Federal Student Loan Interest Rates
Fixed - For loans disbursed on or after July 1, 2006
-Unsubsidized Stafford - undergrads and grads: 6.8%
-Subsidized Stafford - undergrads only: 6.0% on loans disbursed on or after July 1, 2008
-PLUS for Parents: 8.50%
-PLUS for Graduate Students: 8.5%
Variable - For interest rates on loans disbursed before July 1, 2006, please contact your lender.
Verification
Some students are selected for a process called "verification." This is a process which asks students (and parents) to submit documentation to verify information given on the FAFSA or on the Wheaton College financial aid application. Approximately 30% of all students are federally selected from the FAFSA data. Other students may be selected by the college based on certain criteria such as the FAFSA filed on tax estimates, discrepancies in information, or additional information needed.
The documents requested may include--but are not limited to--tax returns for 2007, W2s and/or 1099s, and a "Dependent Verification Worksheet for dependent students or an "Independent Verification Worksheet" for independent students or graduate students. Once all documents have been received, financial aid processing can proceed for accepted and returning students.
What does "Verification of Federal benefits required" mean?
If you received a letter or email notification about "Verification of Federal benefits" being required, it indicates that you reported on your FAFSA that someone in your household (as defined by FAFSA criteria) received one or more of the following federal benefits during 2007: Supplemental Security Income (SSI); food stamps; free/reduced price school lunches; Temporary Assistance for Needy Families (TANF); Special Supplemental Nutrition Program for Women, Infants, and Children (WIC). Before a financial aid award can be made, we must receive documentation that these benefits were received and for whom they were received. Acceptable documentation might include a copy of the letter of eligibility from the federal government, or a copy of the document used to receive such benefits (such as an EBT card). If the question regarding Federal benefits was completed in error, and such benefits were not received by someone in the household, please submit a written statement to that effect.
Site updated: June 4, 2008
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