Federal Grant Programs
A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell grants are awarded to students who demonstrate financial need and have not yet earned a bachelor’s or professional degree. The maximum award for the 2021-2022 award year (July 1, 2021 to June 30, 2022) is to $6,495. The maximum can change each award year and depends on program funding.
The Pell Grant amount awarded will depend on:
- Cost of Attendance
- Enrollment Status
- Estimated Family Contribution
Iowa Tuition Grant
Iowa Tuition Grants are funded by the state of Iowa to its undergraduate residents that demonstrate financial need and attend an independent (private) college in Iowa.
Application for the Iowa Tuition Grant is accomplished by completing a Federal Application for Federal Student Aid (FAFSA). The FAFSA must be received by the processing center by the annual July 1 deadline.
Note: Iowa Tuition Grants are available only to residential Waldorf University students, or Waldorf University Online students who are Iowa residents.
Federal Loan Programs
Federal Direct Loan
Waldorf participates in the William D. Ford Federal Direct Loan Program, commonly referred to as Direct Loans. Direct Loan Program benefits include:
- A guaranteed source of funding for student loans.
- The option of an income-contingent repayment plan or an income-based repayment plan.
- Loan forgiveness for students who entered into public service work. Students in the Direct Loan program who enter into public service jobs may have any remaining balance on their loans forgiven after 10 years of public service work. (While this option does not exist in the FFEL program, students who borrowed within the FFEL program may consolidate their loans into the Direct Loan Program in order in order to take advantage of forgiveness.
- Lender benefits are available to students after one year of payment. (Most lenders offer benefits after a student has been in repayment between two-to-four years.)
- Late fees that are less than those found within the FFEL Program.
Direct Loan Resource Center
Students wishing to receive federal student loans must meet all requirements outlined by the U.S. Department of Education. Some of these requirements include:
- Entrance Interview: To ensure that student loan borrowers understand their rights and responsibilities, the Federal Government requires students to participate in loan counseling prior to receiving a Direct Loan (if they have not previously received a Direct Loan, Federal Family Education Loan or Supplemental Loans to Students Loan).
- Informed Borrowing Consent is an annual loan requirement from the Department of Education. The Department of Educations's IBC process must be completed once each award year for the first loan a borrower receives for that award year starting in 2022-2023.
- Master Promissory Note (MPN): The MPN is a document that must be signed in order to receive a federal student loan. The signed MPN binds you to the federal government as a promise to repay the student loan you intend to take out to help cover your educational expenses and provides valuable information about the rights and responsibilities you have as a borrower.
- Exit Interview: Prior to graduation or exiting school, Direct Loan borrowers must complete exit counseling. The Direct Loan Exit Counseling will explain your rights and responsibilities as a Direct Loan Borrower. Your Federal PIN is required in order to complete the exit interview.
Federal Stafford Loans
Stafford Loans are Federal Student Loans made directly available to college and university students and are used to supplement personal and family resources, scholarships and grants. They may be subsidized by the U.S. government or may be unsubsidized, depending on the student's financial need.
Federal Subsidized Stafford Loans
A Federal Direct Subsidized Stafford Loan is awarded on the basis of the student's financial need and other specific eligibility requirements. The federal government does not charge interest on these loans while borrowers are enrolled at least half-time, during a six-month grace period, or during authorized periods of deferment.
- Based on need
- Interest paid by the federal government while student is in school
- Must be enrolled at least half-time
Federal Unsubsidized Stafford Loans
A Federal Direct Unsubsidized Stafford Loan is not based on the student's financial need, but students must also meet specific eligibility requirements. Interest is charged throughout the life of the loan. The borrower may choose to pay the interest charged on the loan or allow the interest to be capitalized (added to the loan principal).
- Non-need based
- Available to independent students only (with the exception of dependent students whose parents have been denied a PLUS Loan)
- Interest is paid by the student; may be paid during school, or deferred
- Must be enrolled at least half-time
Beginning July 1, 2021 the Subsidized and Unsubsidized Stafford Loan interest rate will be fixed at 3.73 percent for all loans disbursed after that date. The Federal Stafford Loan programs carry both annual and cumulative limits. Your Student Aid Report (SAR) lists your cumulative loans, but it is important to keep records of all of your loan transactions.
|Year/Classification||Base Amount||Additional Unsubsidized Loan Amount||Total|
|Junior or Senior||$5,500||$2,000||$7,500|
|Junior or Senior||$5,500||$7,000||$12,500|
Note: It is important to note that even if a student is financing their education on their own, dependency status is still determined by the school.
Federal Parent Loan for Undergraduate Students
Federal PLUS loans enable parents with good credit histories to borrow money to pay the educational expenses of their children. Each child must be a dependent undergraduate student enrolled at least half-time in an approved college or university.
PLUS Loans allow parents to borrow federally guaranteed low-interest loans to help pay for their child's education. The loans are not based on need, but when combined with other resources cannot exceed the student's cost of education. The interest rate on the Direct PLUS Loan is fixed at 6.28 percent as of July 1, 2021 and deferments apply only to the loan principal, not interest.
Part-time jobs on campus are held by about half of Waldorf’s students. These positions are located in virtually all areas of the University, with widely varied responsibilities. Work-study is money a student can earn to use for their education costs where a student obtains a job on or off campus and is paid an hourly wage. Many students also seek part-time employment in the community of Forest City with local businesses. For more information about work-study programs please contact the Financial Aid office at FinAid@Waldorf.edu or 641-585-8120.