Financial Aid available to those who qualify and private financing available!
The Financial Planning Department provides assistance for students who, without such aid, would be unable to attend Woodruff. It is the intention of Woodruff to help as many students as possible by providing assistance with grants, scholarships, and loans. Woodruff is able to offer a significant number of student’s financial assistance. We realize that the cost of a Woodruff education, you and/or your family may not be able to provide the resources necessary to fund your college education. We hope that no student will fail to consider attending Woodruff due to financial reasons. The Financial Planning Department at Woodruff is committed to helping you find ways to finance your education. Our staff can help you sort through various types of financial aid through the Federal Student Aid Programs.
- To receive consideration for Federal Financial Aid (Pell, SEOG, College Work-Study and/or Loans) you must complete a Free Application for Federal Student Aid (FAFSA). This can be done electronically at http://www.fafsa.ed.gov.
- It takes about 2-3 weeks to receive the results. This time is shortened considerably if you sign the application electronically. All the instructions are located at the above website.
- Once Woodruff receives the results from your FAFSA, you may have to submit some additional documentation if your application is selected for verification. You will be notified of forms needed. Verification does lengthen the time to process a students’ file; therefore, it is imperative that you respond immediately with the requested documentation.
- To apply for a loan. Students must first complete a Stafford Loan request using the Woodruff Loan Entrance Application located in our forms section.
- Once we have received all applicable information, our normal processing time is 2 to 4 weeks. During peak periods such as orientation, processing may be longer. Therefore, it is imperative to start the process early to ensure that your funds will be available when fees are due.
Frequently Asked Questions:
How do I apply for federal financial aid?
When should I apply?
Can I use my W-2 forms to complete the FAFSA?
Is there someone who can help me complete my financial aid forms?
I live on my own and my parents do not help me, nor do they claim me on their taxes so, why am I not classified as an independent student?
I am an International Student. Am I eligible for Federal Aid?
How do I apply for a loan?
Should I complete the admissions process before I apply for financial aid?
I sent my FAFSA application several months ago and have not heard anything. How can I find out the status?
Can I make changes on my Student Aid Report?
How do I obtain a PIN number?
Grants are awarded based solely on financial need. Grants do not have to be repaid unless, for example, you are awarded funds incorrectly or you withdraw and owe a refund.
Federal Pell Grant
Pell Grants are the foundation of federal student aid, to which aid from other federal and non federal sources might be added. Pell Grants are generally awarded only to students who have not obtained a baccalaureate degree.
Federal Supplemental Educational Opportunity Grant (FSEOG)
FSEOGs are awarded to undergraduate students with exceptional financial need. Federal Pell Grant recipients receive priority. Since there are limited funds available, you should make sure that you apply by the April 1st priority deadline each year.
Long-term, deferred payment student loans are available to qualified students through agreements with banks, credit unions, and other lenders. Loans, unlike grants or work-study, are borrowed money that must be repaid, with interest. Student loans are a serious obligation. It is important to keep track of the amount of money you borrow and remember that your repayment amount will depend on the size of your debt and the length of your repayment period. For more information, visit www.studentaid.ed.gov/pubs.
Federal Stafford (Subsidized) Student Loans
Subsidized loans are based on financial need. The principle is deferred until six months after your last day of attendance at a half-time level. The federal government pays the interest on the loan while you are in school at least half-time, during your six months grace period, and during authorized periods of deferment.
Federal Stafford (Unsubsidized) Student Loans
This loan is a non-need based loan. While the principle is deferred until six months after your last day of attendance at a half-time level, you are responsible for the interest that accrues from date of first disbursement forward. Interest can either be paid while you are in school, or it can be postponed until you enter repayment. If you postpone paying interest, once you enter repayment it will be capitalized (added to principal) thereby increasing the outstanding balance on which interest accrues daily.
Parents can take out PLUS loans for their dependent undergraduate children. These loans are based on a credit check. The amount that can be received is based on the budget of the school minus any other financial aid the student is receiving.