STEP 1: What is Financial Aid?

• Federal Pell Grants: This is the most common form of federal aid. They are need based, provided by the federal government and awarded by schools.
  
  
• Federal Supplemental Educational Opportunity Grants (FSEOG): These grants are awarded by schools and provide assistance for undergraduates with the greatest financial need. The program gives priority to students who receive Federal Pell Grants.

• Federal Perkins Loans: These are available to students who demonstrate the most serious financial need. They are federally funded and awarded by the school. Generally, these loans have the best terms and conditions; however, they are usually small in amount due to limited funds.
  
  
• Federal Stafford (Subsidized and Unsubsidized) Loans: These loans are awarded on the basis of financial need and are regulated by the federal government. Students may be borrowing from a bank, a credit union, or directly from the government. A subsidized Stafford Loan is the loan of first choice, since the government pays the interest while students are in school. Students who do not qualify for a subsidized Stafford Loan may take out unsubsidized Stafford Loans. These students are responsible for paying the interest while still in school, but may postpone payment of interest and principal until after graduation. Any unpaid interest is capitalized once repayment begins.
  
  
• Federal PLUS Loans: These loans are for parents of undergraduate students. They are based on credit history and require a credit check. The interest rate is low and repayment begins within 60 days after the disbursement of funds to the parent.

Work Study
Work study provides students with employment opportunities both on and off campus. Participation in a work-study program is typically based on the student's financial need. Funding for work-study programs can come from either the federal or state level:

• Federal Work-Study Program: This program allows students to subsidize their tuition and expenses with on-campus jobs. To be eligible, applicants must demonstrate financial need.
• State work-study programs work the same as the federal program, the only difference being the source of funding.

For more information, visit frequently asked questions about financial aid or the Federal Student Financial Aid Homepage.

Grants in West Virginia

West Virginia Higher Education Grant - Awarded to eligible West Virginia residents who demonstrate substantial financial need and attend public or private institutions of higher education in West Virginia or Pennsylvania. The amount of the grant fluctuates according to college choice, but awards cannot exceed tuition and fee charges at institutions selected by recipients nor can they exceed demonstrated financial need.

Higher Education Adult Part-time Student (HEAPS) Grant Program - The purpose of the HEAPS Grant Program is to encourage and enable needy West Virginia students to continue their education on a part-time basis at the postsecondary level. Recipients are selected each year by the respective institutions of higher education based on the applicant's eligibility and the availability of funds. HEAPS grants are eligible for renewal consideration until the program of study is completed but not to exceed an additional nine years beyond the first year of the award.

Loans in West Virginia

Medical Student Loan Program - The purpose of the Medical Student Loan Program is to provide loans to needy medical students who are enrolled or accepted for enrollment at the Marshall University School of Medicine, the West Virginia School of Osteopathic Medicine or the West Virginia University School of Medicine. The maximum annual loan amount is $5,000. Students must apply to the financial aid office of the school of medicine they plan to attend. Scholarships in West Virginia

The West Virginia Higher Education Policy Commission (HEPC) administers three (3) scholarship programs:

1. Robert C. Byrd Honors Scholarship - The Robert C. Byrd Honors Scholarship Program, is a federally funded program that offers a merit scholarship to high school seniors. The purpose of the Byrd Scholarship Program is to reward a student's academic excellence in high school and encourage continued progress.
2. Underwood-Smith Teacher Scholarship - The Underwood-Smith Teacher Scholarship Program is a state-funded student aid program that offers undergraduate and graduate scholarships based on academic qualifications and interest in teaching. The objective is for a recipient to obtain a teaching certificate and commit to the pursuit of a teaching career in West Virginia public schools.
3. West Virginia Engineering, Science and Technology Scholarship - The West Virginia Engineering, Science and Technology Scholarship Program is a state-funded program designed to encourage academically talented individuals to pursue careers in these fields. The objective is for a recipient to obtain a degree or certificate in engineering, science or technology and commit to the pursuit of a career in West Virginia.

• West Virginia PROMISE - The West Virginia PROMISE (Providing Real Opportunities for Maximizing In-State Student Excellence) Scholarship Program, approved by the Legislature in 1999, offers each West Virginia high school graduate who completes school in West Virginia with a 3.0 grade point average in the core and overall coursework as well as a composite ACT score of at least 22, with a 20 each subject area or a combined SAT score of 1020, with a 490 in the verbal section and a 480 in the math section, a full tuition scholarship to a state college or university or an equivalent dollar scholarship to an in-state private college.
  
  The PROMISE Scholarship program is based on the student’s achievements and not on his or her parent’s financial resources, the college’s resources, nor other factors.

STEP 2: STUDENT LOANS >>>