Financial Aid

Quality, Affordability, Value

General Terms and Conditions of Financial Aid

Must maintain qualitative and quantitative Satisfactory Academic Progress (SAP), as defined by the Federal Department of Education, and in keeping with BW requirements for good standing (see information in the BW university catalog).
Must reapply for need-based financial aid each year, including student loan(s).
Must meet all posted deadlines.
Must comply with all requests for information from the FAO, especially regarding federal verification requirements.
Must notify the Financial Aid Office in writing of any changes in enrollment or residency status! (i.e., dropping classes, moving off-campus, etc.)
Student must not have been convicted of any offense involving either possession or sale of illegal drugs while receiving any type of Federal funding including Federal Pell Grants, Supplemental Educational Opportunity Grant, Stafford Loans, Perkins Loans, Federal Work-Study or PLUS loans.

Federal Pell Grant

Free Application for Federal Student Aid (FAFSA) serves as application.
Maximum amount varies depending on federal appropriations and enrollment status (full-time, part-time, etc.).
Undergraduate, degree-seeking (no prior degree), good academic standing.
Eligibility based on financial need, as determined by FAFSA results.
Application deadline: last day of enrollment.

Federal Supplemental Opportunity Grant (SEOG)

BW Grant

Scholarship Renewability

Scholarships are renewable for up to four years (eight full-time semesters) provided you maintain Satisfactory Academic Progress (SAP) and remain in good social standing with the University (refer to the BW university catalog).
If you do not meet SAP and lose your scholarship(s), you may appeal the possible loss of your scholarship by writing a letter to the FAO explaining the reasons for your appeal. The FAO will review appeals and decide whether an exception to the scholarship policy can be made.

Federal Direct Subsidized Loan

Available for degree-seeking or certain certificate-seeking students attending at least half time (six credits for undergraduate students) and maintaining satisfactory academic progress (SAP).
Student must be registered for classes and file necessary financial aid applications including FAFSA.
Eligibility is based on financial need.
Maximum eligibility of $3,500 for first-year undergraduate student per year.
Maximum eligibility of $4,500 for second-year undergraduate student per year.
Maximum eligibility of $5,500 for third-, fourth- or fifth-year undergraduate student per year.
Maximum dependent undergraduate limit through Federal Loan is $23,000.
Cumulative borrowing for undergraduate and graduate student cannot exceed $65,500.

Debt management counseling (called "Entrance Counseling") is required of all first-time loan borrowers.
Repayment begins six months after graduation or when enrollment drops below half-time status, with special deferments available for Peace Corps or volunteer work.
Borrower may take up to 10 years to repay the loan.
A fee of up to 0.5% of the principle amount may be subtracted from approved loan amount.
Interest rate is fixed at 3.4% for the 2012-13 academic year, and is paid by the federal government while student is in school.

Federal Direct Unsubsidized Loan

Meets all terms of Federal Subsidized Loan except:
This loan is not need-based.
The federal government does not pay the interest on your behalf.
Dependent undergraduate students may borrow an additional yearly maximum of $2,000 unsubsidized.
Independent undergraduate students may borrow a yearly maximum of $9,500 as a first-year student, $10,500 as sophomores, and $12,500 as juniors and seniors in subsidized and unsubsidized combined.
Interest rate for Federal Unsubsidized Loans is fixed at 6.8% for the 2012-13 academic year.

Federal PLUS Loan

Available to parents of undergraduate students attending at least half time and maintaining Satisfactory Academic Progress.
Designed to help with the financing of a student's education.
Maximum eligible annual limit is the cost of education minus other aid.
Repayment begins 60 days after the loan is fully disbursed.
A fee of up to 2.5% of the principle amount may be subtracted from approved loan amount.
Interest rate fixed for the 2012-13 academic year at 7.9%.
More information, including online applications, may be obtained from our website: www.bw.edu/finaid/loans/plus

Federal Perkins Loan

Long-term, low-interest loan funded by the federal government, the University and repayment from previous borrowers.
Eligibility for this loan is need based and eligible students are notified via the financial aid award.
Eligible students must be attending full time and maintaining Satisfactory Academic Progress.
Repayment begins nine months after student graduates or leaves BW.
A 5% interest rate will be charged on the unpaid principal during repayment.
Students who are eligible for the Federal Perkins Loan must sign a Master Promissory Note (MPN) online. Students will receive instructions and a Web site link at their BW e-mail address (a few days before classes begin).

United Methodist Loan

Available to undergraduate and graduate students registered at least half time and maintaining Satisfactory Academic Progress.
Student must be an active, full member of a United Methodist Church for at least one year prior to application.
Applications may be obtained through the United Methodist Church Office of Loans and Scholarships (615-340-7345) or on our Web site: www.bw.edu/finaid/loans/UM/.

Private Education Loan

Available through lending institutions to offset cost of education.
Since most private education loans usually have higher interest rates than federal student loans, they should only be borrowed after federal student loans have been requested.
Student may be listed as borrower.
FAFSA filing is not required.
Repayment generally begins six months after graduation or leaving school, although this varies from loan program to loan program.
Fees vary, depending on the type of loan and often whether the student has a co-signer.
Interest rates are variable.
Applications may be obtained through online: www.bw.edu/finaid/loans/

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