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Question of the Week

What is a TEACH grant?

A TEACH grant is a federal grant program to students who plan to teach in a high need field at a low income school for at least four years within eight years of completing an approved teaching program.

Previous Questions

Application (FAFSA)

When are FAFSA on the Web Worksheets available for the new processing Year?

The worksheets for the next processing year are usually available in mid to late November.

What is the best way to keep up to date on my financial aid status during breaks and over the summer?

The best way is to check your WIU e-mail and STARS account regularly. The Financial Aid Office will send e-mail notices to your WIU e-mail and update your financial aid status on STARS when information is needed or changes are made.

When can I apply for financial aid?

The Free Federal Application for Financial Aid (FAFSA) can be filed beginning January 1 for the up-coming academic year. Applicants are encouraged to obtain a Federal PIN and complete a FAFSA worksheet before beginning the FAFSA on the Web.

How often do I need to file the Free Federal Application for Student Aid (FAFSA)?

Applying for Federal Financial Aid is an annual process. Applicants are encouraged to file early.

What are the criteria to be independent?

Independent status is determined by meeting one of the following:

Being 24 years of age or older
Being married
Having dependents who live with you and receive more than half of their support from you
Being an orphan or ward of the court
Being a veteran
Being a graduate student.

Who decides if a student is dependent or independent

Currently, Congress sets the criteria for determining independent status.

Why is financial aid based on my parents information.

Congress requires that a parent, with rare exception, has the primary responsibility of providing for educational expenses until the student reaches 24 years of age.

Is it possible to sign my FAFSA electronically?

Yes, a PIN number may be obtained from the Department of Education.

Billing and Disbursement of Funds

Is it possible to use current federal and state financial aid to pay a previous term's bill?

No. However, some private lenders allow funds from alternative loans to be used for a previous term's bill. Remember that the terms and conditions for alternative loans are less favorable than those for federal student loans.

Does the University offer any payment plans for tuition and room and board charges?

Yes, payment options are available through the Billings and Receivables Office.

When can I expect a financial aid refund?

The earliest refunds are processed for the semester by the Billings & Receivables Office is the weekend before the start of the semester, if the financial aid credited to your university account is greater than your tuition, fees, room and board charges. Refunds are deposited into your checking account. Refunds are processed daily during the semester. Direct Deposit Authorization Information

Books

Is it possible to obtain a short-term loan for books?

It is possible under limited circumstances. The Scholarship Office has funds available for students whose refunds (aid greater than University charges) are not available when the semester begins. Please note that supplemental request for financial aid must be submitted a month before school begins. Requests received two weeks prior to and during the start-up of each semester will be processed after the semester is underway.

Am I able to charge books?

No, Western currently does not have a mechanism for charging books. However, the Scholarship Office does provide short term loans to those who have excess financial aid (aid greater than tuition, fees, room, and board charges) that is unable to be disbursed at the beginning of the semester.

Consortium Agreement

How are funds disbursed to students in a Consortium Agreement?

It depends on the program. Let's look at the three primary programs - Loans, Pell Grants, and MAP:

Loans - All funds are disbursed at the beginning of the term.
Pell - The amount of the grant is dependent on whether a student is half, three-quarter, or full-time. The amount based on Western hours is released at the start of the term. The portion of the grant based on non-Western hours will be released after those hours have been confirmed once the other institution's add/drop date has occurred.
MAP - The amount of the grant based on Western's tuition and fees will be released at the start of the term. If a portion of the grant is based on the other institution's tuition and fees, funds will be transferred to the other institution after the State has released money to Western.

General Information

Where may I find assistance with my Western e-mail account?

You may call 309/298-2092 for assistance.

Do I have a Financial Aid Advisor?

Financial Aid Advisors are assigned by letter of the alphabet. The following are the advisors and their alphabetical assignments:

Janice Wayland A, B, Q
Georgia Cassidy H-J, RJ-RO
Terri Hare PA, RP-RZ ,S
Mary Lawson C, D, PB-PF
Rita King E-G, O, RB-RE
Teri Waugh T-Z
Cindy Ewalt M-N, RF-RI
Pam Griswold K-L, PG-PZ, RA

Graduate Students

Why can't I get a MAP grant for grad school?

MAP (Monetary Award Program) is authorized by the State of Illinois only for undergraduate students. Graduate students seeking assistance may look to other sources of aid like loans from the Financial Aid Office or graduate assistantships through University departments.

Grants

What is a TEACH grant?

Are the Academic Competitiveness (ACG) and the SMART grant programs open to half-time students and eligible non-citizens?

Yes, as of July 1, 2009, both half-time students and eligible non-citizens may participate in both programs. (Revised under Reauthorization)

Loans (Federal Stafford)

Are there new unsubsidized Federal loan limits?

Yes. For loans disbursed on or after July 1, 2008, most borrowers will be eligible to receive $2,000 more in unsubsidized Federal student loans.

What is the process for obtaining a Stafford loan for the academic year?

The following are the steps to obtain a Stafford loan:

Complete a Free Application for Federal Student Aid (FAFSA)
State on the FAFSA that a loan is desired (Item # 27)
Receive an award notification from Western (Check your WIU e-mail)
Sign a Master Promissory Note (MPN) with the lender (only needed on your first loan with a lender while at Western)
Complete entrance counseling on-line (only needed for first time borrowers)
Register for classes (Undergraduates - if not registered for 12 hours, let us know if you plan to register for additional hours)
Funds will be disbursed half each semester to your WIU student account when school begins (Check STARS)(First time, freshmen borrowers must wait until 10 days into the term.)
Don't borrow any more than you need. Note that you may cancel or reduce the amount of the loan any time that you desire.

Is it possible for me to select a home town Federal Stafford lender?

Yes, you may select any lender who participates in the Federal Stafford Loan Program by letting us know the Department of Education lender code. This process will be made easier for you when the selection process is available on STARS by early '08.

What is the difference between subsidized and unsubsidized Stafford loans?

The differences between the two loans is who pays the interest while the borrower is in school. Interest on subsidized loans is paid by the federal government; whereas, interest on unsubsidized loans is paid by the borrower. Eligibility for the interest subsidy is determined by financial information provided on the Free Application for Federal Student Aid (FAFSA).

What is the difference between subsidized and unsubsidized Stafford loans?

What is an Additional Unsubsidized Stafford loan?

This is the name given the additional unsubsidized loan amount that independent students may borrow. Dependent students whose parents cannot borrow PLUS (parent) loan also qualify for the additional amount.

Loans (General)

What is the Department of Education link for loan consolidation?

One should check with your lender first. However, if your lender does not consolidate student loans, you may contact the Department of Education at the following link: http://loanconsolidation.ed.gov

What is the Department of Education link for loan consolidation?

One should check with your lender first. However, if your lender does not consolidate student loans, you may contact the Department of Education

Is a new Master Promissory Note (MPN) required if I have a new lender?

Yes, a new Master Promissory Note is necessary. The new note can usually be signed electronically.

What should I do if my lender drops out of the student loan business.

You won't have to do anything except sign a new promissory note with another lender. Western will help you find a new lender with the same loan benefits and with the same service agency. If you should want to switch to another lender of your own choosing, let us know, and we'll make the arrangements.

Has the reduction in the number of lenders endangered my ability to obtain a Federal Stafford Loan?

No. The reduction in lenders is not expected to prevent WIU students from receiving student loans.

Have any of Western's lenders left the Federal Stafford Loan Program?

Yes, a few have dropped from the student loan program. Those who have dropped are small to medium sized lenders.

Why are some lenders leaving the Federal Stafford Loan Program?

Congressional changes to the student loan program have driven a number of lenders out of the federal student loan program. The recent credit crisis has also added to their departure.

May I reduce or cancel my loan?

Yes, do not borrow any more than you absolutely need to meet educational expenses. Remember you may reduce or cancel your loan at any time.

What is the average indebtedness for a Western student at graduation?

The average indebtedness for a May '06 graduate was $15,955.

How can I cancel all or part of a loan that I have received?

Go to your STARS account. Under Financial Aid Information, select the appropriate award year, click on Financial Aid Awards, and select the loan you wish to revise. Please remember that if you have both subsidized and unsubsidized loans, you should cancel or reduce the less desirable unsubsidized loan first.

How do I request a loan or ask for additional loan funds if I have already received an award letter?

You may do so by going to www.fa.wiu.edu, clicking on Ask a Question, and making your request.

What would the average payment be for a loan of $15,955 with the interest rate at 6.8%?

The monthly payment would be $183.61. To calculate the monthly payment for your loan amount, go to ISAC's Loan Repayment Calculator.

How do I request a Federal Stafford loan?

You will automatically be considered for a Federal Stafford loan if you checked that you would like to be considered for loans on the Free Application for Federal Student Aid (FAFSA).

Loans (PLUS- Federal Parent Loan)

How can a dependent student borrow an Additional Unsubsidized Stafford Loan?

A dependent student may borrow the additional amount by providing a copy of the parent's PLUS rejection letter and indicating to the Financial Aid Office that the student would like the unsubsidized loan.

What is a PLUS loan?

PLUS stands for Parents Loan for Undergraduate Students. It's a federal loan designed to pay for educational expenses after grant and Stafford loan eligibility have been used. Interest is paid by the borrower. Repayment of the loan principle begins 60 days after the full disbursement of the loan. Here are some facts about the PLUS loan:

Maximum loan amount = cost of attendance, including miscellaneous costs, less all other aid received.
The interest rate is 8.5% accruing from date of first disbursement.
First repayment is due 60 days after date of second disbursement.
Deferment allowed by some lenders - check with your lender

Loans (Private Alternative)

Will applying for an alternative (private) loan affect my credit score?

Yes, each application for an alternative loan affects a credit score by approximately 5 points. When considering an alternative loan, do your research and make sure that is the lender you wish to use before submitting an application.

Military Programs

Are the Veterans Grant and the GI Bill Benefits (Veterans Educational Benefits) two separate programs?

Yes. The Illinois Veterans Grant (IVG) is a state program. The application is submitted to the Illinois Student Assistance Commission (ISAC). Once approved, the credit will be applied to your University account for tuition and mandatory fees. The GI Bill Benefits is a federal program. The application is submitted to the Department of Veterans Affairs. Once approved, you will self-certify on STARS each semester after which you will receive a monthly check directly.

Is it possible to have an Illinois Veterans Grant (IVG), the G.I. Bill (federal Veterans Educational Benefits), and student financial aid at the same time?

Yes, it is possible. However, all are separate programs and each program requires a separate application. The applications may be found at the following web sites:

Which educational costs does my Illinois National Guard (ING) grant cover?

The Illinois National Guard grant covers tuition and one fee (activity).

Why would my Illinois National Guard (ING) grant not be credited to my student account?

The ING grant requires an annual application. If you have already applied, have received confirmation of eligibility from the Illinois Student Assistance Commission, and are a registered student, please contact us.

Personal Finance

Financial Tips

Usually don't lend money to friends. It can really complicate friendships and you may never get the money back.
Always be discerning!!! If a salesperson tells you something is too good to be true, it usually is. Read the fine print carefully.
Live frugally. Don't try to replicate another person's lifestyle. Live a little below what your finances suggest and save the rest.

Can you provide a good financial tip?

Try not to borrow money any time a depreciating asset is purchased.

Why shouldn't I borrow money to purchase a depreciating asset?

Borrowing money costs you and usually limits your ability to save and to be financially successful.

Can you provide a second financial tip?

Never borrow more than you can repay. This also goes for student loans.

Is there another financial tip?

Attempt to always pay off your highest cost debt first.

How can I prevent identity theft.

Check out CashCourse, Preventing Identity Theft.

Where can I learn more about credit and debit cards?

More can be learned at CashCourse, Dealing with Debit and Credit Cards.

What is CashCourse?

CashCourse is a personal financial planning and money management web site for college students

What is a FICO score?

It is a scoring system with a range from 300 to 850. The higher the number, the less risk there is for the lender. To provide an idea of the distribution of scores nationally, the median score is 723.

What is the most commonly used credit score?

The FICO score. FICO is an acronym for its developer, the Fair Isaac Corporation.

What is a credit rating or score?

It is the numerical rating that lenders use to determine the risk associated with a borrower.

Why is creditworthiness important when I apply for an alternative educational loan?

It is important because the interest rate and fees are determined by your credit rating.

If I owe $3,000 on a credit card that charges 18% interest, how long will it take me to be debt free by making monthly payments of $75?

It will take 263 months (almost 22 years). During that time, you will pay $4,115.44 in interest.

Is there a web site that I can go to and learn more about opting out of credit card and loan solicitations?

Yes, go to the Federal Trade Commission Then, to actually opt out of some of the solicitations visit Opt Out Prescreen

Where can I find helpful information on money management, credit cards, and personal finance?

As a start, check "Hot News" each week. The "Financial Tip of the Week" links to the award winning service at the University of Missouri Office for Financial Success. Additional information may be found at the Financial Aid Office's "Frequently Used Links(left side). Click on "Tools and Links"(right side).

Is creditworthiness important for me as a student?

Yes. It is particularly important for anyone that needs an alternative educational loan.

STARS/E-mail

Should I use my WIU e-mail account when e-mailing the Financial Aid Office?

Yes. Many times other e-mail accounts have virus protection that rejects the WIU response. To insure that you receive a response from the Financial Aid Office, the WIU e-mail account should always be used.

Should I check my WIU E-mail or STARS account over the summer?

Yes. You should check both regularly, even over the summer, particularly if you are applying for financial aid. Your STARS or E-mail accounts will contain the most recent information regarding your financial aid as well as other University information.

Summer School

What financial aid is available for summer school?

Normally, loans are the only federal aid available during the summer. The one exception is the Pell Grant program. If the full grant is not used during the previous academic year, one would be available for summer school.

When will summer financial aid applications be available?

Look for the application on the financial aid website around mid-term after the summer course selection is available.

When are summer loans disbursed?

Summer loans will be disbursed the first day of summer school in June for those with an 8-week or a first 4-week registration. For those with only a second 4-week registration, disbursement will be made at the start of that session in July.

Work Study

What can I do if an employer says they will hire me under Work Study after all Work Study funds have been awarded?

Ask the employer to call the Work Study office to request consideration if funds become available later. You will be contacted by email at a later date, if funds become available

WIU Title IV School Code 001780