About Federal Financial Aid
Federal Financial Aid Eligibility Requirements
Federal Student Aid Programs available are Federal Pell Grants, Federal Supplemental Educational Opportunity Grants, and Federal Work-Study.
1. File a free application for Federal Student Aid.
2. Demonstrate financial need.
3. Have a high school diploma, a GED, or have a documented ability to benefit. According to current federal regulations, students applying for federal financial assistance without a high school diploma or GED must prove ability to benefit. (See Admission Requirements.)
4. Be enrolled as a regular student in an eligible program.
5. Be a U.S. citizen or eligible non-citizen.
6. Maintain satisfactory academic progress. If a student has been enrolled in the past ten years and is enrolled in a program that is no longer than two years, the following definition of satisfactory progress applies: The student must maintain a "C" average by the end of the second academic year of study or have an academic standing consistent with the College's graduation requirements. The student must continue to maintain satisfactory progress for the rest of the course of study.
7. Not be in default on Federal Perkins Loan (or National Direct Student Loan), Federal Stafford Loan (or Guaranteed Student Loan), Federal PLUS Loan or Supplemental Loan for Students (FSLS).
8. Not owe a refund on a Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (FSEOG), or State Student Incentive Grant (SSIG).
9. Agree to use any Federal Student Aid received solely for educational purposes.
10. Sign a statement of educational purpose/certification regarding refunds and default.
11. Sign a statement of updated information, certifying that all items on the Student Aid Report are correct.
12. Sign a statement of registration status if required to register with Selective Service.
Federal Financial Aid Application Procedures
Expenses for tuition, books, supplies, at-home maintenance, transportation, and miscellaneous personal costs are used in preparing annual student budgets to determine the applicant's financial need. Each year students are required to file the U.S. Department of Education's Application for Federal Student Aid in order to be considered for federal and non-federal aid. Applicants should apply as soon as possible after January 1.
To complete an application for financial aid, the applicant should have the following records available for reference:
1. The U.S. Income Tax Return filed after January 1 for the student, his/her parents (if he/she applies as a dependent student) and his/her spouse's return (if he/she is married and his/her spouse filed a separate return).
2. Records of benefits received from the Social Security Administration, Veterans' Administration, and other agencies that might pay non-taxable benefits.
3. Bank statements and mortgage information.
Approximately four to six weeks after applying, the student will receive a Student Aid Report (SAR). This SAR contains the information submitted on the application and statistical information regarding eligibility for Federal Student Aid.
To apply for federal assistance through the Federal Pell Grants, FSEOG, and Federal Work-Study, all applicants must follow the procedures listed below:
1. Apply for Admissions and have high school transcripts or GED, and ALL college transcripts on file. If the student is not a high school graduate or GED recipient, the Ability to Benefit Test must be completed with a satisfactory score and be on file.
2. Complete the Wallace State Community College Application for Financial Assistance, sign the award letter, and provide the Financial Aid Office with any documentation requested.
3. Complete the Verification Form and attach copies of U.S. Income Tax Forms, Documentation of Non-Taxable Income, and/or any other income statements needed to verify Student Aid Report.
Students' Financial Aid Responsibilities
Students have the responsibility of knowing the requirements of applying for and receiving financial aid. The student must be familiar with the procedures relative to the guidelines affecting financial aid awards and the disbursements. They must also be knowledgeable of the WSCC's refund and repayment policies.
New Federal Regulations - Higher Education
Authorization Bill of 1998: A student who received Title IV Funds (Pell Grant, FSEOG, CWS) and withdraws from all classes prior to the 60% point of the semester will owe money back to the Federal Government. Failure to repay the funds immediately will result in an overpayment situation which will make the student ineligible to receive further Title IV aid at WSCC or any other college.
Generally students may receive grant awards while working toward their first baccalaureate
degree. Each year students are required to file applications to determine eligibility.
The Department of Education uses a standard formula, passed by the U.S. Congress,
to evaluate the information determining eligibility. Applications are available in
the Financial Aid Office and on the internet at studentaid.gov.