Types of Financial Aid


Upon receipt of your Student Aid Reports, the Office of Financial Aid will determine your eligibility for financial aid, and an awards package will be put together for you. These packages are usually made up of a combination of three different types of financial assistance: grants and scholarships, loans, and College employment. Examples of major award programs are illustrated below.

 

Federal Grants (need - based)


The Federal Pell Grant Program is the largest federal grant program for undergraduate students. Awards range from $555 to $5,550 per academic year, for either full - or part-time study.  The Student Aid Report will tell you whether or not you are eligible to receive a Federal Pell Grant. It is, however, up to the Office of Financial Aid to determine the amount of your award based on federal guidelines.


The Federal Supplemental Educational Opportunity Grant Program (FSEOG)
is also funded by the federal government and is administered by individual colleges. SEOG awards range up to $3,000 per year. Because SEOG funds are limited, they must first be awarded to students with the greatest amount of need (who are also eligible to receive Federal Pell Grants).


State Scholarships/Grants (need - based)


Virginia College Scholarship Assistance Program (CSAP (Federal LEAP funds))

is a need - based grant program for undergraduate students. This program is funded by both federal and state dollars. Grants for CSAP range from $400 to $2,000 and are awarded on an annual basis.


Virginia Student Financial Assistance Program is a need - based scholarship program for qualified Virginia residents. It is designed to assist students demonstrating financial need by providing a portion of their college costs. State statute requires that awards be proportional to need, so that students with the greatest need receive the largest awards. This program is divided into two parts: The Commonwealth Grant (formerly known as the Virginia State Undergraduate Program) is available to Virginia residents with demonstrated financial need. These awards range from $2000 to annual tuition and a portion of required fees and is renewable.
Virginia Guaranteed Assistance Program (VGAP) is available to those needy students who graduate from a Virginia high school and have an academic grade point average of 2.5 or greater. The student must be classified as a dependent student in order to qualify. The VGAP award ranges from $2250 to annual tuition and a percentage of required fees and is renewable.

 

Higher Education Teacher Assistance Program (HETAP Grant (Federal SLEAP funds)) is a need - based grant program for undergraduate students. This program is funded by both federal and state dollars. Grants for HETAP cannot exceed $2,000 and are awarded on an annual basis.   Recipients are selected by Education Faculty.


Private Scholarships


Many private scholarships are available to students who attend UVa - Wise. Students are encouraged to investigate private scholarship sources on their own. To see what is available, check with high school counselors, trust departments of banks in your hometown, reference departments of libraries, with your employer as well as your parents, employers, and local civic organizations.


UVa -Wise Scholarships


The Office of Student Financial Aid administers a large number of scholarships from funds that have been provided by generous donors interested in our students. Many of these scholarships are targeted for quality students who demonstrate financial need. Entering freshmen applying under the Early Admission Programs will be considered automatically based on academic information provided by the Office of Admissions.  Returning UVa-Wise students applying for the first time and incoming transfer students will also be considered based on academic information provided by the Admissions and Registrars Offices.  Scholarships will be automatically renewed if students meet the required renewal criteria.  Scholarship awards range from $1000.00 to $6,500.00. 

 

College Employment

Federal Work-Study Program: The primary purpose of the Federal Work- Study Program is to stimulate and promote the part -time employment of students with financial need, providing them funds for college and/or living expenses. Work opportunities are available in almost all departments on campus. Eligible students are employed on the basis of qualifications and the availability of openings. Yearly work-study earnings can range from $500 to $3,000 annually.  Due to limited resources provided by the Department of Education, employment opportunities are limited.

Regular Student Employment: For students who do not qualify for the Federal Work study program, a limited number of on -campus, part -time employment opportunities are available through the College. Students apply directly to the employing department and are paid from departmental funds. Hourly regular student employment earnings range upwards from minimum wage, depending upon the skills required for the job.  These work opportunities are not associated with the financial aid office in any way.

 

Student Loan Programs


Student loans are an additional source of assistance for meeting the rising costs of education. The Office of Student Financial Aid would like to stress that it is important for both the student and the student's family to carefully consider other financial options to maintain a manageable debt burden. Always borrow conservatively.


Low interest loans, subsidized by the federal government, are available to students based on need. Interest and repayment of these loans are deferred until you graduate or leave school. The two main need - based loan programs are the Federal Subsidized Stafford Student Loan and the Federal Perkins Loan.


The Federal Subsidized Stafford Student Loan allows eligible undergraduate students to borrow up to $3,500 during their freshman year, $4,500 during their sophomore year, and $5,500 during their junior year and senior years. Interest rates are determined annually by the Department of Education. You are not charged for interest until you begin repayment. The Office of Student Financial Aid will use the information provided by your Student Aid Report to determine your eligibility and then will instruct you how to apply for the loan through the William D. Ford Direct Lending Program offered by the U.S. Department of Education.

The Federal Perkins Loan provides loans at an interest rate of 5%, which is not charged to you until you begin repayment after graduating or leaving school. The amount of Federal Perkins Loan Funds is limited, and the awards tend to be smaller than in the Federal Stafford Loan Program. Since funds are administered by UVa -Wise, no separate application is needed.

The Federal Unsubsidized Stafford Student Loan Program provides loans to middle - income borrowers who do not qualify in whole or part for federal interest subsidies under the Federal Subsidized Student Loan Program. The student is responsible for payment or capitalization of interest while in school. This program also provides higher loan limits for independent students.

Federal Parents PLUS Loan for Undergraduate Students is available to parents with a good credit history to supplement other financial aid sources and the amount they can afford to pay out of available income for their students. This loan has a fixed interest rate and is payable within 60 days of the date of loan guarantee. The amount that can be borrowed varies and is based on the cost of education at UVa -Wise minus other sources of aid awarded. These loans are not based on financial need; however, we recommend that you complete FAFSA before choosing the PLUS loan option.

 

Payment Options


The Cashier's Office at UVa - Wise offers an interest -free monthly payment plan. Instead of the usual large payments due at the beginning of each semester, annual educational expenses may be budgeted over 10 months. The fee for this is currently $50 per school year. For more information, call the Cashier's Office at (276)328 - 0107.


If you are not enrolled in the payment plan at UVa -Wise, your balance must be paid before the start of classes each semester. Payment can be made in the form of cash or check, and the Cashier's Office will accept Visa or Master Card.

 

Veterans Information


There are several VA education programs in existence for students today. The Veterans Affairs Office at UVa-Wise is located in Crockett Hall and can be reached by phone at (276) 328-0140.

The VA Regional Office can be reached on the national toll -free telephone line at: (800) 827 - 1000. Application forms can be obtained from either of these offices.