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| More Information About Financial Aid |
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Annual Stafford Loan Limits
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Loan Limits for the 2007-2008 Award Year (for loans disbursed on or after 07/01/2007)
There are federal, annual limits on the amount you are eligible to borrow for educational costs.
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Subsidized Loans
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Freshman - $3,500
Sophomore - $4,500
Junior - $5,500
Senior - $5,500
Post-Baccalaureate - $5,500
Graduate - $8,500
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Unsubsidized Loan
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Dependent Student (including subsidized amount)
Freshman - $3,500
Sophomore - $3,500
Junior/Senior - $5,500
Independent Student (including subsidized amount)
Freshman - $7,500
Sophomore - $8,500
Junior/Senior - $10,500
Post-Baccalaureate - $12,500 - WGU CAP $10,500 (see Unsubsidized Loan above)
Graduate - $20,500 - WGU CAP $10,500 (see Unsubsidized Loan above)
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The value of the Stafford Loans for Post-Baccalaureate Students and Graduate Students cannot exceed $10,500 per year.
You may request a higher loan limit through our appeals process. Please refer to the Additional Unsubsidized and GRAD
Plus Loan Application Appeal on the Special Financial Aid Forms page.
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Stafford Loan Interest Rates
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Loan Disbursement Date:
7/01/2006 to the present time
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Stafford loans are fixed. Rate will not change for the life of the loan.
Rate in effect from:
07/01/2007 to 06/30/2008 |
6.80%
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Loan Disbursement Date:
7/01/1998 to 6/30/2006
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For borrowers who are in school, in their post-school grace period, or in deferment |
6.62% |
| For borrowers who are in repayment (except during periods of deferment) |
7.22% |
| Rate in effect from 07/01/2007 to 06/30/2008. Variable-rate Federal Education Loans are adjusted
annually on July 1. Interest rate not to exceed 8.25%. |
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Disbursement of Financial Aid Funds
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Financial aid funds are used for educational costs only. Educational costs include WGU tuition and fees, technology, books and supplies, travel for assessments, room and board and personal expenses. Funds are applied to the student account in the following order as needed: Scholarships, Pell Grant, Subsidized Loan, and Unsubsidized Loan.
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Financial aid funds are available to students based on six-month payment periods. The Financial Aid Award letter includes estimated costs and aid for two payment periods. One-half of the aid is available for each six-month payment period. Excess funds, after WGU tuition and fees are paid, will be disbursed directly to you by check approximately six weeks after you begin your academic program. Please note that you will be responsible for expenses that exceed the amount of aid awarded to you.
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Full-time enrollment is required for all financial aid programs. Failure to progress at the full-time rate and in accordance with your Academic Action Plan may result in loss of eligibility for additional aid and for loan deferment.
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Financial Aid Repayment
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If you receive a Pell Grant and/or Student Loans while attending Western Governors University and then withdraw up through completion of 60 percent of the six-month period of enrollment for which you were charged WGU tuition, you will be subject to the federal Return of Title IV funds calculation. The calculation determines the amount of Title IV funds you have earned as of the date of withdrawal. The amount of Title IV program assistance earned is based on the amount of time you spent in academic attendance and has no relationship to your incurred institutional charges.
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Examples of a Typical Repayment Plan
FEDERAL STAFFORD LOANS (SUBSIDIZED AND UNSUBSIDIZED)
FEDERAL SUPPLEMENTAL LOANS AND FEDERAL PLUS LOANS |
| | | 6.80% | 8.25% |
AMOUNT
BORROWED | # OF PAYMENTS | PAYMENT |
TOTAL
INTEREST | PAYMENT | TOTAL
INTEREST |
| $2,000 | 46 | $50 | $271 | $51 | $340 |
| $2,625 | 63 | $50 | $495 | $51 | $618 |
| $3,000 | 76 | $50 | $672 | $50 | $874 |
| $4,000 | 108 | $50 | $1,332 | $50 | $1,817 |
| $5,000 | 120 | $57 | $1,905 | $61 | $2,359 |
| $6,000 | 120 | $69 | $2,286 | $74 | $2,736 |
| $7,000 | 120 | $81 | $2,667 | $86 | $3,303 |
| $8,000 | 120 | $92 | $3,048 | $98 | $3,774 |
| $9,000 | 120 | $104 | $3,429 | $110 | $4,247 |
| $10,000 | 120 | $115 | $3,810 | $123 | $4,718 |
| $12,000 | 120 | $138 | $4,572 | $147 | $5,662 |
| $14,000 | 120 | $161 | $5,334 | $172 | $6,605 |
| $16,000 | 120 | $184 | $6,095 | $196 | $7,549 |
| $18,000 | 120 | $207 | $6,857 | $220 | $8,492 |
| $20,000 | 120 | $230 | $7,619 | $245 | $9,437 |
| $25,000 | 120 | $288 | $9,524 | $307 | $11,796 |
| $30,000 | 120 | $345 | $11,429 | $368 | $14,155 |
| $35,000 | 120 | $403 | $13,334 | $429 | $16,514 |
| $40,000 | 120 | $460 | $15,239 | $491 | $18,873 |
| $45,000 | 120 | $518 | $17,143 | $522 | $21,233 |
| $50,000 | 120 | $575 | $19,048 | $613 | $23,591 |
| $55,000 | 120 | $633 | $20,953 | $675 | $25,951 |
| $60,000 | 120 | $690 | $22,858 | $736 | $28,310 |
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Return of Title IV Financial Aid Policy
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If a student receiving Title IV funds ceases to be enrolled in a term, the federal government mandates that WGU determine the amount of Title IV funds that the student earned as of the date enrollment ceased (withdrawal date). Unearned Title IV funds must be returned to the federal government. Ceasing enrollment in a term may result in the student owing aid funds to the university, the government or both.
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Determining the Date Enrollment Ceased (Withdrawal Date)
Withdrawal dates are determined in two ways, either through student-initiated withdrawal (official) or through WGU administrative withdrawal (unofficial). Student-initiated withdrawal occurs when the student notifies WGU of the intent to withdraw. Administrative withdrawal occurs when WGU determines that the student is no longer enrolled based on a variety of reasons such as a student's lack of academic activity, failure to establish academic activity verification at the beginning of a new term or failure to pay tuition.
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Student-initiated Withdrawal Date: The withdrawal date is the date the student notified WGU of the intent to withdraw.
Administrative Withdrawal Date: Prior to 50% completion of the term, the withdrawal date is the date determined by WGU. At 50% completion of the term or later, the withdrawal date is the last date of student academic activity or 50% completion of the term, whichever date is later.
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Calculation for the Return of Title IV Aid
A student earns Title IV aid in a prorated manner based on the number of calendar days the student is enrolled up through the 60% point in the term. After the student has completed more than 60% of the term, the student is considered to have earned all aid.
Earned Aid: The percentage of earned aid is calculated by determining the number of calendar days from the first day of the term up through the withdrawal date and then dividing that number by the total calendar days in the term.
Unearned Aid: The amount of unearned Title IV funds that must be returned is calculated, first, by subtracting the earned Title IV percentage from 100% to determine the percentage of aid that is unearned and, second, by multiplying the total amount of financial aid that could be disbursed to the student by the unearned Title IV funds percentage. If a student earned more aid than was disbursed, the institution owes the student a post-withdrawal disbursement which must be paid within 120 days of the student's withdrawal.
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Amount to Be Returned by the Student
The amount to be returned by the student depends on the actual amount that has been disbursed to the student at the point the student ceases enrollment. At the point a student receiving Title IV funds withdraws or is administratively withdrawn, the Financial Aid Office completes the return of Title IV aid calculation and determines the student's portion of the funds to be returned. The Financial Aid Office notifies the student of the amount to be refunded to the federal government. The student may select one of the following repayment options:
- the student may pay WGU the full amount of funds owing and WGU will return the funds to the appropriate programs
- the student may contact the U.S. Department of Education to establish a payment plan.
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For the student to remain eligible for Title IV funds, repayment must be made within 45 days of the student's being notified of funds owing.
Students whose circumstances require that they withdraw from a term are encouraged to contact the Financial Aid Office before doing so. Financial aid staff can explain the consequences of withdrawing from a term. They can provide refund examples and further explain the policy.
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Allocating Returned Title IV Aid
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Funds that are returned to the federal government are used to reduce the outstanding balances in individual federal programs. Financial aid returned (by the university and/or the student) must be allocated in the following order:
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- Unsubsidized Federal Family Education Loan
- Subsidized Federal Family Education Loan
- Federal PLUS Loan
- Federal Pell Grant
- Academic Competitiveness Grant
- National SMART Grant
- Private Funds
- WGU Funds
- The Student
Policy effective 4/20/2007.
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Satisfactory Academic Progress Policy
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Federal regulations require that all students who receive financial aid maintain satisfactory academic progress (SAP) by making measurable progress toward a degree or certificate. The number of assessments passed/competency units earned during each six-month term measures progress.
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SIX-MONTH PROGRESS REVIEWS
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Satisfactory progress is based on the number of assessments passed and competency units earned during each six-month term. Satisfactory academic progress (SAP) is evaluated at the end of every term.
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SATISFACTORY ACADEMIC PROGRESS
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QUALITATIVE
Western Governors University does not assign letter grades. Students receive a grade of "Pass"
for passed assessments which means the student has demonstrated competency at a grade equivalent
of "B" or better.
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QUANTITATIVE
Quantitative completion of competency units is based upon a required 67 percent completion of
all attempted units for each six-month term. All WGU students are classified as full-time students with the US Department of Education for Title IV purposes. Undergraduate students enroll for 12 or more competency units each six-month term. Graduate students enroll for 8 or more competency units each six-month.
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MAXIMUM TIME FRAME
No student may receive federal financial aid for attempting more than 150 percent of the number of competency units required for his/her academic program. The 150 percent includes transfer units and all WGU attempted units. |
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FINANCIAL AID PROBATION
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Students who successfully complete fewer than the required competency units for good standing during any six-month term will be placed on academic probation for the following term.
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Students are eligible for aid during probationary periods. Students must complete all attempted competency units while on probation. Students completing all units attempted will remain on probation until a cumulative 67 percent completion rate is achieved.
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FINANCIAL AID SUSPENSION
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If the student fails to complete the minimum required competency units during the probationary term, the student is suspended (without regard to cumulative completion).
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If the student successfully completes the minimum competency units required during the probationary term, but fails to complete all of the attempted units, we will review the student’s cumulative completion rate. If the rate is less than 67 percent, the student is suspended from federal financial aid. If the cumulative completion rate is 67 percent or greater, the student will be in good standing.
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If a student is suspended from federal financial aid it does not mean that the student is suspended from WGU, only that the student will be unable to access financial aid funds and will be required to pay tuition from other sources. The student may appeal his/her suspension status to the Director of Financial Aid for extenuating circumstances.
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APPEAL PROCESS
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Students who are suspended from financial aid eligibility and have extenuating circumstances may appeal to reestablish eligibility. Students who wish to appeal must be current on all financial obligations. Financial aid cannot be used to make retroactive tuition and fees payments.
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All appeals must be based on extenuating circumstances that prevented the student from meeting the requirements of this policy. Extenuating circumstances may include medical problems, a death in the immediate family, employment related hardship, military mobilization, and/or extreme personal problems. Documentation of these circumstances must be submitted with the appeal. The appeal must also explain why the circumstances no longer exist and what the student will do to ensure meeting the Satisfactory Academic Progress Policy in the future. All appeals include a review of the student’s previous academic performance at WGU. If the appeal is approved, the student will be able to use financial aid funds during the term. If the appeal is not approved, the student will be required to pay for the term from other sources and must make SAP during the six-month term. If, at the end of the six-month term, the student is making SAP and is current on his/her financial account, he/she may appeal the suspension for the next six-month term. All students that return to their studies based on a successful appeal will return to good standing status.
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A letter of appeal documenting any extenuating circumstances which led to the suspension should be sent to the
Financial Aid Appeals Committee by fax at 801-290-3434 or email at finaid@wgu.edu. The Committee will evaluate
appeals on an individual basis, request additional information or documentation as needed, and advise the student
of the final determination. If the student would like to appeal the decision made by the Committee, s/he must submit in
writing his/her name along with a short resume of the appeal to the Provost within five (5) working days after receipt of the
decision made by the Financial Aid Appeals Committee. The decision of the Provost is final.
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REINSTATEMENT
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| For students that do not have extenuating circumstances that deem them eligible for an appeal of their suspension, reinstatement is another option.
To be eligible for reinstatement a student must meet the following requirements:
- Enroll for no less than full-time units for a term (12/undergraduate and 8/graduate).
- Self pay for the term and be current on financial aid obligations.
- Complete 100 percent of the units attempted for the term.
- Submit a reinstatement request to initiate reinstatement to the Financial Aid Appeals Committee.
- Cumulative SAP is reviewed. If cumulative SAP is 67 percent or greater the student returns in good standing. If
cumulative SAP is less than 67 percent the student returns on probation.
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