Sources of Federal and State Aid
A grant is "gift aid", an award that you do not have to repay.
A Federal Pell Grant is an entitlement program that is based on financial need. The amount of your Pell Grant is determined by the Federal government based on the cost of enrollment at GWU and the information you provided on your FAFSA. To receive the Pell grant listed on your award letter, you must be enrolled full-time (at least 12 hours) for each term shown. If you enroll less than full time your grant will be reduced or eliminated. Pell grants are usually prorated as follows:
9-11 hours = 75%
6-8 hours = 50%
1-5 hours = 25%
In some cases your Pell grant may be eliminated if you are enrolled less than six (6) hours. Check with the Financial Planning Office before you change your hours if you have any questions.
The Federal Supplemental Educational Opportunity Grant (SEOG) is a grant program based on students with exceptional need. In order to qualify for this program, students must be eligible for a Pell Grant, apply very early, and meet certain other requirements in order to be considered. Priority is given to full time, residential students.
The North Carolina Need Based Scholarship Program (NBS) is a grant program created by the state legislature for students with an Expected Family Contribution (EFC) of $15,000 or less. The EFC is determined by the results of the Free Application for Federal Student Aid (FAFSA).
The Federal Work Study Program provides students with part-time employment. Eligibility for this program depends on financial need and the availability of funds. Students earn minimum wage and are paid monthly for the number of hours they worked. Work schedules and positions are determined each term between the student and the supervisor and should never conflict with class schedules. Students are given an award which equates to 10 hours of work per week (Resident Advisors are not awarded work study.)
Federal Direct Stafford Loan Programs offer long-term, low interest education loans to students. In order to determine your eligibility and qualify, you must complete the Free Application for Federal Student Aid (FAFSA: www.fafsa.gov) and be enrolled at least half-time each semester.
Repayment for Federal Direct Stafford Loans begins six months after you graduate, withdraw, or drop below half-time.
First-time Federal Direct Stafford Loan recipients at Gardner-Webb must complete "Loan Entrance Counseling" before funds can be disbursed. Recipients must also complete a Federal Direct Loan Master Promissory Note (MPN). Please refer to the loan section of our web page for more information.
The Federal Direct Subsidized Stafford Loan is based on financial need as well as annual and aggregate (overall) loan limits. Funds from this loan are disbursed each term according to your award notification and promissory note disclosures. Interest on this loan does not accrue during eligible periods of enrollment and certain grace periods. Yearly loan amounts range from $3500 for first year students, $4500 for second year students, and $5500 for third and fourth year students.
The Federal Direct Unsubsidized Stafford Loan is based on the cost of education as well as annual and aggregate (overall) loan limits. Funds from this loan are disbursed each term according to your award notification and promissory note disclosures. Interest on this loan begins to accrue as soon as you receive it. It is possible to receive both direct subsidized and direct unsubsidized loans in the same period.
The Federal Perkins Loan is available to students with exceptional need. Repayment for this loan begins nine months after graduation or after you cease to be enrolled at least half-time (6 hours). The loan has an interest rate of 5%. Awards are made depending upon the availability of funds. Priority is given to full time residential students.
The Federal Direct Parent Loan for Undergraduate Students (PLUS) is available to parents of dependent undergraduate students. Parents may borrow up to the cost of attendance minus all other financial aid. The repayment period begins within one or two months after the loan is fully disbursed. If this loan is denied for credit reasons the student may be eligible for additional unsubsidized loan funds. This loan may be eligible for deferment as long as the student is enrolled at least half-time. Please refer to the loan section of our web page for more information.
The Forgivable Education Loan for Service (FELS) was established by the North Carolina General Assembly in 2011 and the first loans will be available for the 2012-13 academic year. The loan provides financial assistance to qualified students who are committed to working in North Carolina in fields designated as critical employment shortage areas. Please visit www.cfnc.org/fels for additional information including eligibility, award amounts, application procedures, and approved education programs.