Financial services that Western Governors University (WGU) offers aim to help the students continue their study without worrying about their tuition. To make every student eligible for at least one type of financial aid, WGU provides a number of financial services, so the students will be able to choose the appropriate one.
If you have a plan to attend WGU and take financial aid, you should know what financial services that WGU offers to every student. To make it easy for you to take one appropriate financial aid, let’s learn more about types of WGU’s financial services in our post below!
Types of WGU Financial Services
Here’s a list of WGU financial services types that you can choose, based on your eligibility:
Federal Direct Loan Program
As the largest federal student loan program, the Federal Direct Loan Program allows the WGU students to borrow directly from the U.S. Department of Education. This financial service actually helps cover the costs of higher education.
With the Federal Direct Loan Program, you will be only allowed to borrow the annual limit up to the Cost of Attendance based on your current grade’ level. Surely, there are lifetime loan limits that are set by the Department of Education.
The WGU student will be eligible to get the following Direct Loan programs;
- Direct Subsidized Loan
This will be given to eligible undergraduate students who demonstrate their financial need. IT will be paid by the U.S. Department of Education while you’re enrolled in school at least half time or during deferment periods.
If you receive the Direct Subsidized Loans, you should be subject to the terms and conditions, along with the borrower’s rights and responsibilities.
- Direct Unsubsidized Loan
This financial aid is made to eligible undergraduate, graduate and professional students that is not based on financial need. Surely, this WGU financial service will be available to most WGU students. However, you should be responsible for the interest from the day you borrow the money until you pay off the loan.
If you receive the Direct Subsidized Loans, you should be subject to the terms and conditions, along with the borrower’s rights and responsibilities.
- Direct Plus Loan for graduate and professional degree students
This financial service is made to graduate or professional students to help them pay for education expenses. They can borrow an amount up to the Cost of Attendance (COA) minus other estimated financial assistance.
If you have a plan to apply for this financial service, you need to complete the Free Application for Federal Student Aid (FAFSA). You will also be given a chance to request the maximum eligibility under the Direct Unsubsidized Loan Program before you apply for a graduate Direct Plus loan.
Afterwards, the graduate Plus loan will be suspended while the graduate student is enrolled and for an additional six months after the date the student ceases to be enrolled at least half the time. If you receive the Direct Subsidized Loans, you should be subject to the terms and conditions, along with the borrower’s rights and responsibilities.
- Direct Plus Loan for Undergraduate Students
You can apply for this financial service if you’re a dependent undergraduate student. However, your parents should apply for a parent Plus loan to help with your educational expenses. This application process may include completion and submission of a Plus loan application by your parents and also the FAFSA by the family.
The process of application will be completed through the Federal Direct Loan Program that is based on credit worthiness as determined by the U.S. Department of Education. Additionally, the dependent students’ parents should be subject to the terms and conditions, along with the borrower’s rights and responsibilities.
WGU Federal Grant and Work-Study Programs
Western Governors University (WGU) also participate in some federal grant and work-study programs, here are they:
- Federal Pell Grant: You do not need to repay the Pell Grant financial service, as it aims to help the students with greatest need. This financial service is also given tostudents who have not obtained a bachelor’s degree.
- Iraq and Afghanistan Service Grant (IASG): You do not need to repay the IASG financial service, as it is given to students who were less than 24 years old when a parent died as a result of the U.S. military service in Iraq or Afghanistan after September 11, 2001.
- Federal Supplemental Educational Opportunity Grant (FSEOG): You do not need to repair FSEOG financial service, as it is available for undergraduates with exceptional financial need.
- The Teacher Education Assistance for College and Higher Education (TEACH): This financial service provides up to $4000 grants per year for students. This financial service will be given for those who agree to teach for at least 4 years within 8 years of their graduation in a high-need field.
- Federal Work –Study Program: This program provides part-time employment while they are enrolled at WGU to help them pay for education expenses.
Annual Loan Limits
The amounts that are borrowed will depend on your grade level and dependency status at the university. In this case, you can only borrow the annual limit up to the Cost of Attendance based on their current grade level.
Here’s the table that indicates Federal Direct Loan limits based on status as dependent undergraduate, graduate and independent graduate!
1st year
- Dependent Undergraduate Student: $5,500 (No more than $3,500 of this amount can be subsidized loan)
- Independent Undergraduate Student: $9,500 (No more than $3,500 of this amount can be subsidized loan)
- Graduate/Professional Student: $20,500 Unsubsidized.
2nd year
- Dependent Undergraduate Student: $6,500 (No more than $4,500 of this amount can be subsidized loan)
- Independent Undergraduate Student: $10,500 (No more than $4,500 of this amount can be subsidized loan)
- Graduate/Professional Student: $20,500 Unsubsidized.
3rd and 4th year
- Dependent Undergraduate Student: $7,500 (No more than $5,500 of this amount can be subsidized loan)
- Independent Undergraduate Student: $12,500 (No more than $5,500 of this amount can be subsidized loan)
- Graduate/Professional Student: $20,500 Unsubsidized.
Okay, those are some WGU financial services that you can apply for. Sure, there are still other remaining financial services offered by Western Governors University (WGU)
