FEDERAL AID PROGRAM US Citizens and Permanent Residents Only. Federal Pell Grant Federal Pell Grant eligibility is determined by the FAFSA. In the 2024–2025 school year the award amounts ranged in value from $692–$7,395 .
Direct Loan Programs
Federal Plus Loan (Parent Loan) If you are a dependent* undergraduate student and your parents have an acceptable credit history, they can take out a PLUS Loan which allows them to borrow as much as needed to cover the cost of any education-related expenses. Your parents must complete a Federal PLUS Loan Agreement (MPN). The instructions and link to the application can be found at studentaid.gov/plus-app/parent/ landing . Federal Direct Subsidized and Unsubsidized Loans (Student Loans) To Receive Loan Funds, you must complete 4 steps: • Accept your Loan on Financial Aid Solutions • Complete Entrance Counseling • Complete a Master Promissory Note (MPN). Loans must be repaid. Our office will provide you with instructions for completing the loan process once your FAFSA and all requested paperwork are complete. • Complete Annual Student Loan Acknowledgment. If you are a dependent* undergraduate student, you can borrow up to: • $5,500 if you are a first-year student • $6,500 if you are a second-year student
If you are an independent* undergraduate student or a dependent student whose parents have applied for but were denied a PLUS Loan
(a parent loan), you can borrow up to: • $9,500 if you are a first-year student • $10,500 if you are a second-year student
*Dependency status is determined by the FAFSA. Please check with the Financial Aid office prior to completing loan applications from other sources.
2 / Word of Life Bible Institute
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