FEDERAL AID PROGRAM Federal Pell Grant
Federal Pell Grant eligibility is determined by the FAFSA. In the 2017- 2018 school year the award amounts ranged in value from $606-$5,920.
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 Master Promissory Note. The instructions and link to the application can be found at wordoflife.edu .
Federal Stafford Loan (Student Loan)* To apply, you must complete 2 steps: Complete “Entrance Counseling”.
Complete and sign a Federal Stafford Loan Master Promissory Note. Loans must be repaid. Our office will provide you with instructions for completing the loan process once your FAFSA and all requested paperwork is complete. 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. Federal Supplemental Equal Opportunity Grant (FSEOG) This is an additional grant intended to help financially needy students. The government has allocated limited funds to Word of Life Bible Institute to distribute. FSEOG will be awarded automatically by the Financial Aid Office, first to eligible students who are receiving a Pell Grant. If additional funds remain, they will be awarded to students who did not receive a Pell Grant but are otherwise eligible until funds are depleted. Awards vary from $600 - $1500 .
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