Financial Aid Offer Guidebook

IMpOrTANT FINANCIAL AID and Billing dates

MAY 1, 2023

Deadline to confirm enrollment with a tuition deposit: wilkes.edu/deposit

If accepting federal direct loans, you can complete entrance counseling and a Master Promissory Note.

JUNE 1, 2023

Families can apply for 2023-2024 Direct PLUS Loan for Parents or a private, alternative loan.

JULY 10, 2023 Fall bills available on the Wilkes Student Portal

JULY 15, 2023 Monthly payment plan open for fall enrollment

AUG. 14, 2023 Fall 2023 semester payment due

OCT. 1, 2023

2024–2025 FAFSA open for completion at fafsa.gov; use 2022 tax information

DEC. 11, 2023 Spring bills available on the Wilkes Student Portal

DEC. 15, 2023 Monthly payment plan open for spring enrollment

JAN. 2, 2024 Spring 2024 semester payment due

MAY 1, 2024

Deadline to submit the 2024-2025 FAFSA

UNDErSTANDING YOUr SCHOLArSHIpS AND GrANTS

All aid is awarded yearly and is divided equally between the fall and spring semesters, unless otherwise indicated, and cannot be combined all in one semester. Aid will be reevaluated for adjustments based on a student’s enrollment status and satisfactory academic progress. Grant eligibility will be reevaluated due to changes in financial need.

FEDERAL AND STATE GRANTS

Federal and state grants do not need to be repaid and are awarded based on financial need. To determine eligibility, submit the Free Application for Federal Student Aid (FAFSA) each academic year. For eligibility in subsequent academic years, you must maintain satisfactory academic progress.

Federal Pell Grant: Pell Grants are awarded to undergraduate students who demonstrate exceptional financial need as defined by the federal government. Annual amounts are determined by a student’s level of need and enrollment status. Amounts can change yearly.

Federal Supplemental Educational Opportunity Grant: FSEOG is awarded to undergraduate students with the greatest amount of unmet financial need who also qualify for the Federal Pell Grant. Funds are limited, so not all Pell-eligible students receive the grant.

Pennsylvania State Grant: Pennsylvania residents are considered for this grant if they meet eligibility requirements established by the Pennsylvania Higher Education Assistance Agency and complete the FAFSA each year before May 1 for the upcoming academic year. PHEAA may require additional documentation, as Wilkes University does not determine the amount of this award and simply acts as a liaison between PHEAA and students. The amount listed on the award letter is an estimate of eligibility. Students can view their eligibility and actual award at aessuccess.org.

INSTITUTIONAL GRANTS, AWARDS AND SCHOLARSHIPS

All Wilkes University grants, awards and scholarships apply only to undergraduate studies and undergraduate tuition; they do not need to be repaid. For eligibility in subsequent academic years, you must maintain satisfactory academic progress and be enrolled full-time in a minimum of 12 credits during each fall and spring semester. The FAFSA must be submitted each year to determine grant eligibility.

Institutional aid may be awarded in one or more of the below areas. For details on each type of aid available, please visit wilkes.edu/financialaid.

• Wilkes University Merit Scholarships

• Wilkes University Grants

• Wilkes University Awards

SCHOLArSHIp OppORtUnities

NAMED AND ENDOWED SCHOLARSHIPS

Wilkes University offers over 200 endowed scholarships annually, made possible by the generous support of Wilkes alumni and friends. Most of these scholarships do not require an application and are automatically awarded to full-time students through matching criteria established by donors.

Internal scholarships that require an application or resume will be posted in Today@Wilkes, a list of announcements emailed to students each weekday.

OUTSIDE SCHOLARSHIPS

We encourage you to search for additional outside scholarships. When searching scholarships, make sure that scholarship criteria match your college or personal attributes.

Popular FREE scholarship websites include:

• fastweb.com

• bigfuture.collegeboard.org

• scholarships.com

• ScholarshipAmerica.org

• finaid.org

• peerlift.org

Avoid scholarship search entities that charge a fee for participation.

Contact your high school guidance counselor, local civic groups, parents’ places of employment, etc., to inquire about scholarship opportunities.

STUDENT FEDErAL LOANS and WORK-stUdY

FEDERAL DIRECT LOANS

Federal Direct Loans are included in your award notification letter. Direct loans are issued in your name and must be repaid. To determine eligibility, you must submit the FAFSA each academic year.

The two types of federal Direct Loans for students are:

• Direct Subsidized Loan: You, the student, are not responsible for paying the interest on this loan while in school. You must demonstrate financial need to be considered for a subsidized loan.

• Direct Unsubsidized Loan: You, the student, are responsible for paying the interest on the loan while in school. Financial need is not required to obtain the unsubsidized loan.

The interest rate is 4.99% for undergraduate federal Direct Loans through June 30, 2023. The federal government determines the rate each year on July 1.

All federal Direct Loans are charged an origination fee. The origination fee is 1.057% for federal student loans (subsidized and unsubsidized) through June 30, 2023. The origination fee is subtracted from the actual loan amount, and the lesser amount (net) is shown when the loan funds are received by Wilkes. For example, a student who borrows $3,500 in a subsidized loan will see $3,463 disbursed to Wilkes for the 2022-2023 academic year.

The 2023-2024 interest rate and origination fee will be announced July 1, 2023.

Note: These loans are factored into the financial aid offer, and the net amount of the loan is included in the financial aid calculation on the award notification.

Students who plan to enroll at Wilkes will be required to either accept or decline their student loan(s). Additional details will be provided at a later date.

STUDENT WORK-STUDY

Earn money with a work-study job to help pay for educational and related expenses. Available positions are posted on the Wilkes website each semester. Positions are not guaranteed. You must apply and interview for open positions within a department. You may work a maximum of 20 hours a week, and positions are flexible to accommodate class schedules.

Federal work-study is awarded to eligible need-based students through the financial award process. Students must complete the FAFSA to determine eligibility. Before applying for a federal work-study job, check your 2023-2024 financial aid offer or contact the Office of Student Financial Services to see if you qualify.

If your aid offer does not include federal work-study, you may apply for a job that offers institutional work-study. Check with the hiring supervisor to make sure that the department has funds available before applying for an institutional workstudy job.

Students who accept employment will receive a check biweekly for hours worked. Work-study earnings are not credited to your billing account.

2023-2024 COst OF attendanCe

Please use this as a guide for financial planning. Wilkes University has determined total cost of attendance for the 2023-2024 academic year based on direct and indirect costs for dependent students. All federal, state, institutional and outside funding, in combination with loans and work-study, cannot exceed your total cost of attendance. Descriptions of the cost of attendance components can be found online: wilkes.edu/financialaid.

diReCt COsts

Expenses charged to you by Wilkes University and used when calculating your enclosed award notification These are estimated numbers pending approval by the Wilkes University Board of Trustees.

RESIDENT

Tuition $40,308 General Fee $1,978 Housing & Food $16,014 Matriculation Fee (one time) $135

TOTAL DIRECT COSTS $ 58,435

COMMUTER

Tuition $40,308 General Fee $1,978 Matriculation Fee (one time) $135

TOTAL DIRECT COSTS $42,421

indiReCt COsts

OFF CAMPUS (Eligible Transfer Students Only)

Tuition $40,308 General Fee $1,978 Matriculation Fee (one time) $135

TOTAL DIRECT COSTS $42,421

Estimated expenses that you may incur each year These costs are included in the cost of attendance for planning purposes but are not billed by Wilkes University.

RESIDENT

Books, Course Materials, Supplies, & Equipment $1,600

Personal Expenses $2,000 Transportation $1,000 Loan Fee $58

TOTAL INDIRECT COSTS .....$4,658

COMMUTER

Books, Course Materials, Supplies, & Equipment $1,600

Personal Expenses $2,000 Housing Expenses $1,650 Transportation $2,000 Loan Fee $58

TOTAL INDIRECT COSTS .....$ 7,308

OFF CAMPUS

Books, Course Materials, Supplies, & Equipment $1,600 Personal Expenses $2,000 Housing Expenses $9,607 Transportation $2,000 Loan Fee $58

TOTAL INDIRECT COSTS .....$15,265

THE FOLLOWING MAY ALSO IMpACT YOUr COST OF ATTENDANCE AND FINANCIAL AID:

Additional Fees: Parking, laboratory and course fees may apply depending upon major and/or course selection each semester. These fees are in addition to the general university fee listed in the direct cost table. The general university fee includes charges for technology, student union, recreation, campus clubs and activities.

Verification: Some students are selected by the federal government for verification, a process requiring the Office of Student Financial Services to verify tax information against FAFSA filing information. Students selected for verification are notified by the Office of Student Financial Services by mail and through their Wilkes University email and are provided with verification instructions. Adjustments to financial aid may occur as a result of verification, in which case students will be notified via email.

Commuter Meal Plan: This is available for a fee to interested commuter students.

Wilkes Named and Endowed Scholarships: If you are selected based on donor criteria, these scholarships may be applied to tuition but cannot exceed your total cost of attendance. Note that these scholarships may reduce other sources of aid.

Books: If the amount of financial aid awarded exceeds direct costs for a semester, you may obtain a campus store voucher beginning two weeks before the start of each semester to charge books against your student billing account at the campus store, Colonel Corner. Books are not included in the direct costs charged by the University.

ADDITIONAL FinanCing OptiOns

DIRECT PLUS LOAN FOR PARENTS

A Direct PLUS Loan, sometimes referred to as a Parent PLUS Loan, is a federal direct loan for eligible parents of dependent students. Parents can apply for a Direct PLUS Loan to help pay for their student’s school expenses for a specific semester or aid year. The maximum PLUS loan amount a parent can borrow is the cost of attendance minus any other financial assistance the student receives.

The interest rate is 7.54% through June 30, 2023. The federal government determines the rate each year on July 1.

The PLUS loan is charged an origination fee that will reduce the amount of funds actually applied to your account. The origination fee through Sept. 30, 2023, is 4.228%. For example, a parent who borrows $5,000 in a PLUS Loan will see $4,789 disbursed to Wilkes University. Repayment of principal and/or interest can be deferred until after the student graduates or is no longer attending college. The parent borrower will undergo a credit check with the U.S. Department of Education.

Note: The interest rate and origination fee for the 2023-2024 Direct PLUS Loan for parents will be announced July 1, 2023.

The 2023-2024 PLUS loan application will open June 1, 2023. Additional details will be provided at a later date.

PRIVATE/ALTERNATIVE LOAN

Private student loans may be offered through private lending institutions not affiliated with the U.S. Department of Education or Wilkes University. A private loan allows you (with a creditworthy cosigner), or a parent of a dependent student, to borrow funds for educational expenses. The applicant/cosigner will undergo a credit check with each loan lender.

In most cases, repayment of principal and/or interest can be deferred until after you graduate or are no longer attending. Terms, conditions and interest rates vary from lender to lender.

Students/families should not apply for a 2023-2024 private loan until after June 1, 2023. Additional details will be provided at a later date.

WILKES UNIVERSITY PAYMENT PLAN

The Wilkes University payment plan simplifies budgeting by allowing you and/or your family to divide full or partial semester balances into five equal monthly payments for fall (August to December) and, if continued enrollment is desired, five equal monthly payments for spring (January to May). There is no interest fee attached to the plan, but a $25 fee will be charged for each semester you enroll.

You and your family may enroll in the fall payment plan via the student portal beginning July 15, 2023. You must enroll in the installment payment plan prior to the start of each semester. The payment plan may be used on its own or in combination with loans.

FINANCIAL AID teRMs and COnditiOns

• Institutionally administered financial aid is contingent upon you enrolling on a full-time basis. Your financial aid offer will be reevaluated if you enroll with fewer than 12 credits per semester. The amount of aid will be divided equally between the fall and spring semesters, unless otherwise noted.

• You must notify the Office of Student Financial Services of any change in enrollment, financial, residence, housing or marital status, as any changes may impact eligibility.

• You agree to notify the Office of Student Financial Services of any aid awarded from sources not shown in the financial aid offer and understand that such aid may result in a reduction of financial aid offered by Wilkes University.

• Need-based aid is not automatically renewable. You must submit a FAFSA each academic year to be considered for federal, state and institutional grants as well as need-based loans. Renewal of awards will be based on continued eligibility and timely completion of all required documents. All need-based aid is awarded on a yearly basis and cannot be awarded all in one semester.

• Wilkes scholarships and awards are limited to eight semesters unless otherwise noted. Appeals for additional semesters will be reviewed on a case-by-case basis. All scholarships and awards are awarded on a yearly basis and cannot be awarded all in one semester.

• Awards funded by state or federal programs are subject to revision due to mandated changes in state or federal regulations or funding levels.

• To receive any qualifying federal Direct Loans, you must complete direct loan entrance counseling and a Master Promissory Note (MPN). Both can be completed at studentloans.gov. If you wish to reduce or decline student loans, you must email financialaid@wilkes.edu with “Decline Direct Loans” in the subject line.

• You must maintain satisfactory academic progress to be considered for financial aid for subsequent years. Progress is reviewed at the end of each spring semester. The progress policy can be found at wilkes.edu/financialaid.

• You are expected to abide by the regulations of student responsibilities as stipulated in the Student Handbook. Failure to do so may result in recalculation of institutional scholarship and financial aid eligibility. The student handbook can be found at www.wilkes.edu/studenthandbook

• Your need-based aid awarded shall be rescinded if and when incorrect information is revealed on the FAFSA or as a result of verification.

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