Students must submit a FAFSA (Free Application for Federal Student Aid) each year to be considered for federal aid. Wofford’s FAFSA priority deadline for new students is January 1st and for returning students March 15th. Below are statistics and types of aid that students will be considered for upon receipt of the FAFSA.
| 2022-2023 Statistics | |
|
Total dollars distributed through the financial aid office |
$80,589,990.04 |
|
Students receiving some type of support (scholarships, grants, work-study, loans) |
96.95% |
|
Students receiving need-based aid as part of financial aid package |
67.65% |
|
Average financial aid award, including loans |
$42,920.04 |
|
Note: Figures are projections based on fall 2020 financial aid packages. Changes in enrollment or individual student aid packages could produce slightly altered totals at year's end. |
|
Follow the links below to learn more about grants and work study.
Federal Pell Grant
The Federal Pell Grant is a federal program which awards money to eligible, low-income undergraduate students so that they may attend a post-secondary institution. The amount that a student is eligible for is determined by results of the FAFSA.
Federal SEOG Grant
The Federal Supplemental Educational Opportunity Grant, more commonly known by its acronym SEOG, is a federal assistance grant reserved for college students with the greatest need for financial aid to attend school. Funding is limited and the eligibility is determined by the FAFSA.
Federal Work Study
Federal Work-Study provides part-time jobs for students with financial need, allowing them to earn money to help pay education expenses. Students earn a pay check and these funds are not applied directly to the bill. Funding is limited and the eligibility is determined by the FAFSA.
Direct loans are federally regulated low-interest loans provided by the U.S. Department of Education. The student must be degree-seeking, enrolled at least half-time (six hours) and maintain satisfactory academic progress to be eligible. The FAFSA is required to be considered for these loans.
Subsidized loans are for students with financial need, as determined by the results of the FAFSA and other financial aid (grants and scholarships) for which student is deemed eligible. Subsidized loans do not accrue interest while a student is enrolled at least half-time.
Unsubsidized loans are not awarded on the basis of financial need. Interest will be charged on the loan from the time of the first disbursement until the loan is paid in full. Also, the interest will capitalize; in other words, the interest will be added to the original principal and at a higher rate. Therefore, we recommend making a minimum of interest-only payments while enrolled in school.
The maximum amount you can borrow each academic year depends on your grade level and dependency status. See the chart below for annual and lifetime borrowing limits. The amounts below are the maximum values. You may not be eligible for the maximum annual amounts due to other financial aid that you receive.
| Undergraduate Annual Loan Limits | ||
|
Status |
Dependent Student |
Independent Student |
|
1st Year |
$5,500 (up to $3,500 Sub) |
$9,500 (up to $3,500 Sub) |
|
2nd Year |
$6,500 (up to $4,500 Sub) |
$10,500 (up to $4,500 Sub) |
|
3rd, 4th, 5th Year |
$7,500 (up to $5,500 Sub) |
$12,500 (up to $5,500 Sub) |
|
Undergraduate Loan Limits |
$31,000 (up to $21,000 Sub) |
$57,500 (up to $21,000 Sub) |
The maximum amount you can borrow each academic year depends on your grade level and dependency status. See the chart below for annual and lifetime borrowing limits. The amounts below are the maximum values. You may not be eligible for the maximum annual amounts due to other financial aid that you receive.
| Interest Rates for Direct Subsidized Loans, Direct Unsubsidized Loans and Direct PLUS Loans First disbursed on or after July 1, 2023 and before July 1, 2024 | ||||
|---|---|---|---|---|
| Loan Type | 10-Year Treasury Note High Yield | Add-On | Fixed Interest Rate | Origination Fee |
| Direct Subsidized Loans and Direct Unsubsidized Loans for Undergraduate Students | 3.448% | 2.05% | 5.50% | 1.057% |
| Direct PLUS Loans for Parents of Dependent Undergraduate Students and for Graduate or Professional Students | 3.448% | 4.60% | 8.05% | 4.228% |
| Aggregate Limits | ||
|---|---|---|
| Year | Dependent Students | Independent Students and those with additional Unsub (PLUS Denial) |
| First year (less than 30 hours) | $5,500 - no more than $3,500 of this amount may be in subsidized loans. | $9,500 - no more than $3,500 of this amount may be in subsidized loans. |
| Second year (30 - 59 hours) | $6,500 - no more than $4,500 of this amount may be in subsidized loans. | $10,500 - no more than $4,500 of this amount may be in subsidized loans. |
| Third and Fourth years (60+ hours) | $7,500 - no more than $5,500 of this amount may be in subsidized loans. | $12,500 - no more than $5,500 of this amount may be in subsidized loans. |
| Subsidized and Unsubsidized Aggregate Limit | $31,000 - no more than $23,000 of this amount may be in subsidized loans. | $57,500 for undergraduates 0 no more than $23,000 of this amount may in susidized loans. |
Parents of dependent undergraduate students may apply for assistance through the Federal Direct PLUS Loan Program for Parents. Students must be enrolled at least half-time and maintain satisfactory academic progress in order to be eligible. Eligibility for a PLUS loan is based on a parent's creditworthiness and not on financial need. Repayment of PLUS loans begin 60 days following the final disbursement of the loan each year unless otherwise noted on the application.
If denied, the student may receive an additional $4,000 or $5,000 in their unsubsidized loan depending on the student’s grade level. A member of the Financial Aid Office will be in touch with the parent who was denied to give the family their options.
Parent PLUS Loan applications are completed at studentloans.gov. When logging in, the parent applying for the loan must log in using their FSA ID and Password (this is the same information that was used on the FAFSA). When you are logged in, click “apply for PLUS loan” and select Parent PLUS Loan.