Financial aid consists of scholarships, grants, private loans, and federal loans, and is available through Worsham College, the state, the federal government, and private institutions.
Who Can Apply For Aid?
In order to apply for aid, you must meet certain eligibility requirements:
- You must be a US citizen or eligible non-citizen
- You must be enrolled in a degree or Title IV-approved program at Worsham
- You must not be in default on any federal student loans or owe a refund on previously awarded financial aid
- You must be enrolled full-time
- You must be making satisfactory academic progress.*
- You must be registered with Selective Service (if required)
*Federal financial aid regulations require financial aid recipients to maintain a satisfactory rate of progress toward their degree completion requirements in order to continue receiving aid. Students must meet a time progression and a cumulative Grade Point Average (GPA) requirement. Students with disabilities may be allotted additional time for the completion of coursework if this is an appropriate accommodation. Click here for further information on Satisfactory Academic Progress.
How do I get started?
To determine the amount of financial aid you are eligible to receive, you must first file the Free Application for Federal Student Aid (FAFSA) as soon as possible after October 1. You automatically apply for financial aid eligibility when you submit the FAFSA. The FAFSA code for Worsham College is 001783. Although you do not have to be accepted at Worsham before applying for financial aid, you do have to be admitted to Worsham College before any financial aid can be awarded. Be sure to review the eligibility requirements listed above before you get started.
It will be necessary for you to file a FAFSA each year you are a student at Worsham College in order to reapply for financial aid. Even if you are certain you will not qualify for need-based assistance, it is a good idea to file the FAFSA so that you may be able to qualify for aid if your financial situation changes.
How is my financial aid offer determined?
Your Student Budget or Cost of Attendance
First, we determine how much your Worsham College education will cost. The student budget includes tuition, fees, room and board, books and supplies, transportation, and personal expenses. Because costs can vary greatly between individual students, we establish standard, average costs for books and supplies, transportation, and personal expenses. Your financial aid advisor will work with you to determine your financial need.
Your Expected Family Contribution
The Expected Family Contribution (EFC) is the amount you and your family are expected to contribute towards your educational costs. The EFC is determined by a standard formula called the Federal Methodology. The calculated EFC is based on such criteria as your and your parents’ income and assets, federal taxes paid, family size, and the number of family members in college. Your EFC will be the same regardless of the college you attend. This same EFC is used to determine your eligibility for Worsham College need-based grants and scholarships. Once the EFC is determined, Worsham College strives to meet students’ financial needs with a combination of grants, student loans, and parent loans.
Your Financial Need
Financial need is the difference between your student budget and your expected family contribution. This is what we use to determine the amount of financial aid eligibility. We will make every effort to provide you with a fair and equitable financial aid offer. The formula looks like this:
How is aid credited?
Aid Released to Student Accounts Based on Your Class Attendance
At the beginning of your first semester, your financial aid advisor will review your attendance as recorded by the College. If you are attending your classes regularly, your aid will be released to your account.
Please note that you may get a notice from your lender with a tentative disbursement date of your student loan—that is likely not the date your loan will be released, as we need to check attendance before we authorize the lender to release your loan disbursement. The date they send you in their notice is the earliest possible date it could be released.
What if I leave Worsham College?
Worsham College is committed to complying with the Return of Title IV Funds (R2T4) regulations set forth by the U.S. Department of Education. The R2T4 policy outlines the procedures and requirements for the calculation and return of federal financial aid when a student withdraws from all classes or stops attending before completing at least 60% of the semester.
Official Withdrawal Policy: An official withdrawal occurs when a student notifies the Admissions Office or the Program Director of their intent to withdraw from all classes. If the student notifies administration over the phone or in person the student will be directed to email or write down their intent to withdraw. The date of withdrawal is the date that the student notifies the college of their intent to withdraw.
Unofficial Withdrawal Policy: An unofficial withdrawal occurs when a student stops attending all classes without notifying the college of their intent to withdraw. The college will determine the student’s last date of attendance based on academic records, such as attendance records, assignments, and exams. A student will be considered withdrawn after two weeks of non-response. An email will be sent to the student informing them of the withdrawal from the program.
R2T4 Calculation: Worsham College will use the Department of Education’s R2T4 formula to determine the amount of federal financial aid that the student has earned at the time of withdrawal. The formula calculates the percentage of the semester completed by the student and applies that percentage to the federal financial aid received by the student.
Responsibilities of the Student: Students who withdraw from all classes before completing 60% of the semester are responsible for repaying any unearned aid that is returned to the federal aid programs. Worsham College will notify students in writing of the amount of unearned aid that must be repaid and provide information on repayment options.
Responsibilities of Worsham College: Worsham College is responsible for ensuring that all calculations are accurate and that any unearned aid is returned to the appropriate federal aid program(s) in a timely manner. The college will also notify the student of any adjustments made to their account as a result of the R2T4 calculation.
Special Circumstances: In some cases, students may experience extenuating circumstances that result in their withdrawal from all classes. If a student believes they have extenuating circumstances that may affect the R2T4 calculation, they should contact the Financial Aid Office immediately.
Implementation and Review: Worsham College’s R2T4 policy will be reviewed annually to ensure compliance with all federal regulations and to identify opportunities for improvement. Any changes to the policy will be communicated to all students and staff.