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Helpful Hints When Applying for Financial Aid
- Apply as early as possible.
- Carefully review all forms submitted to the Financial Aid Office and make certain they are completed correctly and signed.
- Do not use estimates when completing the financial aid applications. Use figures from your tax returns.
- Remember to keep a copy of your federal income tax returns to submit for verification.
- Remember to keep copies of your completed financial aid applications before you submit them to the Financial Aid Office.
- As soon as you receive the Student Aid Report, submit it to the Financial Aid Office.
- You may apply for a Subsidized Federal Stafford Loan, an Unsubsidized Federal Stafford Loan, or a Federal PLUS Loan for each academic year. An academic year at The Restaurant School at Walnut Hill College is 30 weeks for the full-time program and 44 weeks for the extended program.
- Remember to return the financial aid award letter immediately upon receiving it. Failure to return this letter by the stated deadline could result in the loss of your award.
- You and your parents should check with employers or unions for available scholarships or loans for employees or their children. Also check the Internet and the library for other scholarship opportunities.
Eligibility Requirements for all Financial Aid Programs
Eligibility for grants and loans is determined by governmental agencies and lending institutions. Here are some of the requirements:
- Be an established United States citizen or eligible non-citizen.
- Have no default history on an educational loan or an outstanding balance on an educational grant refund.
- Be registered with Selective Service (for males age 25 and under).
- Be accepted for enrollment in an approved program of study on at least a half-time basis as an undergraduate.
- Have earned a high school diploma or the equivalent.
- Demonstrate academic progress for continued aid. Government regulations require that students receiving federal financial aid make satisfactory progress in their academic standings. Students must meet a grade point average of 70 or above to meet the minimum academic progress standard.
Grants
Federal PELL Grant
The Federal PELL Grant program provides the "foundation" of financial aid to which other grants, loans, or other assistance may be added.
Additional Eligibility Requirement:
Must meet financial need criteria according to the Department of Education and cannot have already earned a bachelor's degree.
Repayment:
A Federal PELL Grant does not get repaid.
To Apply:
Complete the Free Application for Federal Student Aid (FAFSA) that is available from the Financial Aid Office, your high school, your local library, or on the Internet and submit the completed application to the Financial Aid Office for review.
PHEAA State Grant
The PHEAA State Grant Program provides grants to eligible Pennsylvania residents who are in need of financial aid to attend The Restaurant School at Walnut Hill College as undergraduates.
Additional Eligibility Requirements:
Students must meet financial need criteria according to PHEAA, show established Pennsylvania residency of at least 12 months, and have not already earned a bachelor's degree.
Repayment:
A PHEAA State Grant does not get repaid.
To Apply:
Complete the FAFSA that is available in the Financial Aid Office (for applicants to The Restaurant School at Walnut Hill College only) and submit the completed application to the Financial Aid Office for review.
Loans
Subsidized Federal Stafford Loan
Every student who wishes to apply for a Subsidized Federal Stafford Loan must first complete the FAFSA and submit a Student Aid Report to the Financial Aid Office.
Repayment:
A Subsidized Federal Stafford Loan must be repaid. The federal government pays the interest while the student is in college and during grace and deferment periods. Repayment begins six months after graduation or six months after the date the student leaves college. Repayment can take up to 10 years.
Interest Rates:
Interest are variable and are reset each July, but will not exceed 8.25%.
To Apply:
Complete the Stafford Loan Application (available at your bank). Submit the completed Stafford Loan Application to the Financial Aid Office for review.
Unsubsidized Federal Stafford Loan
Every student who wishes to apply for the Unsubsidized Federal Stafford Loan must be independent of their parents according to the federal guidelines, and must first complete the FAFSA and submit the Student Aid Report to the Financial Aid Office. Students whose parents do not qualify for the PLUS loan may also take advantage of this loan opportunity.
Loan Request Amounts (if eligible):
Minimum: $500 per academic year
Maximum: $4,000 per academic year
Repayment:
An Unsubsidized Federal Stafford Loan must be repaid. The student borrower is responsible for all interest from the date his or her loan is issued. Repayment begins six months after graduation or six months after the date the student leaves college. Repayment may take up to 10 years.
Interest Rates:
Interest are variable and are reset each July, but will not exceed 8.25%.
To Apply:
Complete the Stafford Loan Application (available at your bank). Submit the completed Unsubsidized Stafford Loan Application to the Financial Aid Office for review.
PLUS Loan - Parent Loan for Dependent Students
Eligibility Requirement:
Eligibility based on parents' credit history. Applicants must
be the dependent student's natural parents or adoptive parents.
Loan Request Amounts:
Cost of education minus any other financial aid.
Repayment:
The PLUS Loan must be repaid.
Repayment begins 30-60 days after the second check is issued
and may take up to 10 years. Requests can be made to pay interest
only while student is attending college.
Interest Rates:
Interest are variable and are reset each July, but will not exceed 9%.
To Apply:
Complete the PLUS Loan Application (available at your bank). Both parent and student are required to complete and sign this application. Submit the completed PLUS Loan Application to the Financial Aid Office for review.
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