Types of Financial Aid
Wentworth Institute of Technology is approved by the US Department of Education for the following aid Programs:
Direct Federal PLUS Loan
This is a federal loan available for the parents of dependent undergraduate students and for graduate and professional students. Parent PLUS loans are not based on financial need. A credit check is performed to determine the borrowers’ eligibility. A parent may borrow any amount up to the dependent student’s cost of attendance minus the student’s financial assistance. The Direct PLUS loan interest rate is fixed at 6.31% for 2016-17. There is a 4.272% loan origination fee (fee for loans originated after October 1, 2016 will be 4.276%). The repayment period for the PLUS loan begins the day the loan is fully disbursed. PLUS borrowers may defer repayment while student is enrolled at least half time and for an additional six months after you graduate, withdraw or drop below half time. The first payment will be due within 45 days after your deferment ends.
Direct Stafford Loan Program
Federal Stafford Loans are either subsidized (the government pays the interest while the student is in school) or unsubsidized (the student pays all the interest, although the payments can be deferred until after graduation). Direct Stafford loans have annual and aggregate loan limits. There are instances when a first time borrower may lose eligibility for a Subsidized Stafford Loan if he/she has received loans for 150% of their current academic program.
The interest rate for Direct Stafford loans is fixed at 3.76% for undergraduate students and 5.31% for graduate students for 2016-17. There is a 1.068% loan origination fee (fee for loans originated after October 1, 2016 will be 1.069%). Repayment begins six months after the student graduates, withdraws or ceases to be enrolled on a half-time basis. To receive a subsidized Federal Direct Loan, the student must be able to demonstrate financial need. Students who are borrowing for the first time through the Direct Loan Program (subsidized and/or unsubsidized) must complete a Federal Stafford Master Promissory Note (MPN) online and complete an Entrance Interview in order to receive their Federal Stafford Loan funds. Graduate Students are not eligible for the Federal Direct Subsidized Stafford loan.
Federal Pell Grant
This is a federal grant that does not have to be repaid. Eligibility for this grant is determined by the federal government and is based on financial need. The grant amounts range from $591 to $5,815 yearly for 2016-17.
Federal Supplemental Educational Opportunity Grant (FSEOG)
A federal grant that does not have to be repaid, the amount of the award is based on financial need, and is determined by a financial formula.
Federal Work Study
This work program provides access to employment on Wentworth’s campus during the academic year and is awarded based on financial need. A student’s total allotment will be outlined on the award letter. A student will receive a bi-weekly pay check for the hours that the student actually works. Although the student is awarded federal work-study, it is the student’s responsibility to obtain a position on campus.
Perkins Loan Program
This is a federal low interest loan (5%) that must be repaid. Repayment is deferred until nine months after the student ceases to be at least a half-time student. All students who borrow through this loan program are required to complete a promissory note.
Veterans planning on enrolling full-time or part-time in credit courses (day, evening or Saturday) and who are eligible to receive benefits at Wentworth must work closely with the VA Certifying Official, who is located in the Student Service Center on the first floor of Williston Hall. The official will provide the procedural details for receiving veteran’s benefits.
The Yellow Ribbon GI Education Enhancement Program (Yellow Ribbon Program) is a provision of the Post-9/11 Veterans Educational Assistance Act of 2008. This program allows degree granting institutions in the United States to voluntarily enter into an agreement with the VA to fund tuition expenses that exceed the highest public in-state undergraduate tuition rate. The institution can contribute up to $5,000 of those expenses and VA will also contribute a portion of the tuition.
Many states, including Massachusetts, offer state grants which may be applied to your educational expenses at Wentworth. These grants are based on eligibility which is determined by the state based on the information provided to them by your FAFSA. Below are the eligibility requirements for the common state grant programs at Wentworth. Please note that, if eligible, these grants will not be added to the student’s account until September of each year. If you do not see your state listed and would like further information, please reach out to that State Grant office. Below are the eligibility requirements for participating states:
- FAFSA must be completed by May 1st of each year
- Expected Family Contribution (EFC) between 0 and 5234
- Student must be a Massachusetts resident
- Must be a full-time student receiving a first bachelor’s degree
- FAFSA should be filed as soon as possible as funds are awarded on first come, first serve basis
- Student must be a Vermont resident
- Student must fill out Vermont State Grant application
Female STEM (Science, Technology, Engineering, and Math) Scholarship
Wentworth offers two of these merit-based scholarships annually to deserving new female students. In order to be considered for this scholarship, students must satisfy the following eligibility criteria:
- Be a female student entering Wentworth as a newly enrolled fulltime student for the 2016-2017 academic year
- Be accepted into one of Wentworth’s seven STEM academic majors: Civil Engineering Technology, Computer Science, Computer Networking, Computer Engineering Technology, Electromechanical Engineering, Electronic Engineering Technology, or Mechanical Engineering Technology
- Maintain a cumulative GPA of at least a 3.5
All female STEM applicants are automatically considered for this scholarship; no additional application is necessary. This is a full-tuition scholarship after the applicant has applied for federal need-based aid by completing the Free Application for Federal Student Aid (FAFSA). The scholarship evaluation is determined by the Admissions Office and begins in mid-January. The scholarship may be renewed for up to five years, depending on the length of the recipient’s bachelor’s degree program.
This merit-based fellowship is awarded to graduate students upon admission to the Master’s degree in Architecture program. No separate application is required. Fellowships are applied toward tuition charges only. The fellowship cannot be combined with any past institutional scholarships received (such as Arioch, Merit Award and President’s scholarships) during undergraduate study.
Merit Award Scholarships
This scholarship is available to all new (freshman and transfer) applicants. Admitted students are automatically considered for this merit-based scholarship. No separate application is required. Eligibility is based on a combination of factors: SAT scores and grades. Students must maintain a 2.5 institutional cumulative GPA as determined by the Satisfactory Academic Progress Policy to retain eligibility for these scholarships in subsequent years and be enrolled full-time. If conditions are not met in any year, the scholarship is no longer renewable. Merit award scholarships are applied toward tuition charges only. Therefore, any semester in which tuition charges are covered by another scholarship such as ROTC, the MERIT award scholarship will be cancelled for that semester.
Wentworth Community Scholarship
Applicants must have demonstrated the highest level of commitment to the Wentworth community through involvement in social, administrative, charitable, and athletic activities while excelling in academics. Students who have completed four (4) semesters and earned 60 semester credit hours with a GPA of 3.0 or better are eligible to apply for this $2,500 per year scholarship. Students need to reapply each year and be enrolled full time. Funds from this scholarship are applied toward tuition charges.
The program is designed to give students access to employment that will help them meet living expenses such as books, supplies and transportation. To receive a WIT Works award, a student must file their FAFSA and demonstrate financial need according to federal guidelines. They must also be enrolled at least half-time in a degree program, maintain satisfactory academic progress and be either a U.S. citizen or an eligible non-citizen. WIT Work-Study follows all of the same guidelines and policies as Federal Work Study and is need-based.