Financial Aid

WPI is committed to providing financial assistance to students whose family resources are insufficient to totally meet the cost of education. Central to WPI's program is the concept of financial need, based on the assumption that parents and students together accept the responsibility for educational expenses to the extent they are able. Over 70% of WPI undergraduates are receiving financial help from college resources. A combination of grants, loans and work study assistance from federal, state and WPI funding are allocated to students who demonstrate financial need. The proportion of grant, or "gift" assistance, versus loan and work, may be determined by the college on the following criteria: the magnitude of the financial need, the availability of funds and the student's merit.

Application Procedures

Freshman Application Procedure For Financial Aid
You must indicate on your admission application that you are applying for financial aid. Successful candidates for admission will be notified of a financial aid decision in early April. You will then have from the date of your aid decision until the candidates' common reply date, May 1, to either accept or decline the aid offered.

File the Free Application for Federal Student Aid (FAFSA) and the Financial Aid Profile form with the College Scholarship Service (CSS). List WPI's Code # under the section on each form where you designate which schools are to receive the form. In addition, send to the Financial Aid Office a signed copy of your parents' Federal Income Tax Forms and W-2 Forms for the prior year plus all related schedules, and a signed copy of the student's Federal Income Tax Forms and W-2 Forms (or a statement signed by the student indicating he/she will not file a return.) for the prior year. In the case of separation or divorce, the noncustodial parent must complete a Noncustodial Parent's Statement and send it directly to the WPI Financial Aid Office. This form is available from CSS or may be obtained from the WPI Financial Aid Office.

To ensure a complete review, we must receive these materials by March 1. Applications completed after this date will be reviewed subject to funds available. We suggest you obtain the FAFSA and the CSS Profile Registration materials from the Guidance Office of your secondary school by January, since it takes four to six weeks for the forms to be processed and sent to colleges.

Early Decision Application For Financial Aid
For those students applying for early decision admission, the CSS Financial Aid PROFILE must be filed by December 1. The FAFSA and the CSS Profile Registration forms are available at the Guidance Office of the student's secondary school in the Fall. All federal tax return forms, as outlined above, are required as soon after January 1 as possible, as well as completion of the FAFSA. No award decision is final until all material is received and reviewed.

Upperclass Application For Financial Aid
Financial aid applicants must apply for financial aid every year by completing the FAFSA, the CSS PROFILE, and the WPI upperclass application. These forms will be available at the beginning of Term C and are due by the beginning of Term D. The complete application packet covers grants, scholarships, loans and on-campus employment for the following academic year. Students and their parent(s) are expected to obtain and submit all requested forms in a timely manner for each year of planned enrollment.

Forms of Aid

Federal Pell Grants**
Federal Pell Grants are awarded to high need students from low and lower middle-income families. These grants range from $400 to $3000 per academic year. Students who are eligible to receive a Federal Pell Grant must submit a Student Aid Report (SAR) to the WPI Financial Aid Office. The SAR is sent to all students who file a Free Application for Federal Student Aid (FAFSA). The WPI Financial Aid Office will verify the data on the form, make corrections if necessary, and then submit the SAR for payment from the Dept. of Education. In 1997-98, WPI administered over $900,000 in Federal Pell Grants to eligible full and part time students.

Federal Supplemental Educational Opportunity Grants (SEOG)
Federal SEOG funds are allocated to institutions by the Federal government. These funds, which are awarded to students as campus based grants, are awarded to high need students who are also eligible for the Federal Pell Grant. WPI students received over $700,000 in Federal SEOG in the 1997-98 academic year.

Federal Stafford Guaranteed Student Loan
Student Federal Stafford Loans (GSL) are federally subsidized student loans; interest accrued is paid by the federal government while the student is enrolled at least half time. Repayment of both principal and interest begins at the end of the 6 month "grace period" following graduation or withdrawal from school. The repayment period is ten years and the interest rate is set at the bond equivalenT rate of 91 day Treasury bills (as of the preceding June) plus 3.1%, capped at 8.25%. Approximately 4% in origination and guarantee fees are deducted by the bank before the proceeds are disbursed to the school.

Students must file a FAFSA so that WPI can determine need-based eligibility for the Federal Stafford Loan. The Federal government sets annual borrowing limits according to the student's year in school or grade level. First year students may borrow up to $2,625, second year students up to $3,500 and third and fourth year students up to $5,500. Students cannot borrow in excess of $23,000 over the life of their undergraduate education.

The WPI Financial Aid Office recommends and approves the amount a student may borrow for the subsidized and unsubsidized Federal Stafford Loan. For all new borrowers and previous borrowers with a Massachusetts lender, the Financial Aid Office will obtain a promissory note and forward it to the student. The student must complete, sign and return the promissory note to the Financial Aid Office. If you are a previous borrower with an out-of-state lender, you must obtain and complete a Federal Stafford Loan application from the lender you borrowed from last year and forward it to WPI for processing.

Federal Perkins National Direct Student Loanm
Federal Perkins Loans are also federally subsidized loans awarded directly to students by colleges. Students are awarded based on funds available. Repayment of both principal and interest, currently 5% fixed, begins nine months after the recipient graduates or leaves college. Perkins Loan promissory notes are signed at the beginning of each semester. In 1997-98 WPI administered over $1.2 million in Federal Perkins Loans.

Federal College Work Study Program
Federal College Work Study funds are allocated annually to colleges who offer federally funded work opportunities to high need financial aid applicants. Federal Work Study is included in the financial aid award letter to eligible students. If you accept a Federal Work Study offer, you may work a maximum of 10 hours per week at the current wage of $5.25 per hour. Federal Work Study earnings are paid by check on a bi-weekly basis directly to the student employee. Work is available in a variety of academic and administrative settings on campus. The amount offered indicates maximum earnings allowed, but is not a guarantee. The best procedure is to take an available position at the start of the academic year and work as much as your schedule allows up to the maximum 10 hours per week. If you decline an offer of work, it will not affect the other components of your award package.

Students are prohibited from Federal Work Study employment if one of the following situations occur: if the student falls below the WPI established satisfactory progress levels for retention of aid; or the student enrolls on a less than full time basis; or the student registers as a "Special Student."

State Scholarship Programs**
WPI administered $370,000 from the Massachusetts General Scholarship Program during the 1997-98 academic year. These Massachusetts state grants go to Massachusetts residents whose combined family contribution falls within state-determined parameters. Students must file the FAFSA by the state-designated deadline and follow all state program procedures to apply.

Massachusetts has reciprocity agreements with six other states: Connecticut, Maine, New Hampshire, Pennsylvania, Rhode Island and Vermont. These states allow their residents attending institutions in Massachusetts to "carry" need-based state grants into Massachusetts. Grants from all reciprocal states to WPI students last year totaled $174,000. Awarding from other state scholarship programs depends on annual state funding levels.

The Massachusetts Gilbert Matching Grants Program is allocated annually to WPI. These funds are awarded to Massachusetts residents who fall within a certain financial need. WPI students received $494,000 in the Massachusetts Gilbert Matching Grant during 1997-98.

State Funded Student Loan Programs
The State of Maine funds the Blaine House Scholars Program, which is an annual loan program for need-based financial aid applicants. Applications and promissory notes are handled through the Finance Authority of Maine, Maine Education Assistance Division. Blaine House Scholars are selected by the MEAD and must be enrolled full time. The annual Blaine House Scholars loan is $1,500.

The Maine State Blaine House Scholars loan is awarded after the Federal Stafford Loan is packaged and in place of the Federal Perkins Loan or WPI Institute Loan.

The Commonwealth of Massachusetts provides the Massachusetts No Interest Loan (MA NIL) Program through annual allocations to participating colleges and universities. Students who file the FAFSA and meet state eligibility criteria are eligible for the Massachusetts No Interest Loan on a funds available basis.

WPI administered $317,000 in the MA NIL program in 1997-98.

WPI College Scholarship
WPI awards College Scholarships and other restricted or endowed "gift" assistance, to students who have a demonstrated financial need based on review of the complete financial aid application, including FAFSA, PROFILE, IRS tax returns,W-2 forms, and the upperclass WPI folder/application. WPI gift aid may be combined with federal and state grants to make up a student's total portion of "gift" assistance, before loans and work are packaged. Grants and scholarships funded directly by WPI exceeded $16 million in 1997-98.

WPI Institute Student Loan Program
WPI offers a need-based loan similar to the Federally subsidized Stafford and Perkins loans. Students do not begin repayment of the principal and interest accrued until 9 months after graduation or separation from the college. WPI students borrowed $1.4 million in Institute Loans during 1997-98. The Institute Loan terms and eligibility criteria are similar to the Federal Perkins Loan Program.

WPI Department-Funded Work Program
Students who are not eligible for Federal Work Study funds may seek employment opportunities through departments or offices on campus who set aside funds for hiring undergraduate employees. These employment funds vary from year to year in terms of monies available or the number of students allowed per department/office. Students may also inquire about department-funded summer positions on campus.

Reserve Officer Training Corps (ROTC) Scholarships

Army ROTC Scholarship Program
The Army ROTC Scholarship is designed to offer financial assistance to outstanding young students who are seeking not only a commission as an Army officer, but also a path to dynamic career opportunities. The scholarship is based on the achievements of the applicants, not the financial status of their family. The Army ROTC Scholarships may cover partial or full tuition, most fees, $450 per year for books and up to $150 per month for the school year paid directly to the student.

The Army ROTC Program offers the individual the chance to experience many programs designed to develop leadership skills. Some of these programs are Airborne, Air Assault, Northern Warfare, Mountain Warfare, and Cold Weather Training. The Army ROTC Program also offers the opportunity to attend graduate school, and in some cases will fund the graduate work of selected officers.

Students interested in Army ROTC should contact the Professor of Military Science, Military Science Department, WPI, Worcester, Massachusetts 01609. Or call (508) 831-5268. Offices are located in Harrington Auditorium.

Naval ROTC Scholarship Program
Programs leading to a commission in the United States Navy or Marine Corps are available for all qualified WPI students through cross-enrollment at the College of the Holy Cross.

WPI students may participate in the four-year or two-year national Naval ROTC Scholarship Program. Additionally, first and second year non-ROTC students may apply directly to the Professor of Naval Science for enrollment in the College Program (non-scholarship). After completion of at least one semester as a College Program midshipman, students who have achieved a GPA of 3.0 or higher, passed one semester of calculus with a grade of C or better, and performed well in the battalion may be recommended by the Professor of Naval Science for a Chief of Naval Education and Training Controlled Scholarship. All scholarships include full tuition, books and fees, military uniforms, and an allowance of $150 a month.

Along with their degree requirements, Naval ROTC students are required to successfully complete one naval science course per semester and participate inweekly unit drill periods. Additionally, scholarship students attend summer training after their freshman, sophomore and junior years.

After successful completion of the program, students are commissioned as ensigns in the Navy or second lieutenants in the Marine Corps. Ensigns enter into either aviation, submarine warfare, surface warfare, or special operations/warfare.

Students interested in Navy ROTC should either write to the Naval ROTC Unit, College of the Holy Cross, Worcester, Massachusetts 01602, or call (508)793-2433. Students may also find additional information on the internet at http://sterling.holycross.edu/departments/nrotc/website/homepage/

Air Force ROTC Scholarship Program
WPI students may participate in the four- or two-year Air Force ROTC programs conducted at WPI where the AFROTC offices are located. The AFROTC programs, which are voluntary and open to all students, lead to a commission as a Second Lieutenant in the U.S. Air Force. The academic program consist of a one-hour, 1/9 unit general military course each term of the first and second years, and a two-hour 1/6 unit professional officer course each term of the third and fourth years. The courses cover Air Force organization and history during the first two years; management, leadership, American defense policy, and the military in society during the final two years. Each student is also provided with field training, which is completed during the summer between the second and third years. Students attending field training receive travel pay and are paid while in attendance at summer camp at the rate of one-half of the base pay of a Second Lieutenant with less than two years of service. Students who participate in the last two years of AFROTC only must attend field training for six weeks; students who have participated during the first two years of AFROTC attend for four weeks.

Students not already receiving an AFROTC scholarship may compete for either two or three year scholarships. Scholarships cover all or partial tuition costs, fees and textbooks. In addition, a monthly tax free subsistence allowance of $150 is paid to all scholarship students and to all students in their last two years of AFROTC.

Enrollment in the AFROTC program require United States citizenship, good moral character and sound physical condition. Students interested in AFROTC should write to the Department of Aerospace Studies, AFROTC Detachment No. 340, WPI, Worcester, Massachusetts 01609-2280. Offices are located at 35-37 Institute Road.

Financial Aid Policies

Financial Aid is awarded one year at a time. Aid applicants are required to reapply annually by the beginning of Term D. An annual review of each applicant's need is designed to assure that aid is renewed equitably as different circumstances cause needs to change. The Financial Aid Office assesses need through a review of the complete financial aid application, appropriate IRS forms, conferences with the student and family, and other information that the student may wish to submit or be asked to submit. Financial aid eligibility letters are mailed to upperclass student in early July for the following academic year.

Student Contribution
It is expected that the student's family will contribute its maximum financial effort and that the student will also make a maximum effort through savings from annual earnings and by accepting a proportion of financial aid in the form of loans and/or in-school employment, if eligible. Students at WPI are expected to contribute a minimum $1,500 each academic year, from summer or other annual earnings. While this minimum student contribution is employed, the Financial Aid Office must review previous calendar year student earnings and student savings/assets as the basis for determining the annual student contribution.

Transfer Students
Transfer students may apply for financial aid eligibility beginning with their first term of matriculation, and must indicate interest in financial aid on the admission application. Transfer aid applications will be reviewed based on the same documentation required for first year applicants and are packaged on a funds available basis. Transfer applicants must also submit to the WPI Financial Aid Office official Financial Aid Transcripts from all colleges previously attended, whether financial aid was received or not. Financial Aid Transcripts are obtained from college or university Financial Aid Offices.

Inflated Need
Marriage, self-declared emancipation or independence from family, ownership and maintenance of valuable property (e.g., automobile), or other voluntary, self-imposed financial burdens will not be considered by WPI as a bona fide basis of financial need. Married or otherwise emancipated students will enjoy rights equal to but not exceeding those of other students, and they must apply for aid on the same basis as other students. Inaccurate documentation of financial need or omission of any financial resources may result in the complete loss of financial aid. Due to federal and state regulations and limited available resources, a student's total financial aid from combined sources cannot exceed the need derived from the college's cost of attendance minus the calculated family contribution. Therefore, all outside scholarships must be reported to the WPI Financial Aid Office for verification and possible adjustment of the total financial aid awarded.

** Awards from Federal Pell Grants and State sources which were not estimated or were underestimated by the Financial Aid Office will be used to reduce any WPI administered grant if offered. Also, WPI will not make up the loss of an estimated State Grant if the student is considered ineligible due to a failure to apply appropriately or timely.

Aid Retention / Progress Toward A Degree
Financial Aid will ordinarily be available for the shorter of the two following periods: a period of 16 terms within a four-year period, or until the end of the two term billing period, in which the last undergraduate degree requirement is completed. The following criteria must be met to retain need-based financial aid: the student must be registered for at least one unit per term; the student must continue to make acceptable and satisfactory progress toward a degree, which includes Academic Warning status or better as determined by the Registrar, and a minimum of 8 courses passed with a grade of C or better per Academic Year; and first year students must not be reclassified for academic reasons.

For students whose satisfactory progress toward a degree extends beyond 16terms, financial aid for the extended period will normally be available only through the Federal Stafford Loan.

A student failing to meet the eligibility requirements may, in cases which involve unusual or extenuating circumstances such as documented medical problems, file a petition with the Financial Aid Office. The petition will be reviewed and determination made concerning eligibility on a case by case basis.

Graduate And International Students
Graduate students are not eligible for undergraduate sources of need-based financial aid. The graduate Federal Stafford Loan is the only source of need-based aid administered by the Financial Aid Office to graduate students. Returning international students, who do not have official documentation of Permanent Residence in the United States, are ineligible for all sources of financial aid administered by the WPI Financial Aid Office. Limited scholarships are available for entering international students.

Alternative Financial Programs

Alternate financing programs are available to many families who do not apply for aid or who need to supplement the aid offered. Several payment plans are available, which allow families to pay their annual charges over several months, rather than in two semester payments. Contact the WPI Accounting Office for further information about payment plan brochures and applications. The following three long-term financing programs assist families in spreading educational costs over 10 to 20 years. The three loans below allow families to borrow the difference between the cost of attendance determined by the college and total financial aid for the year. Contact the Financial Aid Office for additional information about the loans explained below, as well as other financing options.

Federal PLUS Loans
Federal PLUS Loans are available annually to parents of dependent undergraduates. Repayment begins when the funds are advanced, and parents have 10 years maximum to repay. The interest is calculated on a variable rate based on the average 52 week Treasury bill rate plus 3.1%, capped at 9%.

Applications may be obtained from the WPI Financial Aid Office or a participating lender, and the application/promissory note must be completed and sent to the Financial Aid Office for authorization. The process requires approximately four to five weeks to complete before funds are disbursed.

The Massachusetts Educational Financing Authority (Mefa) Family Education Loans (FEL)
WPI is a participant in MEFA, a not-for-profit, state authority serving students enrolled in the Commonwealth's accredited institutions. The Authority, in cooperation with WPI and other participating colleges and universities, offers a program of Family Education Loans, under which parents and students can borrow up to cost-less-aid and repay it in low monthly payments.

Parents have an option of a variable or fixed rate. The interest rate on the variable rate option is expected to be based on the Authority's total borrowing costs on monthly sales of Commercial Paper, plus approximately 2.75%. Commercial Paper is one of the lowest cost forms of debt financing currently available. Parents may secure the FEL loan with the Home Mortgage Option, using either interest rate option. The variable rate option carries a 10 year repayment limit, and the fixed rate has a 15 year limit. Borrowers must be citizens of the United States.

MEFA's MASS PLAN programs outlined above are described in a brochure/application which parents may obtain from the WPI Financial Aid Office or by contacting MEFA directly at 1-800-449-MEFA. Processing takes approximately six to eight weeks from initial submission of the application to approval and final disbursement. A credit check is performed to determine whether the borrowersÕ debt-to-income ratio lies within the approved limit.

The Education Resources Institute (TERI)
The TERI loan is sponsored by several lenders who offer loans ranging from $2000 to $20,000 to students and families who wish to spread the cost of education over future years. Borrowers must be citizens of the United States.

The interest rate (is equal to the current prime rate) and the repayment limit is 20 years. Borrowers have the option of paying interest only while in school and deferring principal while enrolled, for a maximum four years. TERI applications may be obtained from the WPI Financial Aid Office and the completed TERI application must also be submitted to the Financial Aid Office for school authorization. Borrowers should allow for six to eight weeks for processing, including a full credit check involving a debt-to-income analysis by the lender.