Financial Aid

WPI is committed to assisting students and their parents in finding ways to finance the cost of a WPI education through financial aid assistance and private financing options. Central to WPI’s program is the concept of financial need. This concept is based on the assumption that parents and students together accept the responsibility for educational expenses to the extent they are able. Over 87% of WPI undergraduates are receiving financial help from federal, state, and institutional resources. A combination of grants, loans and/or 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 student’s academic performance, and the availability of funds.

Application Procedures

Students are required to file the Free Application for Federal Student Aid (FAFSA) and the CSS (College Scholarship Service) PROFILE Application. Students list WPI’s school code number under the section on each form where it designates which schools are to receive the form. In addition, students and their parents are required to send to the WPI Office of Financial Aid a signed copy of their federal income tax forms (or a statement signed by the student/ parent indicating he/she will not file a return), schedules, and W-2 statements from the prior year. In the case of separation or divorce, the student’s noncustodial parent must complete the Noncustodial PROFILE.

Early Action Application for Financial Aid

Applicants must indicate on their admission application they are applying for financial aid. For those students applying for early action admission, the CSS PROFILE Application (and Noncustodial PROFILE, if applicable) can be submitted as early as October 1st, but no later than February 1st. The FAFSA and the CSS PROFILE Application are available online at FAFSA and CollegeBoard. All federal income tax return forms, as outlined above, are required as soon after January 1st as possible, as well as completion of the FAFSA. No award decision is final until all material is received and reviewed.

Successful candidates for early action admission will be notified of financial aid eligibility on a rolling basis. Applicants will then have from the date of your aid eligibility letter until the candidates’ common reply date, May 1st, to either accept or decline the aid offered.

Regular Decision Application for Financial Aid

Applicants must indicate on their admission application they are applying for financial aid. Successful candidates for admission will be notified of a financial aid decision in early April if a financial aid application has been submitted. Applicants will then have from the date of the financial aid decision until the candidates’ common reply date, May 1st, to either accept or decline the aid offered.

To ensure a complete review, we must receive the FAFSA and the CSS PROFILE Application by February 1st. Applications completed after this date will be reviewed subject to available funding. The Office of Financial Aid encourages students to complete the FAFSA and the CSS PROFILE Application (and Noncusotidal PROFILE, if applicable), by the beginning of January to ensure that WPI’s filing deadline of February 1st is met.

Upperclass Application for Financial Aid

Upperclass students who received need based financial aid must reapply for financial aid every year by completing the FAFSA and the WPI Financial Aid Upperclass Application. In a few cases, some upperclass students will also be required to submit the CSS PROFILE Application in addition to these requirements. Typically, upperclass students who will need to complete the CSS PROFILE Application are those whose parents are recently separated or divorced, students who are re-admitted to WPI, students whose custodial and noncustodial parents have changed since the prior academic year, and students who did not apply for need based financial aid in the prior academic year. The WPI Office of Financial Aid reserves the right to request that a CSS PROFILE Application be completed by any upperclass student applying for need based financial aid.

The WPI Upperclass Financial Aid Application will be available at the end of Term B and is due by the beginning of Term D. Filing information on the FAFSA (and CSS PROFILE Application, if necessary) as well as signed copies of student and parent federal income tax returns, including all schedules and W-2 statements, is due by April 15th. The complete application provides consideration for grants, scholarships, loans and federal 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. If any of the required forms are submitted late, the student may experience a reduction in his/her grant or scholarship eligibility for the year in which he/she is applying for need based financial assistance. The amount of financial aid upperclass students receive will depend on their family’s demonstrated financial need which is determined from the FAFSA, the WPI Upper-class Financial Aid Application and the CSS PROFILE Application, if required.

WPI Need Based Scholarships /Grants

WPI need based scholarships and grants awarded to students will not increase in future academic years, regardless of changes in a student’s financial need. Conversely, students’ WPI need based scholarships and grants can decrease based on a lower financial need and/or poor academic performance (from the prior academic year). Once a student’s scholarship or grant has been decreased, it will not be increased in future academic years. Because of this, it is extremely important that students monitor the number of classes they pass each academic year.

WPI Merit Scholarships

WPI merit scholarships will not increase or decrease based on changes to a student’s financial need. However, a student’s merit scholarship will decrease or be eliminated if a student does not meet the renewal criteria to maintain these scholarships. Students should refer to their Admissions Merit Scholarship letter for detailed information on renewal criteria for merit scholarships.

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. The FAFSA and CSS PROFILE (and Noncustodial PROFILE, if applicable) are due by March 1st.

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 $4,050 per academic year. A Student Aid Report (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, making corrections if necessary. In 2006-07, WPI administered over $920,000 in Federal Pell Grant funds to eligible full and part time students.

Federal Academic Competitiveness Grant (ACG)

Federal Academic Competitiveness Grants are awarded to full-time undergraduate students enrolled in an eligible program who receive a Federal Pell Grant and are U.S. citizens. Students also must have completed a rigorous secondary school program of study and be enrolled in at least a two-year academic program acceptable for full credit toward a bachelor degree program. The ACG for the first academic year is awarded up to $750 and up to $1,300 for the second academic year. In 2006-07, WPI administered over $87,000 in Federal ACG funds to eligible students.

Federal National Science and Mathematics Access to Retain Talent Grant (National Smart Grant)

Federal National SMART Grants are awarded to full-time undergraduate students enrolled in the third or fourth academic year of an eligible program, who receive a Federal Pell Grant, and are U.S. citizens. An eligible program in the National SMART Grant is one that leads to a bachelor’s degree in an eligible major or a graduate degree program in an eligible major that includes at least three academic years of undergraduate education. The award is up to $4,000 for each of the third and fourth academic years. In 2006-07, WPI administered over $318,000 in Federal National SMART Grant funds to eligible students.

Federal Spplemental Educational Opportunity Grants (FSEOG)

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 $813,000 in Federal SEOG funds in the 2006-07 academic year.

Federal Stafford Student Loan

There are two types of Federal Stafford Loans offered to students by the federal government: the Federal Subsidized Stafford Loan and the Federal Unsubsidized Stafford Loan. A student’s federal financial need will determine which loan(s) he/ she will be offered in the financial aid award.

Federal Subsidized Stafford Loans are loans that the federal government pays the interest on while the student is enrolled in school at least half time and during periods of grace.

Students not eligible for the Federal Subsidized Stafford Loan may borrow through the Federal Unsubsidized Stafford Loan Program. In the Unsubsidized Stafford Loan Program, the federal government does not pay the interest on this loan. Rather, the student has the option to either pay the interest or capitalize it and postpone repayment of principal and interest until after graduation or falling below at least half time enrollment.

Repayment of both principal and interest for the subsidized and unsubsidized federal Stafford loans begins at the end of the 6 month “grace period” following the last day of enrollment or withdrawal from school. The repayment period is ten years and the interest rate is set for loans borrowed prior to July 1, 2006 at the bond equivalent rate of 91 day Treasury bills (as of the preceding June) plus 2.3%, capped at 8.25%. For loans borrowed after July 1, 2006 the interest rate is fixed at 6.8%. Approximately 3%- 4% in origination and guarantee fees may be 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. As of the 2007-2008 academic year, first year students may borrow up to $3,500, second year students up to $4,500 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 Office of Financial Aid recommends and approves the amount a student may borrow for the subsidized and unsubsidized Federal Stafford Loan. For all new borrowers, a Master Promissory Note must be completed. This may be done electronically or on paper. Students will be notified of the availability of the note to be signed. The Master Promissory Note only needs to be signed once during the student’s undergraduate time at WPI, unless you wish to change lenders or your current lender changes their fee structure. If you continue on to graduate school at WPI, you do not need to sign a new MPN. If you are a previous borrower with an out-of-state lender and you have not completed a Master Promissory Note, you must obtain and complete a Master Promissory Note from the lender you
borrowed from last year and forward it to the WPI Office of Financial Aid for processing. All new WPI students (first year, transfer & graduate) must complete a Master Promissory Note at WPI.

Federal Perkins Loan

Federal Perkins Loans are federally subsidized loans awarded directly to students by colleges. Students are awarded based on funds available. Repayment of principal and interest, currently fixed at 5%, begins nine months after the recipient’s last day of enrollment or withdrawal from college. For all new borrowers, a Master Promissory Note must be completed. The Master Promissory Note only needs to be signed once during the student’s undergraduate time at WPI. In 2006-07 WPI administered over $1.9 million in Federal Perkins Loans.

Federal Work Study Program

Federal 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 eligibility letter to students if they qualify for these funds. If a student accepts a Federal Work Study offer, he/she may work a maximum of 10 hours per week at the current wage of $8.00 per hour. Federal Work Study earnings are paid by direct deposit on a bi-weekly basis directly to the student employee. Work is available in a variety of academic and administrative settings on or off campus. The off campus positions are community service positions and must be set up through the Student Activities Office. Students who work in community service positions are paid $8.50 per hour in order to cover travel expenses to and from their jobs. The amount of Federal Work Study funds offered in a student’s award letter 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 the schedule allows up to the maximum 10 hours per week. If a student declines an offer of work, it will not affect the other components of his/her award package. However, please note that due to limited funding, if a student declines Federal Work Study funding or employment, this fund will not be renewed in future academic years. In addition, if a student earns less than $500 in Federal Work Study funds during the academic year this fund is awarded or fails to work the required hours in community service, his/her Federal Work Study funding will not be renewed in future years.

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

State Scholarship Programs

WPI administered over $240,000 from the MASSGrant Program during the 2006-07 academic year. The MASSGrant is awarded 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 over $110,000. 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 over $811,000 in the Massachusetts Gilbert Matching Grant during 2006-07.

State Funded Student Loan Programs

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 $173,000 in the MA NIL program in 2006-07.

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 the FAFSA, the CSS PROFILE Application (if first year applicant), IRS tax returns, W-2 forms, and the WPI Upperclass Financial Aid Application (if returning undergraduate). 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 $35 million in 2006-07.

WPI Institute Student Loan Program

The WPI Institute Loan is an institutional need-based loan awarded to students. Repayment of the principal and interest begins 9 months after the last day of enrollment or withdrawal from college. WPI students borrowed $1.7 million in Institute Loans during 2006-07. 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 that 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 departmentfunded summer positions on campus.

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 financial need is assessed to assure that aid is renewed equitably as different circumstances cause needs to change. The WPI Office of Financial Aid determines a student’s financial need through a review of the complete financial aid application and appropriate IRS forms. Financial aid eligibility letters are mailed to upperclass students 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 $2,000 each academic year, from summer or other annual earnings. While this minimum student contribution is used, the WPI Office of Financial Aid must review previous calendar year student earnings and student savings/assets as the basis for determining the annual student contribution.

Independent/Dependent Student Status

WPI believes that the primary responsibility for an undergraduate education lies with the student and parent, to whatever extent possible. Therefore, all undergraduates applying for WPI institutional funds are required to provide parental information regardless of federal dependency status.

Although a student may meet federal guidelines to be considered an independent student, and therefore receive federal funds as an independent student, the ability of parents to assist their children, regardless of age and dependency status, is a factor WPI considers in determining eligibility for institutional need-based grants. Because of this, the WPI Office of Financial Aid will require parental information (including federal income tax returns, schedules, and W-2 statements) from all students applying for need based institutional aid.

Aid Retention/Progress Toward a Degree

There are four key elements to the retention of eligibility for financial aid as it relates to academics:

All full time students are expected to register and enroll in twelve 1/3 unit classes per academic year. The more classes a student successfully completes (up to a maximum of 12 courses during terms A-D, the more the student’s grant/scholarship eligibility is maintained for the next academic year.
Attempting but not successfully completing courses and project work will reduce financial aid. Please note that advanced placement, transfer credit, incompletes, or extensions cannot be counted in the determination of units
completed. The student is responsible for resolution of incompletes with the faculty member assigning the grade.

WPI Financial Need Scholarships/Grants

WPI scholarships and grants awarded to students will not increase in future academic years; regardless of changes in a student’s financial need. Conversely, students’ WPI need based scholarships and grants can decrease based on a lower financial need and/or poor academic performance (from the prior academic year). Once a student’s scholarship or grant has been decreased, it will not be increased in future academic years. Because of this, it is extremely important that students monitor the number of classes they pass each academic year.

WPI Merit Scholarships

WPI merit scholarships will not increase or decrease based on changes to a student’s financial need. However, a student’s merit scholarship will decrease or be eliminated if a student does not meet the renewal criteria to maintain these scholarships. Please refer to your Admissions Merit Scholarship letter for detailed information on renewal criteria for merit scholarships.

Eligibility for consideration for all types of financial aid for the following academic year is lost is a student is placed on Academic Probation (end of B or D term).

Financial Aid Petitions

Students placed on Academic Probation may, in cases which involve unusual and extenuating circumstances such as documented medical problems, file a financial aid petition with the WPI Office of Financial Aid*. The petition will be reviewed by the Financial Aid Appeals Committee which is comprised of academic administrators, not members of the Office of Financial Aid. Determination on financial aid petitions will be made on a case by case basis.
*Financial Aid Petitions can be obtained in the WPI Office of Financial Aid (2nd floor Bartlett Center) or online.

Regardless of academic progress status, eligibility for financial assistance (with the exception of the Federal Stafford Loan) is available for the shorter of the two following periods; 16 terms (4 years) of enrollment at WPI**or completion of your Bachelor Degree requirements at WPI.
**16 terms (4 years) of enrollment, NOT 16 terms (4 years) of receiving financial aid.
If students receive scholarships/grants, loans of all forms and/ or federal work study, they must be registered as a full-time. Students are charged tuition and fees based upon full-time status and that serves as the basis for annual financial aid eligibility determinations.
Students are responsible for knowing their enrollment and academic status and working with an academic advisor to register and enroll for the necessary units to maintain eligibility for financial aid.

PLEASE NOTE: With the exception of the Federal Stafford Loan, financial aid is not available for enrollment during term E (Summer School) at WPI. This includes all forms of assistance including WPI Merit Scholarships. If you enroll during term E and borrow a Federal Stafford Loan, the amount you borrow will be reduced from your Federal Stafford Loan eligibility for the next academic year (terms A-D).

Graduate

The Federal Stafford Loan is the only source of need based aid administered by the WPI Office of Financial Aid to graduate students. To apply for this loan, graduate students must complete the FAFSA and a Graduate Student Application.

International Students

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 Office of Financial Aid. Limited scholarships are available for entering international students through the WPI Admissions Office.

Alternative Financial Programs

Alternate financing programs are available to many families who do not apply for aid or who need additional resources beyond federal, state, and institutional financial aid offered. Several payment plans are available, which allow families to pay their annual charges over several months, rather than in two semester payments. Students and parents are encouraged to contact theWPI Accounting Office for further information about payment plan brochures and applications.

There are many long-term financing programs available to assist families in spreading their educational costs over 10 to 20 years. Many of these loans allow families to borrow the difference between the cost of attendance determined by the college and total financial aid received for the acadmeic year. Please contact the WPI Office of Financial Aid for additional information on available financing options.

Federal Plus Loans

Federal PLUS Loans are available annually to parents of dependent undergraduates. Repayment begins when the funds are advanced (with the option to defer repayment until after the student graduates or falls below half time enrollment status, depending on the lender), and parents have 10 years to repay. As of July 1, 2006 the interest rate is fixed at 8.5%. Parents should apply for the PLUS loan online at American Student Assistance (www.amsa.com). The parent can chose a lender and electronically sign their Master Promissory Note. The process requires approximately four to five weeks to complete before funds are disbursed to the school for payment.

Graduate Students who need funding beyond the Federal Subsidized and Unsubsidized Stafford Loans may borrow the additional funds under the Graduate PLUS Loan Programs. While the program is very similar to the Parent PLUS Loan program outlined above, there are some differences. Graduate students borrowing under the Graduate PLUS Loan are required to complete a FAFSA and must apply for the Subsidized Stafford Loan before applying for the PLUS Loan. Principal and interest are deferred until the student graduates, withdraws or fall below half-time enrollment. Interest will accrue during the deferment period. Graduate student can apply for the Graduate PLUS Loan online at American Student Assistance (amsa.com). The student can chose a lender and electronically sign their Master Promissory Note. The process requires approximately four to five weeks to complete before funds are disbursed to the school for payment.

Reserve Officer Training Corps (ROTC) Scholarships

Army ROTC Scholarship Program

For information on Army ROTC Scholarships, please contact the Army ROTC office at WPI at (508) 831-5268.

Naval ROTC Scholarship Program

For information on Navy ROTC Scholarships, please contact the Naval ROTC Unit at Holy Cross College in Worcester, MA at (508) 832-2433.

Air Force ROTC Scholarhsip Program

For information on Air Force ROTC Scholarships, please contact the WPI Department of Aerospace Studies at WPI at
(508) 831-5747.

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Last modified: July 22, 2008 08:29:28