Types of Financial Aid

What are my scholarship options?

Want to know more about available scholarships? We have academic and non­academic scholarship options for undergraduate students.

‌	Freshman Scholarships

‌	International Scholarships

‌‌‌	Transfer Scholarships

‌	Partner Scholarships

‌	Methodist Scholarships

‌	Wesleyan Scholarships

What grants are available to me?

When you fill out your FAFSA, you may receive grants from the federal or state government that will help pay for your education.

What are my loan options?

Student loans can help cover the gap between what you owe and what your financial aid covers. Learn more about filling out the FAFSA, your options and payments.

What is the work-study program?

You might be eligible for work-study, a federally-funded program that pays you to work on campus.

How do I apply for veteran benefits?

Have you served in the U.S. military? You may be eligible for veterans benefits. Learn how to check your eligibility and apply for benefits.

What is the Tuition Exchange Program?

If your parents work for Texas Wesleyan or another eligible college, university or institution, you could have your tuition reduced or even waived altogether.

What to know about Financial Aid

RECENT CHANGES IN FINANCIAL AID:

The federal government determines how students apply and qualify for financial aid (money for college). In recent years, the following changes have improved the application experience and expanded eligibility:

• FAFSA got shorter and easier
  • The form students fill out (FAFSA) now has fewer questions.
  • It can automatically pull in tax info, so families don’t have to enter as much information.
    
    
• More students can get Pell Grants (free money)
  • Pell Grants are free money for college (you don’t pay it back).
  • Now, more students from lower-income families may qualify.
    
    
• EFC was replaced with SAI
  • The old number called “Expected Family Contribution (EFC)” is now called the Student Aid Index (SAI).
  • This number helps colleges figure out how much financial aid a student should get.

Financial aid directly from TXWES

Texas Wesleyan offers students two types of financial aid. This is money you don’t have to pay back.

1. Merit-based scholarships based on your high school GPA
2. Grants for visiting campus and completing FAFSA
3. Need-based grants for lower-income families who complete the FAFSA

What about loans?

You may be offered a loan to help pay for college. The government updated the terms of some student loans. There are two main groups of loans:

1. Student loans (in the student’s name)
2. Parent loans (in the parent’s name)

1. Loans for Students

Direct Subsidized Loans

This loan is offered by the government and is in the student’s name. The student will be responsible for paying back the loan.

What it is:

• A federal loan for students who completed the FAFSA and have financial need

How it’s different from other loans:

• The government pays the interest while you’re in school (at least half-time)

Borrowing limits (per year):

• 1st year: up to $3,500
• 2nd year: up to $4,500
• 3rd+ years: up to $5,500

Total limit:

• Up to $23,000
  
  

Direct Unsubsidized Loans

This loan is offered by the government and is in the student’s name. The student will be responsible for paying back the loan.

What it is:

• A federal loan available to most students, regardless of income

Key difference from a subsidized loan:

• Interest starts right away, even while you’re in school

Borrowing limits for dependent students (subsidized + unsubsidized together):

o 1st year: $5,500 total
o 2nd year: $6,500 total
o 3rd+ years: $7,500 total

Total limit:

• $31,000 (for dependent students)
  
  

Private Student Loans

This loan usually requires a cosigner, typically a parent. Both the student and parent will be responsible for paying back the loan. These should usually be your last option, after federal loans.

What it is:

• Loans from banks, credit unions or private companies

Important details:

• Usually require a co-signer (like a parent)
• Interest rates can be higher or variable
• Fewer options if you struggle to repay the loan
  
  

2. Loans for Parents

These Parent PLUS loans are in the parent’s name, not the student’s. The parent will be responsible for paying back the loan.

What it is:

A federal loan parents can take out to help pay for their student’s college expenses

How much can be borrowed:

• Up to $20,000 per year, for the first three years of college
• Up to $5,000 per year for the fourth year of college (more can be borrowed if less than $60,000 total was borrowed for the first three years of college)

Total limit:

• $65,000

Key features:

• Requires a credit check
• Interest starts right away
• Parents are fully responsible for repayment of the loan