Federal Financial Aid

Federal Financial Aid

Eligibility for any federally funded need-based grant, federal student and/or parent loan, or federal work-study requires the submission of the FAFSA (Free Application for Federal Student Aid). FAFSA applications should be submitted by June 1 to ensure adequate time to process federal aid for the upcoming school year. Students must reapply for these awards each year.

You are not required to submit the institutional need-based application to receive federal aid. If you wish to be considered for an institutional need-based grant, you will need to submit the institutional need-based application.

Federal Pell Grant

Federal Pell Grants are generally awarded to students with exceptional financial need. The amount of the award is based on the federal expected family contribution. The annual award limit for the 2020-21 academic year was $6,345. Students who are eligible for Pell may also be able to receive the federal Supplemental Educational Opportunity Grant (SEOG).

Optional Federal Loans

W&L's "no loan policy" means that we will never award loans to meet institutionally-determined needs. However, any student who submits the FAFSA will be provided information on loan eligibility, which students can take in order to cover family contributions or additional college expenses.

For Students

Federal Subsidized Stafford Loan (Undergraduates Only)
  • Only available to undergraduate students who demonstrate financial need.
  • You must file the FAFSA application to determine eligibility.
  • An interest rate of 2.75% with a 1.059% origination fee on each disbursement. 
  • No payments are required while the student is enrolled in college at least half-time.
  • Interest does not accrue while the student is enrolled in college at least half-time and during the grace period.  Interest begins to accrue at the end of the six month grace period upon either graduation or withdrawal from the university and is added to the loan principal at the end of the grace period.
  • Repayment begins six months (grace period) after graduation or withdrawal from university.
Federal Unsubsidized Stafford Loan
  • All students meeting federal eligibility requirements qualify for the unsubsidized Stafford loan regardless of demonstrated need.
  • You must file the FAFSA application to determine eligibility.
  • An interest rate of 2.75% for undergraduates with a 1.059% origination fee on each disbursement.
  • No payments required while the student is enrolled in school.
  • Interest begins accruing as soon as the loan is disbursed. You are not required to make payments on the interest, but doing so will save you money over the life of the loan.  If you choose to not pay the interest while in school, then the interest is added to the principal balance when the loan enters repayment.
  • Repayment begins six months (grace period) after graduation or withdrawal from University.

For Parents

Federal Parent PLUS loans

Parent PLUS loans are non-need credit-based loans that help parents and guardians borrow up to the cost of attendance for their undergraduate dependent children. 

  • Eligibility for the PLUS Loan requires both the student and the parent to be U.S. citizens or eligible non-citizens. 
  • A modest credit check is required for the parent or guardian who is borrowing the loan.  If the loan is credit denied and subsequently approved (either through the appeal process or credit-worthy endorser), the borrower will have to complete the Department of Education required online PLUS counseling before the loan can be disbursed.
  • Interest rate fixed at 5.3% with a 4.236% origination fee on each disbursement. 

Office of Financial Aid