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Financial Aid
 

Definitions

Academic and Performance Scholarships : These scholarships are awarded based on ACT score, GPA and talent.  Financial need is not a factor.

Cost of Attendance (COA) : The cost of attendance includes fixed costs (tuition, fees, room and board) and variable costs (books, supplies, personal expenses and transportation).

Expected Family Contribution (EFC) : The FAFSA measures your family’s financial ability to contribute toward your education. The EFC is used to determine if you are eligible for Pell Grants, work-study and loans.  A free estimator is available online at www.finaid.org.

FAFSA : The Free Application for Federal Student Aid (www.fafsa.ed.gov).  Students and their families use this form to apply for federal financial aid such as Pell Grants, work-study, and student loans). It is also required when applying for any scholarships or grants awarded by the state of Arkansas such as the Arkansas Academic Challenge, Go! Opportunities Grant, etc.  The FAFSA may be submitted beginning January 1. Williams’ FAFSA school code is 001106.

Federal Work-study : College work-study is a federally funded program that allows a student to earn money to help pay educational expenses. Eligibility is determined by the FAFSA and is based on the student’s need, the amount of money the College has for the program, and the amount of aid that the student receives from other programs. The student earns minimum wage and is paid monthly on the hours actually worked. A student must fill out a Work-study Questionnaire before they will be placed in a position.

Financial Aid Package : The total amount of financial aid (federal, state, and institutional) a student is eligible to receive.

Financial Eligibility : The total amount of need-based financial aid a student can receive. The expected family contribution is used to determine if a student is eligible for need-based financial aid.

Grants : Awards based on financial eligibility that do not have to be repaid. The most common grant is the Federal Pell Grant.

Independent Student : One who is not required to submit parental data when applying for Financial Aid. For the 2013-14 school year, an independent student is defined for federal aid purposes as a person who meets one or more of the following criteria: 
    1. Born before January 1, 1990; 
    2. An orphan or ward of the court
    3. A veteran
    4. A married student
    5. A student attending graduate school
    6. A student who has a dependent other than a spouse
    7. An emancipated minor
    8. In legal guardianship
    9. Determined homeless by your school districts homeless liason
    
Loans : Loans must be repaid. Subsidized and unsubsidized loans are deferred until after graduation, or if the student drops below half time (6 hours per semester), or if the student withdraws from school. Unsubsidized loans accrue interest while the student is in school and you will receive quarterly interest statements showing the amount of interest that has accrued since the loan was disbursed (interest does NOT have to be paid until the student enters repayment).

Payment Plans : Williams realizes that all students cannot pay the entire balance of their student account at the time of registration. Therefore, Williams offers a deferred payment plan. The balance will be divided into three equal payments, with the payments due at monthly intervals. Due dates are October 10, November 10, and December 1 for the Fall semester, and February 10, March 10, and April 10 for the Spring semester. A finance charge at the rate of .833% per month will be levied on any unpaid balance beginning on October 31st for the fall and on February 28 for the spring.

SAR : The Student Aid Report is the response letter sent to students, by the federal processor, who apply for federal aid by filling out the FAFSA.