Financial Aid

Financials should never be a roadblock in your education, but we understand that they can be. Unfortunately, “How am I going to pay for this?” is often one of the first questions our students ask before applying. Here at Arkansas Welding Academy, we want help you find the right answer.

The first step in getting student aid is completing the Free Application for Federal Student Aid (FAFSA®) at www.FAFSA.gov. You must do this every year.You may apply online at: http://www.fafsa.ed.gov or you may request a copy of the FAFSA by calling Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243).

In general, families showing financial need are eligible for grants, although families with higher incomes may also be eligible under special circumstance. To determine eligibility, you must complete the FAFSA (Free Application for Federal Student Aid).

The William D. Ford Federal Direct Loans are a low-interest loan designed to provide students with additional funds to assist in paying for education cost not covered by other sources of financial aid. There are two types of Direct Loans: Subsidized and Unsubsidized.

To qualify, you must first complete the FAFSA (Free Application for Federal Student Aid) online and be enrolled in the Master Pipe and Structural Welding Program. Repayment begins 6 months after graduation, leave school, or cease to be enrolled.

Apply now – Direct Loans

Helpful TIP: Note that the user name and password used to log into www.studentloans.gov is the same user name and password used to complete the FAFSA at www.fafsa.ed.gov

Applying for Financial Aid

Step 1
Apply for a FSA ID from the US Department of Education at fsaid.ed.gov.

Complete the FAFSA at fafsa.ed.gov. Additional information provided under the Grants dropdown below.

Step 2
Once your FAFSA has been processed, you will receive an email from the US Department of Education with your Student Aid Report (SAR). The SAR outlines the information you reported on the FAFSA and the data will be sent to Arkansas Welding Academy.

Step 3
Be sure to start checking your email account you provided at registration.

Step 4
If you are interested in applying for scholarships click on the Scholarship Application and Search Tools dropdown below.

Step 5
To apply for loans, follow the steps listed below.

Students – Complete the following:

  1. Federal Direct Loan Request Worksheet – Link to Financial aid check list
  2. Complete Entrance Counseling (online) www.studentloans.gov
  3. Complete Master Promissory Note – MPN (online) www.studentloans.gov

Parents (Dependent students only) – Complete the following:

  1. Federal Direct Loan Request Worksheet Link to Financial aid check list
  2. Apply for a Direct PLUS Loan (online) www.studentloans.gov
  3. Complete Master Promissory Note – MPN (online) www.studentloans.gov
  • Federal Direct Parent PLUS Loan
  • The Parent PLUS Loan is a federally sponsored education loan that offers a low, fixed interest rate. The Parent PLUS Loans are made to parents of students attending the institution.  Parents are solely responsible for loan repayments – not the student. The standard repayment period is ten years, but there is no penalty for early payoff. These loans typically go into repayment 60 days after full disbursement, but you may delay repayment while your student is enrolled in school; however interest will continue to accrue.
  • Apply now – Direct Loans

American Welding Society Foundation
www.aws.org

Arkansas Department of Career Education http://www.arcareereducation.org/

Arkansas Department of Workforce Services
WIOA
TAA https://www.dws.arkansas.gov/

Arkansas Transitional Employment Assistance (TEA) https://www.benefits.gov/

Arkadelphia Promise Scholarship http://arkadelphiapromise.com/scholarships/

Mike Rowe Foundation Scholarship http://profoundlydisconnected.com/

Nuts, Bolts & Thingamajigs Scholarship http://www.nutsandboltsfoundation.org/scholarships

US Department of Veterans Affairs https://benefits.va.gov/gibill/

WELSCO STEPHEN E. HARRISON SCHOLARSHIP Sponsored by WELSCO to honor Mr. Stephen E. Harrison, 3rd generation owner of WELSCO, this scholarship is for a full-time student pursuing a degree in Welding Technology. Visit www.aws.org for a complete list of requirements and award amounts.

To assist you in determining how much the direct and indirect costs of your education will be, we have provided the Net Price Calculator

Annual Student Loan Acknowledgement

Starting in the 2021-22 award year, all borrowers (both students and parents) will complete the Annual Student Loan Acknowledgement on https://studentaid.gov/. For a Direct PLUS Loan made to a parent borrower, only the parent completes the Annual Student Loan Acknowledgement. A copy of the completion certificate for the annual student loan acknowledgment must be turned into the administration office as proof of meeting this requirement.

The Annual Student Loan Acknowledgement should take less than 10 minutes to complete. The experience will be personalized based on the borrower’s attributes, but generally—

  • First-time borrowers (those who have no current loan balance) will
    • Answer a few questions about their state, school, expected degree, and field of study.
    • View summary information from the College Scorecard about total estimated school costs, graduation rate, total estimated student loan debt, and estimated monthly payments.
    • View general financial literacy information about borrowing student loans.
    • Check a box acknowledging they read and understood the information.
  • Returning aid recipients (borrowers with current outstanding loan balances) will
    • View summary information about their loans and grants from the National Student Loan Data System (NSLDS®) as of the day they complete the acknowledgement. Information includes outstanding balance, estimated 10-year standard monthly payment based on the borrower's current balance, servicer information, loan limit information, grant summary, and grant limit information.
    • Check a box acknowledging they read and understood the information.

The entire acknowledgement process must be completed in a single session and will take approximately 10 mins. 

Entrance Counseling

If you have not previously received a Direct Loan or Federal Family Education Loan (FFEL), the Federal Government requires you to complete entrance counseling to ensure that you understand the responsibilities and obligations you are assuming.

If you are completing entrance counseling to borrow a loan as an undergraduate student, then the entrance counseling will fulfill counseling requirements for Direct Subsidized Loans and Direct Unsubsidized Loans.

The entire counseling process must be completed in a single session. Most people complete counseling in 20-30 minutes.

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FEDERAL LOAN REPAYMENT OPTIONS

FEDERAL DIRECT LOANS

The Direct Loan is a low-interest loan designed to provide students with additional funds to assist in paying for education costs not covered by other sources of financial aid. There are two types of Direct loans: subsidized and unsubsidized. To qualify, you must first complete the FAFSA and be enrolled in the Master Pipe and Structural Welding Program. Repayment begins 6 months after you graduate, leave school, or cease to be enrolled.

FEDERAL DIRECT SUBSIDIZED LOAN

The Subsidized Loan is based on financial need as determined by the Free Application for Federal Student Aid (FAFSA). The federal government pays the interest while you are in school full time.

FEDERAL DIRECT UNSUBSIDIZED LOAN

The Unsubsidized Loan is not based on need, which means students at any income level can qualify. Interest will accrue while in school, during your grace period, and during any authorized deferment periods. The student has the option of paying the interest while in school.

FEDERAL DIRECT PARENT PLUS LOAN

The Parent PLUS Loan is a federally sponsored education loan that offers a low, fixed interest rate. The standard repayment period is ten years, but there is no penalty for early payoff. These loans typically go into repayment 60 days after full disbursement. You may delay repayment while your student is enrolled in school; however interest will continue to accrue. If your application is denied, your student may be eligible to borrow an additional Federal Direct Unsubsidized Loan as a result of the PLUS denial.

Understand how interest is calculated and what fees are associated with your federal student loan(s).

The chart below shows program details and annual awards for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans.

The interest rates shown are fixed rates for the life of the loan.

More information is located at www.studentaid.ed.gov.

Federal Loan ProgramProgram DetailsAnnual Award (subject to change)
Direct Subsidized LoansFor undergraduate students with financial needUp to $5,500 depending on grade level and dependancy status
You`re not usually charged interest on the loan during certain periods, such as when you`re in school at least half-timeFor total lifetime limit, go to: studentaid.gov/sub-unsub
The U.S. Department of Education (ED) is the lender; payment is owed to ED
Direct Unsubsidized LoansFor undergraduate, graduate, and professional degree students; financial need isn`t requiredUp to $20,500 (less any subsidized amounts received for same period) depending on grade level and dependency status
You`re responsible for paying the interest during all periodsFor lifetime limit, go to: studentaid.gov/sub-unsub
ED is the lender; payment is owed to ED
Direct PLUS LoansFor parents who are borrowing money to pay for their dependent undergraduate child`s education, and for graduate or professional degree students; financial need isn`t requiredMaximum amount is the cost of attendance (determined by the school) minus any other financial aid the student receives
You must not have an adverse credit history (unless you meet certain additional eligibility requirements)
ED is the lender; payment is owed to ED

Learn about dependency status at: studentaid.ed.gov/dependency

Learn about PLUS loans and adverse credit at: studentaid.gov/plus

Federal Financial Aid is received in 2 disbursements. The 1st disbursement is received after 4 weeks of instruction and the 2nd disbursement after the program is 50 % complete. Federal funds will reduce student payment obligations. All Financial Aid funding will not eliminate student payments until the aid meets or exceed tuition, books and fees. The Federal Student Aid Ombudsman Group of the U.S. Department of Education is dedicated to helping resolve disputes related to Federal Direct Loans. The Ombudsman Group is a neutral, informal, and confidential resource to help resolve disputes about your federal student loans.

Contact at U.S. Department of Education, FSA Ombudsman Group, 830 First Street, N.E., Mail Stop 5144, Washington, DC 20202-5144 (p) 1-877-557-2575, (f) 202-275-0549

Should you have further questions the link below is FAFSA4caster which will help you understand your options for paying for college. Provide some basic information and it will estimate your eligibility for federal student aid. Your estimate will be shown in the “College Cost Worksheet” where you can also provide estimated amounts of other student aid and savings that can go towards your education.

https://fafsa.ed.gov/

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