The primary purpose of the financial aid program at Worsham College is to provide assistance to students with financial need who would otherwise be unable to receive an education at the College.

In determining the extent of a student’s financial need, the College takes into account the financial resources of the parents (if applicable) and of the students, including income, assets and other financial resources. Financial need exists when the student’s estimated college expenses exceed their estimated resources.

It is important that students understand the various types of financial aid they may receive. If a loan is part of the package, the student must sign a promissory note. This is a legally binding obligation to repay the loan according to the stated conditions. Students will receive loan counseling upon enrollment and again before graduation. Students receiving financial aid packages must maintain satisfactory academic progress. If a student is placed upon academic probation and deficiencies are not rectified within the subsequent quarter, financial aid disbursements may be interrupted.
 

Types of Aid

I. Pell Grant Program
The Pell Grant Program assists students who do not have the financial resources to attend college without assistance. Eligibility is based upon income, tuition at the selected college, academic year of the student, default status, registration status, satisfactory academic progress and amount of grant monies received prior to enrollment. Funds received from the Pell Grant Program are not repaid, and are directly applied to the student’s accounts.

II. Student Loans (four types)
    A. The Subsidized Stafford Loan is a need-based low interest loan that students may defer until after the completion of their apprenticeship. The government pays the interest on the loan while the student is attending the College. A student choosing to defer payments during their apprenticeship is responsible for the interest during this time. If a student qualifies for this type of loan the maximum amount that may be borrowed is $3,500.00.

    B. The Unsubsidized Stafford Loan is available to independent students only. The Unsubsidized Stafford is not based upon financial need. Unlike the Subsidized Stafford, the borrower, not the government, is responsible for paying the interest from the date the funds are disbursed. However, the student may choose to defer the interest payments while attending the College. The interest deferred is capitalized and becomes part of the principal amount. The maximum amount that may be borrowed for this loan is $6,000.00.

    C. The Plus Plan is a parent loan for dependent students only. This option allows parents to borrow on their dependent student’s behalf. The interest begins to accrue on the date of the first disbursement, and payment is the responsibility of the borrower. Payment of interest may be deferred until after the student graduates.

    D.  Alternative Loans are available to students who wish to borrow the costs not met by the loan options above. The bank will review the credit history of the student, and if applicable, the co-applicant to determine eligibility.

III. Scholarships are available from many funeral service organizations. Contact the Financial Aid Officer for the appropriate forms and applications.

Application Procedure for Financial Aid
Analysis of the applicant’s financial resources is a required step in the college’s review of results for financial aid. The College accepts the Free Application for Federal Student Aid (FAFSA). All aid applicants are required to apply for the federal Pell Grant. Appropriate forms may be obtained from the Worsham College Financial Aid Office or on the Internet at www.fafsa.ed.gov. If a financial aid applicant is selected for verification, a copy of the parents’ (if applicable) and student’s prior year income tax return must be provided. Failure to comply with this requirement can result in the termination of any financial aid administered through Worsham College.

Veterans Benefits
Worsham College is fully approved for granting educational benefits to veterans and other eligible persons. Students receiving veterans benefits must maintain a seventy-five average in all courses of instruction. If the veteran student fails to achieve a seventy-five, (s)he will be placed on academic probation. If these deficiencies are not rectified within the subsequent quarter, the benefits may be interrupted by the Department of Veterans Affairs.

Return to Previous Page