In addition to merit-based scholarships, many students are eligible for additional need-based funds from University, federal or state sources. Applicants who do not qualify for merit-based scholarships may be eligible for need-based awards from these same sources.
Willamette uses the Free Application for Federal Student Aid (FAFSA) to calculate the expected family contribution (EFC) for each applicant and to determine eligibility for government and University need-based funds. For students with an EFC that is less than Willamette’s costs, financial need exists, and the student is eligible for need-based financial aid. Here’s a look at the state and federal sources of need-based aid:
| Federal and State Financial Aid | Yearly Amount | Eligability | Application Requirements |
|---|---|---|---|
| Pell Grant | Ranges from $400 to $4,310 (range changes annually) | Awarded to students with the lowest Expected Family Contributions (EFCs) | FAFSA |
| Supplemental Educational Opportunity Grant | Ranges from $200 to $4,000 | Awarded to students with exceptional financial need – that is, those with the lowest EFCs who also receive federal Pell Grants | FAFSA |
| Oregon Opportunity Grant | Approximately $3,800 | (established annually by the state) Awarded to residents of Oregon based strictly on family size, income and the number of family members attending college | FAFSA (File early; late filers risk funds running out) |
| Oregon Private Awards | Varies | Awards funded by private donors are administered by the Oregon Student Assistance Commission and awarded to Oregon residents who meet specific eligibility requirements. | FAFSA plus OSAC application |
| Stafford Loan | $3,500/freshman $4,500/sophomore $5,500 junior/senior |
Stafford Loans are either subsidized or unsubsidized. A subsidized loan is awarded on the basis of financial need. The federal government pays all interest on the loan until the student enters repayment. An unsubsidized loan is not based on financial need. The interest is not paid by the federal government, and the student is responsible for all interest associated with the loan. Repayment for both kinds of Stafford Loans begins six months after the student is no longer enrolled at least half time. Interest is a fixed rate of 6.8%. | FAFSA |
| Perkins Loan | Ranges from $500 to $3,000 | Awarded to students with exceptional financial need. The interest rate is 5%. Interest and repayment are deferred until nine months after the student ceases to be enrolled at least half time. | FAFSA |
| Federal Work-Study Program | Ranges from $500 to $2,000 | Awarded to students with financial need. Students generally work an average of 10 hours per week. Hourly wages vary depending on the type of work the student is hired to do and the skills required for the job. | FAFSA |
