Hey, why did my aid change?

If you are a returning student here at Wentworth you may have received an email informing you that your financial aid award for the 2014-2015 academic year is now available from Wentworth. If you did not receive such an email we recommend checking your L-Connect account to see if you were selected for verification or if there are any other missing requirements which may be holding up your financial aid package. If there are no missing requirements we ask that you be patient as the awards are still being generated.

If you are one of the over 1,300 students to receive that email you may or may not have noticed some changes in your financial aid between last year and this year. There are several reasons this change could occur and we hope to ease some of your questions/ concerns in this post!

The most common reason that your financial aid may change could be differences in the Estimated Family Contribution between last year and this year. As a reminder the Estimated Family Contribution (EFC) is a number generated by the FASFA that estimates how much you/ your family will be able to contribute to your education within a given year. Year to year it is common for the EFC to fluctuate and that fluctuation may change your eligibility for financial aid. Let’s say for example that you were eligible for a Pell Grant last year but this year you do not see it on your financial aid package. It is highly likely that your EFC has increased and taken you out of the threshold for the Pell Grant. Unless your EFC decreases then you would not be eligible for Pell this year.

Since we package students on a first come, first serve basis there may be financial aid that is exhausted before we package students with later FAFSA dates. The FAFSA  application for the next year becomes available on January 1st and you can start submitting your application as early as that date. You can use estimations on the initial FAFSA and after you file taxes make corrections based on the actual information later. We highly recommend student’s file as soon as possible as many need based funds such as Perkin’s or Gilbert Grants can be exhausted very quickly. If you had them last year and don’t see them on your package this year that may be the reason why in addition to the above mentioned EFC changes.

If you see an odd amount of Stafford loans on your account that isn’t in line with what you have been offered in the past you could be reaching the aggregate limit for Stafford loans. Dependent student’s have an aggregate lifetime limit of $31,000 and independent undergraduate students or students with prior PLUS loan denials have a limit of $57,500  for both Subsidized and Unsubsidized loans. Once you have reached the lifetime limit there is no increasing that amount and you would not see Stafford loans on your financial aid awards in the future.

These are just a few reasons that your award may vary year to year. There are many more reasons that can be far less common than the ones listed above. If you do have more in depth questions that this post can’t answer we recommend contacting your financial aid counselor or submit a question here! Until next time!


Soooooo now what?

Are you officially a member of the Class of 2018? Well let’s start off by saying we are SO excited to have you join the Wentworth community (you may or may not be counting down the days till you arrive… its  102 by the way). You may be wondering where you go from here. What are your next action steps? Well, if you are this post will hopefully answer any questions you may have.

The good news is that until bills become available there is not a ton of things that can really happen. E-Bills for the Fall 2014 semester will be available on your L-Connect account beginning June 20th.

After the bills become available on June 20th then you and your family will have until July 31st to have a payment method in place for any remaining balance that financial aid is not covering. The bills are done on a semester basis so you will only see the balance for the fall but that does not mean you cannot apply for loans for the year’s balance. Basically just take that balance- multiply by two and viola- a pretty good estimate of your year’s balance. Please note that the housing deposits you made thus far are ONLY for the fall semester. There is an additional deposit for each semester you are attending.

There are a few different ways in which you can cover any remaining balance. First, there are Parent Plus or alternative loans. Parent Plus loans are taken out by the parent of dependent students and the loan is entirely on the parent and not the student. Check out our “Game of Loans” post to see the interest rates on Parent Plus loans for next year. If you don’t want to go that route we have a list of commonly used alternative loans by Wentworth students in the past three years. This is not an exhaustive list of potential lenders but just some options that other students have utilized.

If Parent Plus/ alternative loans are not the route you want to go Wentworth does offer a payment plan through Tuition Management System. Our website has plenty of information about the various plans you can create so we highly recommend checking it out here if your family decides to do that.

You can also pay your bill in its entirety without setting up a payment plan or seeking an alternative loan. We have several different methods of paying your bill outlined here that should prove helpful.

The other big item on your list should be deciding, if you have not done so already, what financial aid you plan to accept. Scholarships and grants are automatically accepted so you don’t have to worry about that but when it comes to the Stafford loans and the Work Study you have a decision to make. If you do decide to accept all the aid that was offered to you would need to do so on your L-Connect account. If you decided to accept the Stafford loans then you will need to sign onto http://www.studentloans.gov and complete the Master Promissory Note and Entrance Counseling for the loans. You will NOT be able to receive these loans until you complete these two items. They are very important and outline important points to know when borrowing these loans so don’t take it too lightly. While it may take upwards of an hour to complete it really is there to assist you.

If you were selected for verification and have not sent in the required paperwork you should definitely get the ball rolling on that. You can see any outstanding requirements on your L-Connect account and can find information regarding verification and what that means here.

Again, until the bills become available it’s really a waiting period for new students at this point. If you are a returning student then you are probably waiting on your financial aid package (which we will have ready for you shortly), completing verification requirements or just enjoying your summer/ taking courses. Enjoy the calm and quiet and as usual contact us if you have any questions!

Until next time!


Game of Loans

If you are intending on accepting the Stafford loans offered by the federal government then you definitely need to read this. Each year the federal government powers that be meet and come up with the new interest rates for the Stafford loans for all different levels.

To review there are two different kinds of Stafford loans- subsidized and unsubsidized loans. Subsidized Stafford loans interest is paid by the federal government while the student is enrolled half time or more in school so it does not accrue interest for the student to pay while they are in school. Unsubsidized loans do accrue interest while in school. There are also Direct Plus (Parent and Grad) loans whose interest rates are also controlled by the feds.

Without further ado, here are the interest rates for Stafford and Direct Plus loans for 2014-2015 academic year.

Direct Subsidized loans for undergraduate students: 4.66% 

Direct Unsubsidized loans for undergraduate students: 4.66%

Direct Unsubsidized loans for graduate/ professional students: 6.21%

Direct Plus Loans: 7.21% 

Those are the interest rates you can expect to see for loans that are disbursed between July 1st, 2014 and July 1st, 2015. There will probably be new interest rates each year for the loans so it will be good to keep track of what loans are gaining what interest while you are in school.

Aside from the interest rate, Stafford and Plus loans also have something called an “origination fee.”  This is a fee that is withheld from every loan that is paid for by the federal government and is included in the total amount you borrow from the government. First let’s review what the origination fee percentages are and then what that means for your balance.

For Direct Stafford Subsidized and Unsubsidized Stafford loans the loan fee percent is going to be at 1.073% and for Plus loans it will be 4.292%.

So what does that mean for your balance? It means that if you have the full $5,500 Subsidized Stafford loan as a junior or senior then $59.01 of that amount is going to be withheld and $5,440.99 will pay to your account balance BUT it is important to remember that you are borrowing the full $5,500 and will have to pay that amount back instead of what actually pays to your account.

So that’s the important news going around in the world of student loans these days. If you have questions please let us know! We understand that student loans can be a complicated business and we financial aid counselors are more than happy to help clear those murky waters.

Until next time!


Special Circumstances

Here at Wentworth we do understand that sometimes the FASFA/ Federal Government don’t take certain things into consideration when generating that Estimated Family Contribution (EFC). I mentioned awhile back or sometimes things just happen that are unavoidable and deeply affect your financial situation.

These situations are called “special circumstances” and you can submit a review of your financial aid package if your family fits into one of the categories for a review. We have a two-step process for financial aid appeals. First we verify ALL students who are submitting their information for an appeal. You can check out the “Verifica-what” post to get a general idea of what verification is. Typically for this you would need for this is to either use the Data Retrieval Tool directly on the FASFA or submit copies of your IRS Tax Transcripts along with a household form. Other forms may be required if your family falls above the asset threshold but we will take those on by a case by case basis.

The second step is to complete all the paperwork outlined on the special circumstances form. Please note that we will ONLY accept appeals once they have been fully completed. We will not review any appeals that are incomplete or missing items.

So what situations would qualify your family for a special circumstances review? Well there are 7 different situations and each of them has specific requirements for additional paperwork so we ask that before you submit the form please ensure that you have gotten ALL the required paperwork. You can find that info on the special circumstances form.

First up is loss of employment. If you, your parent or spouse has been out of work for AT LEAST 6 months and you expect that your 2014 income will be less than your 2013 earned income information then you would qualify for this review.

The second is loss of taxable income in the form of child support, alimony or worker’s compensation. If your family received benefits in 2013 that has been ceased or reduced then you could submit an appeal for this.

The third is if you or your parents have separated or divorced AFTER filing the FASFA. This must be a legal separation or divorce with documentation to support the claim.

The fourth is if a parent or spouse has died AFTER you filed the FASFA.

The fifth covers one time income distributions. If you, your spouse or your parents received a one-time income distribution in 2013 which could include a pension, IRA distribution, inheritance or bonus and that income is not available for educational purposes you can submit an appeal.

The last section is medical/ dental expenses. If you, your spouse or parent’s out of pocket medical or dental expenses exceeded 11% of your total adjusted gross income then you would qualify for this review. A quick way to find out if you do is to take what your total AGI is for 2013, multiply it by 11% and that will give you the number that your out of pocket medical expenses has to exceed.

Under those outlined circumstances we can review financial aid packages. Special circumstances DO NOT include the following items:

  • students or parents who do not wish to take out loans to cover educational expenses
  • parents who do not wish to contribute to their child’s educational expenses
  • student loans taken out for other family members in college
  • Expenses like credit card debt, wedding expenses, sports, enrichment activities, etc.

We do require at least TWO weeks for a special circumstances review. Those two weeks begin after the complete file has been submitted. If you are planning on submitting an appeal or are questioning if you fall into one of the categories then we highly encourage you to reach out to your counselor to talk through the situation.

Stay tuned for more exciting information about the world of financial aid!



Were you selected for a little something called verification or are you just super interested in learning all there is about financial aid? Well then our post this week has your name on it. Well not literally. You get my drift.

Verification is controlled by the federal government. They randomly select a population of people who submitted FASFA’s each year to go through the process but there are some things that may trigger you to be not so randomly selected for verification. For example let’s say you put on your FASFA that your Adjusted Gross Income was the same amount as the taxes you paid. Well, the government is going to see that and go ” this person made a mistake let’s flag them for verification” and you have to provide various documentation to your school in order to complete the verification.

As with everything in financial aid, verification is super simple- wait hold on I meant can be kind of difficult to wrap your head around.  There are different verification groups that you could end up in depending on what information the government would like to confirm. They are referred to as V1-V6 groups.

V1 Verification group is the most common and is considered the standard verification group. This verification group basically needs to verify your household information and your income information for both tax filers and nontax filers. You would typically provide a household size form and either use the data retrieval tool on the FASFA through the IRS or request your IRS Tax Transcripts from the IRS website. There may be other forms on a case by case basis but this is the easiest group to understand and the most common.

V2 doesn’t exist anymore so let’s just move on shall we.

V3 is the Child Support Paid verification group. It’s pretty self explanatory. You need to provide information on child support paid by the student (or their spouse), the student’s parent’s or both.

V4  is a custom verification group. It could include verifying high school completion status, an identity/ statement of educational purpose, SNAP benefit overview, Child Support Paid, all sorts of fun stuff. If you are selected for this group then information about what you need should be on your LConnect account but you can also check in with your FA counselor.

V5 is the Aggregate Verification Group. Sounds intimidating, right? Well, not really as it’s just a combination of the other verification groups and basically means that you need to verify a multitude of information that could include income information for tax filers and nontax filers, high school competition, identity/ statement of educational purpose, SNAP, Child Support, basically anything that fits into the other groups could be thrown into here.

And finally we have the V6 verification group which is the… drum roll please…. Household Resources Verification Group! Such fun! This verification group is broken down by whether or not you are a tax filer or a nontax filer. As a tax filer you would need to verify your income information, household size, SNAP, Child Support, whatever is applicable to your information. It’s similar to V1 verification but is not exactly the same because V6 is commonly associated with those who have lower income brackets than others. If you are a tax nonfiler- meaning you didn’t make enough or didn’t work to file taxes in the previous year then you would have to complete an untaxed income clarification form as well as the household, child support, SNAP or whatever else was required for your case.

Now that we have gone through the various types of the ever so exciting verification I want to add a small disclaimer. There is not anything wrong with being selected. It doesn’t mean that the government doesn’t trust what you said or thinks you are lying it just means that they want to confirm whatever you put to make sure you are getting exactly what you should be getting. About 40% of the people who submit FASFA’s each year are selected. That’s a big population of people. Really you should be honored to be included.

And that concludes our post on verification! Stay tuned for our post next week on Special Circumstances (woooo!)


#knowYOURaid The What’s What in Your Financial Aid Package

If you are an incoming undergraduate NEW student at Wentworth then you may have received a letter in the mail/email recently detailing your financial aid package for your first year (returning student’s receive theirs a little later). If not don’t fret I bet that letter is somewhere in the mail and should arrive shortly.

You may be asking yourself what do all of these numbers mean? What is a Perkin’s loan? How is that different from a Stafford loan? What are the different scholarships and grants listed here? Financial aid can be quite overwhelming at first but not to worry- this post will explain the various types of aid you could receive and what that all means.

Now before we get into the nitty gritty of financial awards I wanted to give a disclaimer. It’s pretty significant so bear with me. Every single student at Wentworth has a different financial aid package. Awards are generated by a number of factors and each student is different. Some of the items in this post you may not have listed in your award letter- and that’s okay. Don’t feel bad because you don’t have some grant, scholarship or loan that is featured here. This list is designed to give student’s and their families an idea of some of the more common types of aid awarded at Wentworth.

So how is financial aid need generated? Well each student that comes to Wentworth is assigned a budget group based on what year they are, whether or not they are on or off campus, what classification of student they fall under, etc. We then take that budget number and subtract the Estimated Family Contribution (EFC) and that gives us a student’s need. Simple, right? Well not really since each thing is based on a number of factor’s but it’s a simple math equation so that’s nice.

Budget- EFC= Need.

Now that we got those basics down let’s review some of the commonly awarded types of aid at Wentworth.

  • Each student is considered for a Merit based scholarship. This scholarship is renewable for up to five years and is awarded by the admissions department. They come up with the “merit number” based on various factors such as high school GPA, SAT/ ACT scores, extracurricular activates, AP courses taken, essay, etc.  There are different tiers for these merit awards based on this number from admissions and each range has a different scholarship amount assigned to it. If you have specific questions about your amount and how that number was generated you can contact admissions!


  • Wentworth also offers Federal Pell grants to student’s. Pell grants are need based grants based on a number of factors but most importantly the EFC. As these are grants they do not have to be paid off when a student graduates and are renewable for up to 6 years (12 payments). The unique aspect of Pell grants is that if you are awarded one and fall below full time status you can still receive a reduced portion of the grant.


  • Stafford Loans are the most common type of loans found on a student’s award letter. They are loans from the federal government and come in two forms. The first is need based subsidized Stafford loans that DO NOT earn interest while the student is enrolled in school. The second is unsubsidized which does earn interest while the student is in school. Each student is eligible to receive a certain amount in total each year from these loans and it increases each year. The amount you get also varies on whether or not you are an independent or dependent student.


  • Wentworth also offers Perkin’s Loans which are low interest loans for students with exceptional financial need. There is very limited amounts for this loan so they are not the most common form of aid.


  • Student’s can also receive federal work study which allows student’s to work on campus and earn up to the amount they have been offered. This amount is not applied directly to a student’s balance but rather is available for a student to earn and assist with their charges.


  • Student’s can apply for additional institutional scholarships and each of those types has their own set or parameters. For more click here! http://bit.ly/1qZgeab


  • There is also the Wentworth Undergrad Fund Grant which is a need based grant. The amount varies for student’s that are Pell eligible and student’s that are not but it is designed to assist in meeting that need for students. It is a first come, first serve grant so once the funding is gone it is not possible to get it for that year.


  • Supplemental Educational Opportunity Grant (SEOG) are another need based grant that is funded by the federal government. The grants are also awarded on a first come first serve basis and if you receive SEOG one year doesn’t guarantee that you will receive it the next year.


  • Gilbert Grants are need based Massachusetts state grants. To receive this grant both the student and their parent’s need to be MA residents and student’s have to be enrolled full time at Wentworth. There is a maximum amount for this award set by the state at $2,000 for the year.


  • State Grants do not get awarded till later so they won’t show up on any award letters quite yet. The states that currently issue grants for student’s at Wentworth are Rhode Island, Connecticut, Maine, Vermont, Massachusetts and Pennsylvania.

This is not an exhaustive list of awards you could see. There may be other forms of financial aid that pop up on your letter. If you do have specific questions about your financial aid package we always recommend reaching out to your financial aid counselor for more information (see our first blog post for the alpha split of your counselor) and as always submit any questions you have to us here as well!

Until next time!


Meet Your Financial Aid Staff

Each student- incoming and returning- at Wentworth is assigned a financial aid counselor based on their last name. Have you met your counselor yet? If not don’t fret we are here to give you a brief introduction of who this stunning team of counselors are.

These amazing people will be the ones processing your aid, contacting you with issues and attending to all your financial aid needs. Needless to say they are quite good at what they do.

Nathaniel AKA “Ned”  is the counselor for students with last names ending in C,D and E. He has worked at Wentworth for almost two years. You may recognize his name from Yelp because he is really into writing Yelp reviews. (3) funny (5) useful (6) cool

Rae manages students with last names of F,G,H and I. He has been at Wentworth for a little over 5 years now and originally started in SSR before he moved over to financial aid. And if you’re one of those people who loves unique/ awesome sneakers then he is your guy. He has one extensive sneaker collection going.

Mady works with students with J,K,L,M and N last names. She has been working at Wentworth for 5 days now and is loving it thus far. She is a recent grad from Emerson College and loves video games, Doctor Who, and Battlestar Galactica. She will gladly talk geek culture with anyone at literally anytime.

Christina is the counselor for those with O,P,Q,R, and S last names. She joined the WIT community in 2011 and is our work study coordinator/ guru. Basically if you have questions regarding work study she is your gal.

And finally we have Ricardo who is the counselor for A, B, T, U, V, W, X, Y and Z. He has been working at Wentworth since February of this year. Ricardo loves independent films and financial aid but if he wasn’t doing this job then he  would be a Mexican Lucha Libre wrestler. *picture for reference*


So what other amazing people do we have on our team? Well we have the managers of course! Let’s start with our Associate Directors.

Shannon Glaser has been working at Wentworth for about a week now and is already rocking it. Outside of Wentworth she brews her own beer which makes her The Most Interesting Woman at Wentworth.

Adriana Mendes is our next Associate Director. She has been working at Wentworth for two weeks now. She grew up in Bogota, Columbia and has traveled all over North and South America for disaster relief and humanitarian work. She has even started her own non-profit organization.

And finally we have our fearless leader Anne Marie-Caruso. She has been working at Wentworth for over six years now and our team would be pretty lost without her.

That is the financial aid staff that is here to assist you. We are a part of the Student Service Center at large and certainly wouldn’t be able to function without our Student Services, International Relations, Student Financial Services and Registrar counterparts. If you ever have questions or just want to come say hi our office is open 8 to 6 Monday- Thursday and 8:15-4:45 on Friday’s.

Until next time!