TYPES OF AID

Money that needs to be paid back.

Federal Title IV Student Loans

• Direct Subsidized Federal Student Loan – The loan is considered subsidized when the federal government pays the interest to the lender while the student is in school and during the six month grace period, as well as during eligible periods of deferment after the loan enters repayment. Loan amounts vary based on cost of attendance minus all other aid available to the student up to the annual maximum of Freshman (0 to 29 credit hours earned) $3,500; Sophomore (30 credit hours earned) $4,500. Students actively pursuing a BAS program can get an additional $1000. Juniors (60 – 89 credit hours earned) and Seniors (90 credit hours earned) $5,500.
• Direct Unsubsidized Federal Student Loan – differs from the Direct Subsidized Student Loan in one significant way: the student is responsible for paying accrued interest to the U.S. Department of Education throughout the life of the loan. In all other respects, the Subsidized and Unsubsidized Federal Direct Loans are alike. Loan amounts vary based on cost of attendance minus all other aid available to the student.
• Federal Direct Parent Loan for Undergraduate Students (PLUS) –  a federal loan borrowed by the parent on behalf of a dependent student to assist with educational expenses. Parents may borrow up to the cost of attendance minus any other financial aid the student may receive. The PLUS is a non-need based loan at a fixed interest rate capped at 8.5%. Interest is charged on the loan to the borrower from the date the first disbursement is made until the loan is paid in full. Repayment generally begins within 60 days after the final loan disbursement.
• Wyoming Investment in Nursing Loans (WYIN) – In return for these loans the nurses agree to engage in the practice of their profession within the state of Wyoming for a period of years or repay the loan in cash. Loans are available up to a maximum of $3600 annually for a maximum of two years. To learn more about the eligibility requirements for this program you find information and an application on the Wyoming Community College Commission’s website under Wyoming Investment in Nursing or contact the CWC Financial Aid Office.

• Federal Work Study – provides part-time employment opportunities to eligible students to help meet the cost of education. Placement is limited and determined by matching student qualifications with job descriptions and requirements. Most work-study positions are located on-campus enabling students to set a work schedule around schooling. Awards vary in the amount from $750 – $3000 annually.

Central Wyoming College has been approved by both state and federal Veterans Administrations to offer training to veterans. For more information click here.

Biden Administration Officially Launches Application for New Income Driven Repayment Plan By Maria Carrasco, NASFAA Staff Reporter

The Biden administration on Tuesday officially launched the application for the Saving on A Valuable Education (SAVE) repayment plan, a new income-driven repayment (IDR) plan that the administration said will “make college more affordable and support students and borrowers.”

Earlier in July, the administration launched the beta SAVE application, where borrowers were able to test the website and apply for the repayment plan. Borrowers who applied during the beta launch will not be required to resubmit an application and, according to the administration, should have received an email confirmation if they successfully applied.

The Department of Education (ED) announced its final rule on the SAVE plan in July, which rebranded the existing REPAYE plan to SAVE. While the SAVE plan fully goes into effect on July 1, 2024, parts of it are being implemented early, including increasing the income exemption from 150% to 225% of the federal poverty line and preventing monthly interest not covered under the plan from being charged, among other things. Education Secretary Miguel Cardona said in a statement on Tuesday that the SAVE plan is “the most affordable repayment plan in history.”

As millions of borrowers head to repayment, with interest beginning to accrue in September and payments due in October, ED said most borrowers who apply for the SAVE plan in the coming days can expect to have their new monthly payment amount for their first payment in October. Borrowers can check the status of their application by visiting their account dashboard on StudentAid.gov.

According to ED, borrowers who are already enrolled in the REPAYE plan will automatically have their monthly payments adjusted to the new SAVE plan before payments restart.
Congressional Review Act (CRA) resolutions that would seek to repeal the SAVE plan when Congress returns in September.
Publication Date: 8/23/2023

Link to get to apply for SAVE plan http://studentaid.gov/announcements-events/save-plan.