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.

APPLYING FOR FINANCIAL AID

To apply for financial aid, all you have to do is meet the below eligibility requirements and be a current student at AWA! The next step for you will be submitting these forms:

  • Free Application for Federal Student Aid (FAFSA)
  • A list of schools (beyond high school) previously attended
  • Completed loan applications or a FSA I
  • Personal references with a valid address and phone number

Once the above are submitted, the Financial Aid Office will notify you if further documentation is needed.

Consumer Information
FEDERAL LOAN REPAYMENT OPTIONS

If a loan is the right fit for you, you have options. Here are just a few of them:

  • Standard Repayment Plan
  • Graduated Repayment Plan
  • Extended Repayment Plan
  • Revised Pay As You Earn Repayment Plan (REPAYE)
  • Pay As You Earn Repayment Plan (PAYE)
  • Income-Based Repayment (IBR)
  • Income Contingent Repayment (ICR) (Direct Loan Only)
  • Income-Sensitive Repayment (FFEL Only)
FINANCIAL AID PROGRAMS

All students will receive a copy of The Student Guide for Financial Aid, published by the U.S. Department of Education. Arkansas Welding Academy is designated as an eligible institution by the U.S. Department of Education for participation in the following programs:

  • Federal Pell Grant
  • Federal Supplemental Education Opportunity Grant (SEOG)
  • William D. Ford Federal Direct Subsidized and Unsubsidized Student Loans
  • William D. Ford Federal Direct Parent PLUS Loans
  • Institutional Loans
  • Veterans Administration Benefits
  • State Scholarship, Prepaid, and Grant Programs.

Whichever path is right for you, AWA will be there to help simplify the process and get you on the track to success. Contact us today for more information; either fill out the form above or call us at 501982-9353 and a representative will get back to you shortly.

GENERAL ELIGIBILITY REQUIREMENTS

If you’re interested in receiving federal student aid, you must:

  • Be enrolled in an academic program leading to a degree or diploma
  • Have certification of a high school diploma or GED
  • Not be in default on a student loan or owe a refund on a federal grant received at another institution
  • Maintain satisfactory academic progress, as outlined in the school’s catalog
  • Be a United States citizen or eligible non-citizen

Your eligibility is determined through a formula based on your FAFSA-- this will also determine how much aid you receive.

Where can I obtain an application for FAFSA - Free Application for Federal Student Aid?

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).

Who is eligible for a Pell grant?

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).

Where can I learn about Subsidized and Unsubsidized Student Loans?

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 either the Combination Structural & Pipe Welding Program One or Structural Welding Program Two. 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

How to Apply For Financial Aid

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

Where can I learn about Parent Plus Loans?

  • 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

What other scholarships are available for AWA students?

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.

Net Price Calculator

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

Entrance Counseling

What is 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.

How long will it take?

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

What do I need?

Voter Registration

Voting 101

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 Combination Structural & Pipe Welding or 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.

INTEREST RATES EFFECTIVE JULY 1, 2017

Fixed Rates for Loans First Disbursed on or After July 1, 2017 Subsidized Loans 4.45% Unsubsidized Loans 4.45% Parent PLUS Loans 7.00% Sample Repayment Chart using standard repayment option: Federal student loans have loan fees that are a percentage of the total loan amount. The loan fee is deducted proportionately from each loan disbursement you receive. This means the money you receive will be less than the amount you actually borrow. You're responsible for repaying the entire amount you borrowed and not just the amount you received.

The chart below shows the loan fees for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed on or after Oct. 1, 2015. More information is located at www.studentaid.ed.gov.

Loan Type

Loan Fee

Amount Borrowed

No. of Payments

Monthly Payment at 4.45%

Monthly Payment at 7.00%

Direct Subsidized Loans

1.069%

$2,000

43

$50

$50

Direct PLUS Loans

4.276%

$3,500

80

$50

$50

Direct Unsubsidized Loans

$5,500

120

$57

$64

$9,500

120

$98

$110

$10,000

120

$116

$15,000

120

$174

$20,000

120

$232

$25,000

120

$290

$30,000

120

$348

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/