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FAQ - Financial Aid
What are the costs of a William Peace University education?
2014-2015 Cost of William Peace University Education
|Standard Room and Board||$ 9,450|
|Part-Time Tuition (day program)||$790 / credit hour|
Additional Fees and Expenses
- Parking $200 (annual fee, required only of students with cars)
- Student Activity Fee $200 (annual fee, all students)
- Health Insurance $1061 (full-year) (required if no proof of other insurance)
Please visit our Student Accounts section for information on payment options and refund policies or to download forms.
Net Price Calculator
Here's a quick way for you to estimate the amount of grants and scholarships that students similar to you have received. Use our net price calculator to get an idea of where you stand. The data used in the new price calculator is mandated of all colleges and universities and is based on the previous year tuition.
PLEASE NOTE: This Net Price Calculator does not take the place of submitting an actual aid application. Once you apply for admission, you will need to complete and submit the Free Application for Federal Student Aid (FAFSA). The FAFSA may be completed online at www.fafsa.ed.gov using the William Peace University Code of 002953.
How do I apply for financial aid?
For most types of aid offered at WPU, students only need to submit a Free Application for Federal Student Aid (FAFSA) using the William Peace University Code of 002953. Go to www.fafsa.ed.gov to submit a FAFSA online. The WPU priority filing date is February 15. Students who have filed a FAFSA by this date will be among the first considered to receive certain types of financial aid, since funds for some grants and scholarships are limited. If you miss the priority deadline, you may still be eligible to receive financial aid and are encouraged to file.
What is FAFSA?
FAFSA is an acronym for: Free Application for Federal Student Aid (FAFSA). The FAFSA allows the Department of Education to determine how much your family can be expected to contribute to your educational expenses. When you apply for financial aid, the amount you are awarded is based on the difference between the cost of attending WPU and this expected contribution.
- You can fill out the application online at www.fafsa.ed.gov. If you prefer a paper copy of the application, you may connect the U.S. Department of Education at 1-800-4-FEDAID and request one to be mailed to you.
- Enter the WPU school code (002953) on your FAFSA so that we will receive your information as soon as it is processed.
- Submit your FAFSA as soon as possible after January 1 and by February 15 for priority consideration.
A few weeks after submitting your FAFSA, you will receive a Student Aid Report (SAR) from the Federal Student Aid Programs processing center that outlines your expected family contribution. We will send you an award notice or financial aid package based on your SAR.
What is the school FAFSA code?
WPU's school code is 002953.
What are the types of Financial Aid?
- Grants and Scholarships - any federal, state and institutional awards that are not repaid
- Federal Work Study - opportunities to earn money through campus-based and approved off campus positions. Federal Work-study is awarded to students with financial need. Program funds are limited, so be sure to file a FAFSA by February 15 if you wish to be considered for Federal Work-Study.
- Loans - money borrowed that must be repaid
- Payment Plan - allows balance to be paid monthly over a specific timeframe
Note: Any federal grant is awarded at the maximum amount currently authorized for your current enrollment status and is subject to change based on final approval and funding by the US House of Representatives and Senate.
Any grant funded by the State of North Carolina is the maximum amount currently authorized for your current enrollment status and is subject to change based on action and appropriations by the North Carolina General Assembly.
The William Peace University Presidential Scholarship, Academic Achievement Scholarship, Challenge Grant or Transfer Grant is subject to renewal from semester to semester based on the student meeting the minimum criteria of the award. Please refer to the William Peace University Academic Catalog for details regarding scholarships and grants.
When will William Peace University contact me about my financial aid?
The Office of Financial Aid will notify you by mail of your status. To ensure prompt notification, please keep your addresses current with our office.
How do I apply for scholarships?
Complete the William Peace University Scholarship Application by clicking here. Additionally, here are some we have put together. Scholarship Search Sites:
Types of Loans?
A student must submit a Free Application for Federal Student Aid (FAFSA) for the appropriate academic year before applying for a federal loan. Based on the student's FAFSA report, the Office of Financial Aid will determine the maximum amounts and types of loans for which the student and/or parent may apply.
Federal Stafford Loans
The Federal Stafford Loan Program consists of subsidized and unsubsidized loans. Repayment of Federal Stafford Loans may be deferred while a student is attending the college on a half time or full time basis. Completing the FAFSA makes you eligible for your Stafford loans. You can think of the FAFSA as your Stafford loan application. In order for your Stafford loan to be disbursed to your student account, you must complete your entrance counseling AND Master Promissory Note (MPN) with the US Department of Education online at https://studentloans.gov.
The Federal Stafford Subsidized Loan is awarded according to demonstrated financial need. Interest is paid by the federal government as long as a student is enrolled at least half time at the university. The student must begin repayment of the loan six months after leaving school or dropping below half time.
The Federal Stafford Unsubsidized Loan is awarded regardless of a student's demonstrated need. Interest begins accruing from the date of first disbursement. By making interest payments while in school, a student can avoid capitalization of the interest. When interest is capitalized, it is added to the principal amount of the loan upon which further interest charges are based.
Knowing the Limits of your Stafford Loan
Dependent undergraduate students enrolled in a degree-seeking program may borrow per year up to:
- $3,500 as a first-year student
- $4,500 as a sophomore (min 30 credit hours earned)
- $5,500 as a junior (min 60 credit hours earned)
- $5,500 as a senior (minimum 90 credit hours earned)
The maximum amount a dependent undergraduate student may borrow is $23,000.
Independent undergraduate students and dependent students whose parents have been denied access to a Federal PLUS Loan may borrow per year up to
- $7,500 as a first-year student ($3,500 of which may be in subsidized loans)
- $8,500 as a sophomore ($4,500 of which may be in subsidized loans)
- $10,500 as junior ($5,500 of which may be in subsidized loans)
- $10,500 as senior ($5,500 of which may be in subsidized loans)
The maximum amount an independent student may borrow is $46,000.
Federal Parent Plus Loans
Federal PLUS loans are federally sponsored loans that parents can obtain to help pay the cost of education for their dependent undergraduate children. In order to obtain a PLUS loan, the student must first complete the Free Application for Federal Student Aid (FAFSA). In order for your parent's PLUS loan to be disbursed to your student account, your parent will complete the PLUS application and Master Promissory Note (MPN) with the US Department of Education online at https://studentloans.gov. Parents may borrow up to the cost of attendance less any other aid received by the student annually. Based on the student's FASFA information, the Office of Financial Aid will determine the maximum amount of PLUS loan eligibility. Parents may opt to borrow less than the maximum amount awarded.
If upon applying for this loan the pre-screening reveals that they would be denied for the loan, you will then be automatically eligible for a Federal Unsubsidized Stafford Loan for up to $4,000. This loan will be added to your financial award upon notification of a parents denied application.
Origination fees set by federal statue are charged by the lender and are deducted from the proceeds
Alternative education loans (also known as private education loans) are loans that are often used help bridge the gap between a students' cost of attendance and the amount of federal, state and institutional financial aid that a student is awarded. Alternative loans are credit-based loans that are offered by private lenders and often require a good credit history and/or a co-signer with a good credit history. Many students may need a co-signer. WPU strongly encourages all students to complete the FAFSA before applying for an alternative loan. Federal loans (Stafford and PLUS) should always be the first option to consider when borrowing money to finance an education. If you are considering an alternative loan, you should carefully evaluate a loan program to determine if it best meets your needs.
If you are planning to file a FAFSA, it is best to wait to apply for an alternative loan until you receive your financial aid award from WPU so you can see what financial aid you may be qualified to receive. Our office will gladly certify an alternative education loan from the lender of your choice if the loan's eligibility requirements are met.
How do I apply for a loan?
Due to the recent legislative changes in the student loan program, starting with the 2010-2011 academic year, William Peace University began participating in the William D. Ford Federal Direct Loan Program (usually referred to as the Direct Loan Program). As a result; the Office of Financial aid can only process Stafford and Parent Plus loans through the U.S. Department of Education. Under the Direct Loan Program, the U.S. Department of Education is the lender and will process loans for students through the University.
If you are a first-time Stafford Loan borrower at William Peace University, you will need to complete Online Entrance Counseling and a Master Promissory Note (MPN) at www.studentloans.gov. For returning students, if you received a Federal Stafford Loan in the previous academic year and you are still eligible for the loan, your loan will be automatically renewed and you will not need to submit another Loan Promissory Note.
What are the Stafford Entrance and Exit Counseling Sessions?
In order to understand your rights and responsibilities as a borrower, the federal government requires that you complete an Entrance loan counseling session before you borrow and an Exit loan counseling session when you graduate.
How do my parents apply for the Federal PLUS Loan?
If you are eligible for a Federal PLUS Loan your parent will have to complete an online application at www.studentloans.gov. The lender will notify your parent of approval or denial of the application. If approved, your parent must complete a PLUS Loan Master Promissory Note online at www.studentloans.gov. If your parent's PLUS loan application is denied, you will automatically become eligible for additional Federal Stafford Unsubsidized Loan funds. Parents must reapply each academic year for a new PLUS Loan.
Loan Information: Federal Stafford and Federal PLUS Loans are available through the Federal William D. Ford Direct Loan Program. Under the Direct Loan Program, the U.S. Department of Education is the lender and will process loans for students and/or parents through the University.
The information of students and parents is submitted to the National Student Loan Data System (NSLDS), and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system. NSLDS - Click Here
Code of Conduct for Education Loans
Officials are prohibited from:
- revenue-sharing arrangements with any lender
- receiving gifts from a lender, a guarantor, or a loan servicer
- contracting arrangements providing financial benefit from any lender or affiliate of a lender
- directing borrowers to particular lenders, or refusing or delaying loan certifications
- offers of funds for private loans
- call center or financial aid office staffing assistance
- advisory board compensation
Does Financial Aid cover the costs of books?
It is the responsibility of the student to plan for the cost of books for each semester. You should plan on $500 each semester. You can always borrow additional money to cover this expense through PLUS Loans Alternative Education.
What does "Cost of Attendance" (COA) mean?
Cost of Attendance is a budget used in calculating your eligibility for financial aid. It is based on totals of both WPU costs billed directly to your student account (such as tuition and fees) and estimates of other expenses that you will incur during your attendance at WPU (such as books, transportation and housing).
What is an "Expected Family Contribution (EFC)?"
Your Expected Family Contribution (EFC) is an amount calculated by the Department of Education based on information that you provided on your FAFSA. Your EFC is an estimate of the maximum amount that your family should be able to afford to pay towards your education for the academic year.
Can my awards change?
Yes. As stated in your award letter, initial financial aid awards are our best estimate of what you are eligible to receive and are based on full-time, full-year status. However, most changes in awards involve factors which are under your control, or of which you should be aware. Your award may be increased, reduced or even canceled if:
- your family financial circumstance changes, causing your need to change.
- you receive any additional outside resource, such as a privately awarded scholarship, which was not listed on your Award Letter.
- you provided incorrect data on your FAFSA
- you are not maintaining satisfactory academic progress.
- you are suspended by the University.
- you do not enroll for the required number of hours to receive aid through programs awarded you.
What is Federal Work-Study?
Federal Work-Study is a financial aid program in which students work in on-campus departments or approved off-campus community service organizations and are paid in the form of monthly paychecks.
How do I pay my remaining balance?
WPU accepts checks, cash, money orders and Visa MasterCard. All payments should be sent to:
William Peace University
Office of Student Accounts
15 East Peace Street
Raleigh, NC 27604
Families desiring to pay by credit card may pay online via our secure website. Students can login at My.Peace, click on the 'Students' tab, 'Financial Info,' 'My Account Info' and 'View Your Statement and Pay Your Bill.' You can also visit the Office of Student Accounts section. Students use the same login and password given to them by their advisors to register for classes online when logging in to pay their account. If you have misplaced your password, please contact IT at 919.508.2417.
I can't pay my entire bill at one time. Are there payment options available?
WPU offers a convenient monthly payment plan with up to five equal monthly payments each semester. There is an enrollment fee of $30.00 each semester to participate in the plan payable at the time of enrollment. Students desiring to enroll in the payment plan may do so by logging into their My.Peace account and signing up. Log on to your My.Peace, click on 'Students,' 'Financial Info,' 'View Your Statement and Pay Your Bill.' You can enroll under the 'Installment Payment Plans" heading.
If I have questions, who should I contact?
William Peace University
Office of Financial Aid
15 East Peace Street
Raleigh, NC 27604-1194