Loan Information

wmcc Loan Information
admissions

Loan Information

Although student loans are a convenient source of funding for your education, it is important to borrow carefully. A better understanding of Federal Student Loan borrowing, interest rates, loan fees, and additional information can be found at – https://studentaid.gov .

If you borrow a federal student loan, you will be required to complete online entrance counseling and complete and sign a Master Promissory Note - MPN agreeing to the terms of the loan. You will need your FSA lD (FSA ID you created when you signed your FAFSA form) to complete the entrance counseling and MPN requirements.

Federal Direct Loan (Subsidized and Unsubsidized)
Federal Direct Loan is a fixed interest rate loan providing funds directly from the Federal government to help pay for a student's education. Subsidized means the government is paying the interest for a student during school. Unsubsidized means that interest is accruing during school and during a six month grace period after a student graduates or if a student drops below at least half-time enrollment.

Eligible students must demonstrate need and be enrolled in at least 6 credits per semester. There are fees associated with this loan.

Dependent first year students may borrow up to $5,500 per academic year; dependent second year students may borrow up to $6,500 per academic year. Repayment begins six months after the date of graduation or if a student drops below at least half-time enrollment (6 credits). 

Federal Direct Parent Loan for Undergraduate Students (PLUS)
Federal Direct Parent Loan for Undergraduate Students (PLUS) is a fixed interest rate loan providing funds directly from the Federal government to help pay for dependent student's education. There are fees associated with this loan, and the parent is responsible for repayment of this loan. Parents can apply by going to https://studentloans.gov Parents applying for this loan will need to login with their (parent, not student) FSA ID information.

Alternative Loans (use as a last resort)
The Alternative Loans are designed to help you fill the gap between your financial aid award, your federal loans, and your total education cost. Interest rates, application requirements, fees, and incentives will vary from lender to lender. Go to: https://www.elmselect.com/link/query?schoolid=392