Loan Information

wmcc Loan Information
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Loan Information

Federal Perkins Loans
Perkins loans are made available to students who demonstrate financial need and are enrolled in at least 6 credits per semester. Perkins Loans are fixed rate, low-interest (5%) loans made through the Financial Aid Office at the college. 

Available amounts vary per year, depending on the availability of federal funds. Repayment begins and interest starts to accrue 9 months after the date of graduation or if a student drops below at least half-time enrollment (6 credits).

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 6.41% interest 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 www.studentloans.gov. Parents applying for this loan will need to login with their (parent, not student) FAFSA PIN 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

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