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Loans

Loans are money that you are borrowing and in most cases will always need to be repaid.

Each of loans described below require you to complete a FAFSA for each year of attendance.

Federal Direct Subsidized Loans

 
Direct Subsidized Loans are available to undergraduate students with financial need enrolled in at least 6 credits.
 
Your school determines the amount you can borrow, and the amount may not exceed your financial need.
 
The U.S. Department of Education pays the interest on a Direct Subsidized Loan
·        While you're in school at least half-time,
·        For the first six months after you leave school (referred to as a grace period*), and
·        During a period of deferment (a postponement of loan payments).
 
Federal Direct Unsubsidized Loans  
 
Direct Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need. Must be enrolled in at least 6 credits.
 
We will determine the amount you can borrow based on your cost of attendance and other financial aid you receive.
 
You are responsible for paying the interest on a Direct Unsubsidized Loan during all periods. 
 
If you choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan).
 
Federal Parent Plus Loans
 
Federal Parent Loan for Undergraduate Students (PLUS) is a loan available to parent(s) of dependent, undergraduate students enrolled in at least 6 credits.
 
Parents may borrow up to the "cost of attendance" less other aid for each dependent, undergraduate child.
 
PLUS loans are made by the federal government at a fixed interest rate that is determined on July 1 of each year.
 
Financial need is not a requirement for this type of loan, although approval will be based on credit information.
 
Loan repayment begins 60 days following the disbursement date on the check.
 
To apply: Students must complete the FAFSA. Parents must complete the PLUS request process at www.studentloans.gov.
 
Repayment Information  
  
To get information on managing repayment of your Federal Direct Student Loans, please visit: https://studentaid.ed.gov/repay-loans.
  
Here you will find information on making payments, servicer contacts, repayment plans, consolidation, deferment and forbearance, forgiveness, cancellation, discharge, default and resolving disputes.
  
To view your repayment plan options and use a repayment calculator visit: https://studentaid.ed.gov/repay-loans/understand/plans.
  
Additional Important Information for Loan Borrowers  
  
All first-time borrowers of Federal Direct Subsidized and Unsubsidized Loans are required to complete  Entrance Counseling along with a Master Promissory Note (MPN).
 
WSC reports all loan disbursements to NSLDS. Post disbursement information about any of these disbursements (including the contact information for the servicer for the loans) can be found at https://www.nslds.ed.gov/nslds_SA/.
 
Federal Student Aid Program Limits
 
Direct Subsidized and Unsubsidized Loan Disclosure Statement 
Direct Subsidized and Unsubsidized Loan Borrower's Rights and Responsibilities
 
Direct PLUS Loan Disclosure Statement 
Direct PLUS Loan Borrower's Rights and Responsibilities