What are the different loans available to Waycross College and how do I qualify?

Entrance Loan Counseling Online - current students only

Exit Loan Counseling Online - current students only

There are two different loan options at Waycross College: Subsidized Loan and Unsubsidized loans.

Subsidized Loan

The program allows you to borrow at a low interest rate if you have financial need and are enrolled at least half-time (6 or more Hours). No repayments are due and no interest accrues until 6 months after you graduate, leave school, or cease to be enrolled as a half-time student. The interest rate is based on the 91-Day T-Bill plus interest and caps at 8.25%. Origination fees of 3% are deducted from the loan amount you requested on your application. At the beginning of each new academic year at Waycross College you will be required to attend a loan entrance counseling session.

Click here to start the Entrance Loan Counseling Online - current students only.

In addition, you will not receive your first loan disbursement until 30 days after the first day of class if it is your first semester as a freshman. The loan amount will be cited toward your student account but no overpayment will be available until after the 30 days. You will be required to complete an exit counseling requirement if you graduate, transfer to another school, withdraw from school, or drop below half-time.

Click here to start the Exit Loan Counseling Online - current students only.

Please Note: If you apply for and have a loan processed for a single semester, the loan will be divided into two disbursements. The first disbursement will be available at the beginning of the semester unless this is your first semester as a freshman, and the second disbursement will occur at the mid-point of the semester.

 

Unsubsidized Loan

This loan is administered the same as a subsidized loan EXCEPT that interest on the loan must be paid while you are in school and this loan does not require that you have financial need. You can borrow from this loan program regardless of your family income. As a dependent student you may borrow the following amounts from the Subsidized and Unsubsidized Loans according to classification:

Freshman	$3500
Sophomores	$4500
Juniors and Seniors	$5500
Certification/Provisional Graduates	$5500
Graduates	$8500

(Loan amounts are divided equally for the academic year, Fall and Spring)

 

Please note: You must have financial need to qualify for the subsidized loan, so your total loan could be all subsidized, all unsubsidized, or some of both. For example, if you are a freshman receiving only the HOPE Scholarship and your Expected Family Contribution is $6,000 and your budget is $10,000, your loan eligibility would be calculated as follows:

$10000	(Budget)
-$ 6000	(Expected Family Contribution)
$ 4000	(Total Financial Need)
-$ 3000	(Hope Scholarship)
$1000	(Need for a Student Loan)

 

You could receive a subsidized loan of $1000 and, as a dependent freshman, you could borrow $2500 in an unsubsidized loan. This would make your total $3500, which is the maximum loan eligibility for a dependent freshman.

As an independent student, your loan eligibility would be calculated in the same manner EXCEPT you could borrow additional unsubsidized loan amounts. The maximum loan you are allowed is the difference between your budget and all of the other aid you are receiving.