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Loan Information and Processes

New Loan Program for the 2010 - 2011 Academic Year
(Summer 2010, Spring 2011)

Important Changes to the Financial Aid Student Loan Program
The revised Student Aid Reform Bill now requires colleges offering Title IV loans to participate in the Federal Direct Leading programs for loans originated after July 1, 2010. 

Beginning summer semester 2010, Waycross College will be participating in the William D. Ford Federal Direct Loan (Direct Loan - DL) Program for all federal student loans.  This means the Federal Government will now serve as the lender instead of a bank.  Students will be given the opportunity to consolidate any loans they may already have through a bank into this new program in order to prevent having to make multiple payments.  However, student will need to complete a new Direct Loan Master Promissory Note if they plan to continue to borrow loan funds.  This promissory note will need to be completed for any loans with a disbursement date after June 30, 2010 and for any future semesters.  In order to complete this new promissory note, students should do the following.

Steps	Action
Step 1	Complete and submit the Waycross College Federal Direct Loan Request Form. Print and bring this form to the Financial Aid Office.
Step 2	Complete Student Loan Counseling at http://studentloans.gov Be sure to complete the counseling for the correct loan program - "Stafford Loans".
Step 3	Complete and sign the electronic Master Promissory Note (MPN) at the same web site as the Student Loan Counseling.
Step 4	Register for at least 6 credit hours/

Remember, since this is a new process, all borrowers will have to complete these steps before any future loans will be awarded.

 

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

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

Subsidized Direct Student 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%. At the beginning of each new academic year at Waycross College you will be required to attend a loan entrance counseling session.

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.

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 Direct Student 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:

(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:

 

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.