Federal Aid

Federal Direct Unsubsidized Stafford Loan

The Unsubsidized Stafford Loan is a non-need based loan available to borrowers who qualify for federal student aid. The maximum amount available to borrowers each academic year is $20,500. There is a lifetime aggregate Stafford loan limit of $138,500 which includes undergraduate loans. Interest begins to accrue on unsubsidized loans at disbursement.

Interest Rate:

6.21%

Fees:

An origination fee of 1.072% is deducted from each disbursement.
(Effective October 1, 2014 the origination fee is 1.073 %.)

Eligibility:

Student must maintain at least half-time enrollment each semester and meet basic eligibility requirements.

Repayment:

Repayment is deferred while the student is enrolled at least half-time. The standard repayment term is 10 years. Direct loans are eligible for other repayment plans and can be consolidated with other federal loans. The Direct Stafford Loan program is eligible for Income-Based Repayment, Public Service Loan Forgiveness and WCL’s Public Interest Loan Repayment Assistant Program.

Federal Direct Grad PLUS Loan

The Grad PLUS loan is available to supplement Stafford loans and allows students to borrow up to the cost of attendance less other aid received.

Interest Rate:

7.21%

Fees:

An origination fee of 4.288% is deducted from each disbursement.
(Effective October 1, 2014 the origination fee is 4.292 %.)

Eligibility:

Student must maintain at least half-time enrollment each semester and meet basic eligibility requirements.

Repayment:

Repayment is deferred while the student is enrolled at least half-time. The standard repayment term is 10 years. Direct loans are eligible for other repayment plans and can be consolidated with other federal loans. The Direct Stafford Loan program is eligible for Income-Based Repayment, Public Service Loan Forgiveness and WCL’s Public Interest Loan Repayment Assistant Program.

Perkins Loan

The Perkins Loan is a low-interest, need-based loan administered by the university.

Interest Rate:

5%

Fees:

N/A

Eligibility:

Borrowers must meet federal eligibility requirements and maintain at least half time enrollment. Because funding is limited, applicants must file the FAFSA by March 1 for consideration.

Repayment:

Repayment begins nine months after enrollment drops below half-time. The borrower has up to 10 years to repay the loan. Perkins Loans do not have different repayment plan options. These loans are repaid to the university or its loan servicing agent. Perkins Loans have deferments and forbearances and loan cancellation options under certain circumstances. Perkins Loans may be included in a Federal Direct Consolidation Loan; however, the student will lose cancellation benefits that are only available under the Federal Perkins Loan Program.

Federal Work Study (FWS)

Federal Work Study (FWS) is a federally sponsored program. Funding is limited. Once hired, eligibility is determined by the WCL Financial Aid office. In order to receive federal work study as a part of your financial aid package students must have a FAFSA on file and have demonstrated financial need. First year, full time students are not eligible for FWS.