Qualifying and Applying

If you wish to receive a loan, you must complete the FAFSA (Free Application for Federal Student Aid) every award year and meet all financial aid eligibility requirements, including enrollment in at least 6 credits in an eligible degree or certificate program. (View a list of ineligible programs and courses.) You must also complete the financial aid application process which includes providing transcrips from any previous collges you attended.  If you cannot obtain an academic transcript from a previously attended college or university because you owe a balance, you must submit a student account statement and the balance will be evaluated to determine if a loan can be awarded.  This evaluation is part of Waubonsee's Default Prevention Plan.  Only non-Pell eligible students are initially offered a loan.  If your aid offer does not include a loan, you can complete and submit a Direct Loan Request in the Forms area of the student tab in mywcc.

Federal Direct Education Loans

Direct Loan funds come directly from the U.S. Department of Education.  Once awarded a loan, the student must attend an Entrance Counseling session and complete a Master Promissory Note fournd on the web site. 

Processing of any Direct Loans includes an origination fee that is deducted from the total amount disbursed.  From 10/1/17 to 10/1/18 the Direct Loan origination fee is 1.066%.  Effective July 1, 2017 through July 1, 2018, the interest rates for Direct Loans is 4.45% for both Subsidized and Unsubsidized Loans. 

Loans can be either subsidized or unsubsidized.

  • Subsidized loans are based on financial need. Subsidized loans charge no interest while a student is in school at least half-time (6 hours), during the grace period, and during in-school deferment periods. The maximum subsidized loan is $3,500 for freshmen and $4,500 for sophomores per academic year.
  • Unsubsidized loans are not based on financial need. Interest is charged starting the date the loan is disbursed. 
  • The maximum loan amounts available per academic year are shown in the table below. Loans are based on a student's grade level and whether a student is dependent or independent.  The numbers in parentheses are the maximum amounts including unsubsidized.
  • Waubonsee students are awarded up to the maximum subsidized loan for their grade level.  Additional loan up to the loan limit can be requested through a Waubonsee Loan Adjustment Request Forms area of the student tab in mywcc.
Dependent Independent
Freshman $3500 ($5500) $3500 ($9500)
Sophomore $4500 ($6500) $4500 ($10,500)

Parent Loan (PLUS)

PLUS is a Federal Direct Loan that is not based on financial need. To apply, the parent completes the Parent PLUS Loan Form which can be obtained by contacting the Financial Aid Office. Approval of a Parent Loan requires a credit check by the U.S. Department of Education. Loans are limited to the difference between the total cost of attendance and any other financial aid the student is already awarded. There are no grace periods for PLUS loans and payments are required immediately following the disbursement of a PLUS loan.

Private Loan

Private loans are funded by commercial banks and other lenders unlike Direct Loans which are finded by the US Department of Education. Once you have applied for a private loan with a lender, complete and submit a Private Loan Student Information Form which can be obtained by contacting the Financial Aid Office. Once the form is completed and submitted, Waubonsee will certify the loan with the lender. Ther certification of a private loan does not hold your registration without the normal payment.

Loan Code of Conduct

The Loan Code of Conduct applies to the officers, employees, and agents of Waubonsee Community College.

The Waubonsee Community College Loan Code of Conduct prohibits:

  • revenue-sharing arrangements with any lender.
  • directing borrowers to use a particular lenders or delaying loan certifications. 
  • offers of funds for private loans to students in exchange for providing concessions or promises to the lender for a specific number of FSA loans, a specified loan volume, or a preferred lender arrangement.

Financial Aid Office staff are prohibited from:

  • receiving gifts from a lender, guaranty agency, or a loan servicer.
  • accepting compensation for any type of consulting arrangement or contract to provide services to or on behalf of a lender relating to education loans and for service on an advisory board, commission, or group established by lenders or guarantors, except for reimbursement for reasonable expenses.