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 routine financial aid application process before completing additional steps in the loan process.  Also, if you cannot obtain an academic transcript from a previously attended college or university because you owe a balance, you must submit a statement of your student account and the balance will be evaluated to determine if a loan can be awarded.  This evaluation is part of Waubonsee's Default Prevention Plan. 

Federal Direct Education Loans

Direct Loan funds come directly from the U.S. Department of Education. Processing of any Direct Loans includes an origination fee that is deducted from the total amount disbursed.

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 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 represent the maximum amount that may be subsidized.
  • Waubonsee students are only awarded up to the maximum amounts for the subsidized loan for their grade level and any additional money needed, can be requested through a Waubonsee Loan Adjustment Request form found on mywcc.
Dependent Independent
Freshman $5500 ($3500) $9500 ($3500)
Sophomore $6500 ($4500) $10,500 ($4500)

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 available to students to help for college and are serviced by private companies unlike Direct Loans which are serviced by the Department of Education. Once you have applied for a private loan, 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.

Additional Steps to Receiving a Direct Loan

To receive a direct loan, you must first apply for financial aid via the FAFSA and indicate that you are interested in being considered for student loans. You will then need to complete these additional steps:

  1. Receive a notification that you have been awarded. Under Financial Aid Tools on the student tab of mywcc, select "View Awards" then "Award for Aid Year." Select the aid year from the drop down list, accept the Terms and Conditions and review any loan offered.  You can accept the loan amount offered, reduce it, or decline the loan.
  2. If your aid offer does not include a loan, complete and submit a Direct Loan Request in the Forms area of the student tab in mywcc.
  3. If you have not previously completed Entrance Counseling for a student loan at Waubonsee, the Financial Aid Office provides individual or group Entrance Counseling sessions.  Once you have been awarded a loan, you can submit an Entrance Counseling Request in the Forms area of the student tab of mywcc.
  4. Complete the electronic Master Promissory Note at You will need the names, addresses and phone numbers of two references, one of whom must reside at an address different than yours. The MPN must be completed if you are a new borrower or have previously borrowed using a private lender. If you have previously borrowed from a private lender, information about consolidating your previous loan with a Direct Loan is available at
  5. Register for at least 6 credits in eligible courses. (View a list of ineligible programs and courses.) A minimum of 6 eligible credits is required for the student to be eligible for any loan disbursement. If you drop below 6 eligible credits prior to the date of loan disbursement, the loan will no longer disburse to your account. Your remaining enrollment could be canceled unless you make a payment or have other financial aid.
  6. The Loan Adjustment Adjustment Request is used to cancel or request an increase to a loan that you have been awarded and accepted.  Requests for increases require documentaion of the expenses for which the addtional loan funds will be used. 

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.