Qualifying and Applying
If you wish to receive a loan, you must 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, this balance will be evaluated to determine if a loan can be awarded.

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 amoimt disbursed.  Effective July 1, 2014, the Direct Loan origination fee is 1.073%.

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.  Students can request additional unsubsidized loans up to the maximums shown in the table below using the WCC Loan Adjustment Request form.
  • 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.
Dependent Independent
Freshman $5500 ($3500) $9500 ($3500)
Sophomore $6500 ($4500) $10,500 ($4500)

Interest rates on Direct Loans disbursed on or after July 1, 2015, is 4.29% for both subsidized and unsubsidized loans.

150% Subsidized Loan Limit
Effective July 1, 2013, for new borrowers only, subsidized loan eligibility is limited to 150% of the published length of the student's academic program. The 150% is measured by academic years. Any semester or term for which a student receives a subsidized loan counts toward the 150%. This limit does not affect the student's annual or cumulative loan eligibility.

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 and submits it to WCC Financial Aid. 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. Effective July 1, 2015 the interest rate for PLUS Loans is 6.84% and the origination fee is 4.292%.

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.

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 lendersor guarantors, except for reimbursement for reasonable expenses.