Skip to main content
waubonsee community college logo

Ancillary

  • Request Info
  • Enroll
  • Donate
  • Contact Us
  • mywcc
  • Programs & Courses
    • Explore All Programs
    • Programs by Subject
      • Arts, Design and Humanities
      • Business
      • Communications and World Languages
      • Education
      • Health Sciences
      • Industry and Manufacturing
      • Public Safety and Service
      • Science, Technology, Engineering and Mathematics
      • Social and Behavioral Sciences
      • Other
    • Transfer Programs
      • Transfer Degree Requirements
      • Transfer Pathways and Guides
      • General Education Core Curriculum (GECC) Credential
      • Specialty Transfer Degrees
      • Transferring Credit from Waubonsee
      • Virtual Transfer Visits
    • Career Programs
      • Apprenticeship
      • Career Program Videos
      • Short Career Certificates
    • Online & Flexible Learning
      • Waubonsee Online
      • Accelerated
      • Hybrid
      • Prior Learning
    • Courses
      • College Catalog
      • Course Schedules
    • Academic Calendar
  • Community Offerings
    • Professional Development
      • Business and Finance
      • Computer Science and Technology
      • Health Professions and Public Service
      • Industry, Manufacturing, and Transportation
      • Online Options
      • Real Estate
      • Leadership
    • Illinois Small Business Development Center
      • Business Growth Academy
      • El Centro de Desarrollo de Pequeños Negocios de Illinois en Waubonsee
    • Adult Education
      • High School Equivalency (HSE) Programs
      • Resources For Success
      • Adult Literacy
      • Waubonsee Works
      • Adult Education Computer Center (AECC)
      • English Language Acquisition (ELA)
    • Driver Safety Program
      • Driver Safety Program Application
      • Driver Safety Program Classes
      • Driver Safety Program Contact
      • Driver Safety Program Eligibility
      • Driver Safety Program Emergency Closings
      • Driver Safety Program FAQ
      • Driver Safety Program Links
      • Driver Safety Program Locations
      • Driver Safety Program NSC Defensive Driving Course
      • Driver Safety Program Payments
    • Lifelong Learning
    • Resources for Unemployment
  • Admissions
    • Get College-Ready
      • College and Career Readiness
      • Course Placement
      • Developmental Education
      • High School and Dual Credit Programs
      • College Readiness Blog
    • How to Enroll
      • Enrollment Steps
      • Transferring Credit Into Waubonsee
      • International Student
      • Semester Enrollment
      • Enroll Summer Only
    • Visit Us
    • Request Info
    • Costs and Payments
      • Residency Requirements
      • Paying Tuition
      • Net Price Calculator
      • Cooperative Agreements
      • Withdrawing from Waubonsee
    • Financial Aid and Scholarships
      • Scholarships
      • Types of Financial Aid
      • HEERF
      • Application Process
      • Disbursement, Attendance, and Withdrawals
      • Financial Education
      • Schedule a College Funding Appointment
      • Financial Aid Videos
      • Gainful Employment
  • Student Experience
    • Latinx Resource Center
      • C.A.M.I.N.O.S.
      • Colegio de Empoderamiento
      • Get Support
      • La Bienvenida
      • Latinx Summer Institute (LSI)
      • Meet Us
    • Student Stories
    • Athletics
      • Athletics Hall of Fame
    • Student Life
      • Leadership Development
      • Student Clubs and Organizations
      • Honors Program
      • Study Abroad
      • Civic Engagement
      • Co-Curricular Transcripts
      • Student Life Events
      • Student Life Staff
    • Academic Support
      • Academic Advising
      • Learning Assessment and Testing Services
      • Tutoring Centers
      • TRIO Student Support Services
      • Study Tips
      • TRIUMPH Program
    • Career Exploration
      • Career Development
      • Career Counseling
    • Student Services
      • Services Directory
      • Academic and Career Advising
      • Registration and Records
      • Student Accounts and Cashier Office
      • Dean for Students
      • About the Student XCARD
    • Health and Wellness Resources
      • Personal Counseling
      • Requesting a Private Lactation Area
    • Library
      • Find
      • Services
      • Help
      • Faculty
      • Research Help
      • About
    • Technical Support
      • Technology FAQ
      • Computer Labs
      • Information Technology Acceptable Usage Agreement
      • Secure Wireless Access
      • Wireless Access FAQ
    • Bookstore
      • Shop Online
      • Textbooks
      • Textbook Buybacks
      • Return Policies
    • Veteran and Military Services
      • Education Benefits
      • Veterans' Standards of Academic Progress
      • Resources for Veterans
      • Call to Active Duty and Non-Attendance Policies
      • Request for Evaluation of Military Credit
    • Disability Resources
      • Access Center Services
      • Get Started
      • Community Resources
      • Personal Care Attendant Guidelines
      • Service Animal Guidelines
    • Waubonsee Cares
  • About Waubonsee
    • Our Mission
    • Why Waubonsee
      • At A Glance
      • Report to the Community
      • Institutional Reports
      • Financial Stewardship
    • Accreditation
    • History
      • Celebrating 50 Years
      • Archive
    • Board of Trustees
      • History of the Board of Trustees
    • Office of the President
      • About the President
      • Community and Professional Engagement
      • President's Perspective
      • Past Presidents
    • Our Faculty
    • Locations
      • Sugar Grove Campus
      • Aurora Downtown Campus
      • Aurora Fox Valley Campus
      • Plano Campus
      • Campus Hours
    • Campus Safety
      • Armed Intruder and Active Shooter Situations
      • Campus Closures
      • Campus Police and Authority
      • Emergency Resources
      • Lost and Found
      • Reports and Disclosures
      • Traffic and Vehicle Policies and Campus Citations
    • Alumni: Leading the Way
    • Waubonsee Foundation
      • Submit a Foundation Scholarship Application
      • How to Give
      • Scholarship Fest
      • Foundation Board
      • Donor Recognition
      • Distinguished Alumnus Award
      • Distinguished Contributor Award
      • Foundation Golf Outing
      • Waubonsee Foundation 5K
  • News and Events
    • News
      • Coronavirus (COVID-19) Updates
      • Actualizaciones del coronavirus (COVID-19)
      • Waubonsee Voices
    • Event Calendar
    • Newsletters
    • Speaker Series
    • Waubonsee Talks
      • Choosing a College
      • Education for the Incarcerated
      • Let's Talk Esports
      • What Does It Mean
      • What is it like to study politics today?
      • Paying for College
      • The College Experience
  • Find a Course
  • COVID-19 Information
  • Visit Campus
  • Employee Directory
  • Donate
  • Translate

Common Searches

  • How to Enroll
  • Transcript Requests
  • Academic Calendar
  • Bookstore
  • Library
  • Tuition and Fees
  • Financial Aid
  • Locations and Hours
  • Canvas
  • Make a Donation
  • Find a Course
  • College Directory
  • Prospective Students
  • Current Students
  • Families
  • Hispanohablantes
  • Alumni
  • Community Members
  • Local Businesses, Employers and Vendors
  • Faculty and Staff
  • Job Applicants
Waubonsee Community College Student

Loans

  • Home
  • Admissions
    • Get College-Ready
    • How to Enroll
    • Visit Us
    • Request Info
    • Costs and Payments
    • Financial Aid and Scholarships
  • Financial Aid and Scholarships
    • Scholarships
    • Types of Financial Aid
    • HEERF
    • Application Process
    • Disbursement, Attendance, and Withdrawals
    • Financial Education
    • Schedule a College Funding Appointment
    • Financial Aid Videos
    • Gainful Employment
  • Types of Financial Aid
    • Grants
    • Loans
    • Work-Study Employment
  • Loans
    • Smart Borrowing
Smart Borrowing

Waubonsee Community College and the Financial Aid Office care about your financial well-being during your time in college—and after. Learn steps to smart borrowing! 

Qualifying and Applying

To receive a loan you must: 

  • Complete the FAFSA (Free Application for Federal Student Aid) every award year
  • Meet all financial aid eligibility requirements including:
    • Enrollment in at least 6 credits in an eligible degree or certificate program.
  • Complete the financial aid application process at Waubonsee Community College which includes:
    • Providing transcripts from any previous colleges you attended.

Note: 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 showing the balance.

Only non-Pell eligible students are initially offered a loan. If your aid offer does not include a loan, you can submit a Direct Loan Request in mywcc.

Federal Direct 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 found on the studentaid.gov website.

Effective July 1, 2022 through June 30, 2023, the interest rates for Direct Loans is 4.99% and July 1, 2021 through June 30, 2022 the interest rate is 3.73% for both Subsidized and Unsubsidized.

Processing of any Direct Loans includes an origination fee that is deducted from the total amount disbursed. From October 1, 2020 to September 30, 2022 the Direct Loan origination fee is 1.057%.   

Direct Loans must be repaid and there are several repayment options. 

Subsidized or Unsubsidized
  • Subsidized loans are based on financial need which is the difference between the Cost of Attendance and the Expected Family Contribution (EFC) derived from the Free Application for Federal Student Aid. Subsidized loans charge no interest while a student is in school at least half-time (six 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 based on the difference between the Cost of Attendance and any other financial aid the student is receiving.  The Expected Family Contribution is not used in determining the loan amount.
  • 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 table shows the subsidized maximums and the maximums including unsubsidized loans.
  • Waubonsee students are awarded up to the subsidized loan maximum for their grade level. Additional loan up to the maximum can be requested through a Waubonsee Loan Adjustment Request in the Financial Aid Forms area in mywcc.
Loan limits per Academic Year
 

 

Dependent

 

Independent

         Subsidized   With Unsubsidized Subsidized     With Unsubsidized
Freshmen           $3,500                    $5,500     $3,500                   $9,500
Sophomore           $4,500                    $6,500     $4,500                   $10,500

 

Parent Loans (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 and the completion of a Direct PLUS Loan Master Promissory Note. 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, 2020 through June 30, 2021, the interest rate for PLUS Loans is 5.30% and loans disbursed July 1, 2021 through June 30, 2022 the interest rate is 6.28%.

Processing of any PLUS loan includes an origination fee that is deducted from the amount disbursed. From October 1, 2020 to September 30, 2021, the Direct Loan origination fee is 4.228% and from October 1, 2021 to September 30, 2022 the origination fee will be published later this year.   

Private Loans

Private Loans are funded by commercial banks and other lenders, unlike Direct Loans which are funded by the U.S. Department of Education.

After applying for a private loan, contact the Financial Aid Office for the Private Loan Student Information Form. Once the form is completed and submitted, Waubonsee will certify the loan with the lender.

The certification of a private loan does not hold your registration and you are responsible for setting up a payment plan. 

Entrance/Exit Counseling

Entrance Counseling

Students who accept a Federal Direct Loan are required to complete Entrance Counseling at studentaid.gov. This helps you to understand your rights and responsibilities regarding your loan. Once Entrance Counseling is complete, the origination will go out and retrieve the Master Promissory Note (MPN). You must complete the Entrance Counseling before WCC can offer bookstore vouchers or disburse loans.  

Exit Counseling

Each student who borrows a subsidized or unsubsidized loan under the Federal Direct Loan Program will be required to complete Exit Counseling by going to studentaid.gov. Exit Counseling provides information which includes interest rates, repayment plan options, loan consolidation, loan forgiveness and loan discharge. Exit Counseling is required each time a student drops below half-time enrollment, graduates, or withdraws from school.

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 lender 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.

Get Started

Request Info
Visit Us
Enroll
Thumbnail
Still Have Questions?

We're happy to help Contact Us

waubonsee community college logo
  • Facebook
  • Twitter
  • Instagram
  • Linked In
  • Youtube
  • Snapchat
  • Flickr

Sugar Grove

Route 47 @ Waubonsee Drive
Sugar Grove, IL 60554-9454
(630) 466-7900

Aurora Downtown

18 S. River St.
Aurora, IL 60506-4134
(630) 801-7900

Aurora Fox Valley

2060 Ogden Ave.
Aurora, IL 60504-7222
(630) 585-7900

Plano

100 Waubonsee Drive
Plano, IL 60545
(630) 552-7900

Footer

  • Job Opportunities
  • Legal Notices
  • Title IX
  • Accreditation
  • Whistleblower Reporting
  • Privacy Policy
  • Donate
  • Canvas
  • Translate
Copyright © 2022