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!
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. You must also complete the financial aid application process which includes providing transcripts from any previous colleges 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.
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 studentloans.gov website.
Processing of any Direct Loans includes an origination fee that is deducted from the total amount disbursed. From October 1, 2017 to October 1, 2018, 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.
- Subsidized loans are based on financial need. 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 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.
|Freshman||$3500 ($5500)||$3500 ($9500)|
|Sophomore||$4500 ($6500)||$4500 ($10,500)|
150% Subsidized Loan Limit
For students receiving their first loan disbursement on or after July 1, 2013, 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.
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.
Effective July 1, 2017 through July 1, 2018, the interest rate for PLUS Loans is 7.0%. An origination fee is deducted from the amount disbursed. The PLUS Loan origination fee is 4.264% which is effective from October 1, 2017 to October 1, 2018.
Private Loans are funded by commercial banks and other lenders, unlike Direct Loans which are funded by the U.S. 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. The certification of a private loan does not hold your registration without the normal payment.
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.