Additional Stafford Loan Information

Stafford Loan Information at WCC that you are REQUIRED to know and understand:

• You MUST have a complete financial aid file at WCC—this means you have completed your FAFSA, submitted requested forms and/or documents to our office, and received an alert with an Award Notice or Stafford Loan eligibility letter.  You must be enrolled in an eligible degree or certificate program and taking at least 6 credits (half-time) which apply to your program in each quarter you wish to receive a loan.
• Your student loan eligibility is determined using your FAFSA information, WCC’s cost of attendance, other financial aid and scholarship awards, your grade level, dependency status and annual maximum loan limits.  This loan eligibility may be a combination of subsidized and unsubsidized Stafford loan amounts.
• Grade or borrower level is based upon your earned credits for your CURRENT degree or certificate at WCC, it is NOT based on number of calendar years or quarters you have attended school. 
• Your student loan will be disbursed equally over your requested enrollment period, typically this is all the quarter(s) you plan to attend WCC for at least 6 credits, between Summer 2012 and Spring 2013.
• Outstanding tuition and fees will be deducted from loan disbursements as allowed by federal regulations.
• Like all other financial aid, no loan checks will be disbursed to the student before the quarter begins.  Funds may be requested before the quarter starts in order to process and have checks available for the first day of the quarter.
• Generally loan processing time and disbursement of funds is 1 1/2 to 2 weeks, EXCEPT in the case where the request is processed before the start of the quarter (see previous statement).
• If you are a first year student AND a first time borrower, your first loan disbursement cannot be released until 30 days after the start of your first quarter.  If this applies to you, you will be notified.  This is a federal regulation and cannot be waived.  Please plan accordingly
• Student loans must be disbursed in a minimum of 2 disbursements.  If your loan is for one quarter only, you will receive half of the loan at the beginning of the quarter and the second half at the mid-point of the quarter.  If this applies to you, you will be notified.  This is a federal regulation and cannot be waived.  Please plan accordingly.
• Currently there is a 1% origination fee charged by the Department of Education. There is no longer a rebate (reduction) to this origination fee. This fee is deducted, by the Department of Education, from each loan disbursement you receive.
• This is a student loan and must be repaid.
• You have the right to cancel you student loan at any time.  If your loan funds have been disbursed to you, you have 14 business days to the return the funds to WCC to be refunded back to the loan program on your behalf.  Contact the Financial Aid Office if you have any questions.
• ALL loan recipients are required to complete the Stafford Loan Exit Counseling when they graduate, leave WCC, or drop below 6 credits (half-time) enrollment.  Loan Exit Counseling is completed at NSLDS Student Access (National Student Loan Data System).
• The average loan debt for a student attending 2 years at WCC is $7960.