More information regarding student loan amounts and interest rates  

Federal Direct Subsidized Loan

The subsidized loan is awarded on the basis of need. No interest is charged before you begin repayment or during any authorized periods of deferment. The federal government pays the interest until the time of repayment. The current fixed interest rate is 3.4%.

Eligibility

• Must have a "need" as determined by the (FAFSA)
• Be enrolled at least half - time at WC
• Maintain Satisfactory Academic Progress
• Not exceed annual or lifetime aggregate loan limits

Click here for Loan limits

Federal Direct Unsubsidized Stafford Loan

The Unsubsidized loan is not awarded on the basis of need. The student is responsible for any accruing interest during in-school and deferment periods. Interest accruing during those periods may be paid or capitalized as agreed by the borrower and lender. The current interest fixed rate is 6.8%.

Eligibility

• Complete the Free Application for Student Financial Aid (FAFSA)
• Be enrolled at least half - time at WC
• Maintain Satisfactory Academic Progress
• Not exceed annual or lifetime aggregate loan limits

Federal Direct Parent Loan (PLUS Loan)

The Federal Parent Loan (PLUS) is available to the parents of dependent, undergraduate students. The parent may only borrow up to the Cost of Attendance (excluding any other financial aid). An origination fee of 7.9% (beginning July 1, 2007) is charged upon disbursement. All funds are received electronically are posted to the student's billing account to pay university authorized tuition and fees.

Choosing a PLUS lender is a necessary step in the process. You may choose any lender you prefer as long as they participate in the Parent Plus program. The choice of a lender is entirely yours and must be made before your loan(s) will be funded. Choosing a lender not on our list will not impact the timing of your funds.

Eligibility

• Student must be attending at least half-time (6 hours).
• Parent must have a good credit history.

Interest Rate

PLUS loans have a fixed interest rate of 8.50%.

Repayment

• Begins 60 days after the funds are fully disbursed.(Standard Terms)
• Repayment term is up to 10 years.

PLUS loans are the financial responsibility of the parents, not the student. If the student agrees to make payments on the PLUS loan, but fails to make the payments on time, the parent(s) will be held responsible.

WC requires the completion of the Free Application for Federal Student Aid for parent PLUS borrowers even if the student is not interested in Federal or State aid. The student must meet certain eligibility criteria (citizenship, selective service, no defaults on previous loans, etc) in order for the parent to be eligible to apply for the Federal Direct PLUS loan. The easiest and fastest way to determine the student’s eligibility is through the FAFSA.

Texas B-On-Time Loan

The Texas B-On-Time Loan is a no-interest loan for eligible Texas students with the added benefit that, if the borrower meets specified goals, the entire loan amount can be forgiven upon graduation. This loan is funded by the State of Texas, with repayment made to Hinson Hazelwood, the Texas Higher Education Coordinating Board.

Eligibility Requirements

• Must be a Texas resident
• Graduated from public or accredited private high schools in Texas during or after the 2002-2003 academic year
• Or the student is a dependent of military personnel that are entitled to pay resident tuition rates and did not graduate from a high school prior to May 2003
• Or have received an Associates degree from an eligible institution no earlier than May 1, 2005
• Completed the recommended or advanced high school curriculum
• Not earned a bachelor's degree
• Be enrolled full time in an undergraduate degree or certificate program at an eligible institution
• Have completed the FAFSA and be eligible to receive federal financial aid
• Have been certified by the designated school as eligible for Texas B-On-Time Student Loan

For more information about student eligibility for the loan and forgiveness requirements, please visit: http://www.hhloans.com/borrowers/BOTfactsheet.cfm