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Federal Direct Loan Annual Limits

Maximum limits for a single academic year:

Dependent Student Independent Student
  Subsidized Loan Unsubsidized Loan Subsidized Loan Unsubsidized Loan
0-30 hours earned $3,500 $2,000 $3,500 $6,000
31+ hours earned $4,500 $2,000 $4,500 $6,000
Lifetime limit $31,000 ($23,000 Subsidized) $57,000 ($23,000 subsidized)
Interest Rates New Subsidized Loans – 4.29% (loans first disbursed on or after 7/1/15 and before 7/1/16)
  New Unsubsidized Loans – 4.29% (loans first disbursed on or after 7/1/15 and before 7/1/16)
  New Parent PLUS Loans – 6.84% (loans first disbursed on or after 7/1/15 and before 7/1/16)

All direct loans are funded by the federal government and pay a 1.068% loan fee. All PLUS Loans pay a 4.272% loan fee. Loan amounts maybe adjusted down based on an individual’s Cost of Attendance (COA) or hour classification subject by program 

Loans made at Weatherford College will not be released for disbursement without completion of all relevant paperwork including a valid Mater Promissory Note and Entrance Counseling. 

Loan amounts can be lowered or cancelled without further notice due to additional aid awards or inadequate enrollment status if deemed appropriate by the Loan Officer. 

If you borrow $10,000 dollars, your monthly repayment could be $125.00 a month for 10 years.

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Basic Eligibility 

  • Be a U.S. citizen or an Eligible Non-citizen. 
  • Have a valid Social Security Number (with the exception of students from the Republic of the Marshall Islands, Federated States of Micronesia, or the Republic of Palau). 
  • Be registered with Selective Service, if you are male. 
  • Be enrolled or accepted for enrollment as a regular student in an eligible degree or certificate program. 
  • Maintain satisfactory academic progress (SAP).
  • Be enrolled at least half-time in eligible classes. 
  • Sign the certification statement on the FAFSA stating that: 
    - You are not in default on a federal student loan and do not owe money on a federal student grant. 
    ​- You will use federal student aid only for educational purposes. 
  • Show you are qualified to obtain a college or career school education by: 
    - Having a high school diploma or a recognized equivalent such as a GED. 
    - Complete a high school education in a homeschool setting approved under state law. 
    - Enrolling in an eligible career pathway program and meet one of the ability-to-benefit alternative

Students or parents in default on a previous student loan or who owe money back on a federal grant are not eligible for financial aid. This includes both Federal direct and Parent PLUS Loans. 

Student loans are for educational expenses only. Authorized expenses include: tuition and fees, room and board, books and supplies, dependent child care, transportation and commuting expenses, and personal and miscellaneous expenses. 

Student Classification 

A student’s classification is determined by the number of hours completed toward the degree or certificate being pursued at the time of initial loan certification. One year certificate programs will always be packaged at a Freshman level. Weatherford College is a two year institution, therefore no student will be eligible to receive a classification greater than Sophomore. 

Attendance Requirement 

Students must be enrolled, at time of disbursement, in six eligible WC credit hours or more to qualify for loans. Flexible entry, late term, or fast track classes can count towards total enrollment for payment purposes, but only after class begins. Failure to enroll in six hours or more will result in remaining loan disbursements being cancelled and returned to the lender (U.S. Department of Education) without further notice. 

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Parent PLUS Loan 

PLUS Loans are federal loans that parents of dependent undergraduate students can use to help pay education expenses. The Department of Education is the lender. The borrower must not have an adverse credit history. The maximum loan amount is the student’s cost of attendance (COA) minus any other financial aid received. 

  • Complete the WC PLUS Application
  • Sign the Parent PLUS Master Promissory Note by using your FSA ID. The MPN must show Weatherford College (WC ID # 003664) as the institution and the correct student information before the PLUS Loan will be awarded. 
  • A parent with multiple dependent students using PLUS Loan funding must have a MPN on file for each student. 
  • Denial must be based solely on the parent denial of credit, and not the parent’s refusal to accept the PLUS loan. 

NOTE: Dependent students whose parent’s credit for the PLUS Loan is declined have the opportunity to request additional Unsubsidized Loans. 

Subsidized Usage Limit Applies (SULA) 

SULA applies to any student who has $0.00 starting loan balance as of July 1, of each year. If you fall into this category, the Department of Education will track you for as long as you are enrolled to make sure you complete your program of study in 150% of the published length of that program. If you do not complete in this timeframe, then you will lose the interest subsidies on your Subsidized Loan and you become liable for interest payments the same as Unsubsidized Loan. 

For your own benefit, you should complete your started program/degree in the 150% timeframe. If you do not finish or enter into another program/degree of equal or lesser length, you lose the interest subsidy for previously awarded Subsidized Loans. Furthermore, you are not eligible for Subsidized Loans for the enrolled program. If you complete your program/degree prior to the 150% limit or before losing interest subsidy, you will never lose interest subsidy for those loans. 

Loan Repayment 

You must begin repayment of Direct Student Loans six months after leaving college or dropping below half-time enrollment in an eligible program and at an eligible institution. However, PLUS Loans enter repayment 60 days after the loan is fully disbursed or 6-months if that option was selected at the time of application. 

You must repay all student loans regardless of financial circumstance. Loans cannot be canceled because you didn’t complete your education or cannot find a job. 

Your loan servicer will provide you with a loan repayment schedule that states when your first payment is due, the number and frequency of payments, and the amount of each payment. To discuss repayment plan options or change your repayment plan, contact your loan servicer. 

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Department of Education Loan Servicers

Servicer Name Contact Number
CornerStone  1-800-663-1662 
ESA / Ed financial  1-855-377-6884 
FedLoan Servicing (PHEAA)  1-800-699-2908 
Granite State - GSMR  1-888-556-0022 
Great Lakes Educational Loan Services  1-800-236-4300
MOHELA  1-888-866-4352 
Navient  1-800-722-1300 
Nelnet  1-888-486-4722 
OSLA Servicing  1-866-264-9762 
VSAC Federal Loans  1-888-932-5626 

Other Loan Programs: 

  • Two-year institutions no longer participate in the Texas B-On-Time Loan Program. 
  • Alternative Loans: Weatherford College does not endorse or promote any outside alternative loan company. However, WC does certify alternative loans if a student or parent decides to borrow from a source other than the federal Direct Loan program.
    The FAFSA must STILL BE COMPLETED before an alternative loan can be certified! 

A WORD OF CAUTION!! Alternative loans do not have to abide by the same rules and laws that govern the Direct Loan programs.

CAREFULLY read the fine print of any alternative loan source that you explore, and watch throughout the process that agreed upon terms remain as agreed. Interest rates are likely not as competitive as the federal programs, and all alternative loans are credit based, so they may require a student to have an endorser to qualify. 

For any question or concern regarding student loans, please contact Terri Thompson at tthompson@wc.edu

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