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Weatherford College participates in the William D. Ford Direct Loan program for Undergraduates and their Parents. The Direct Loan program offers relatively low interest loans to assist in the student’s cost of attending college. The interest rates on these government guaranteed loans for new loans made on or after July 1, 2014 is 4.66% for both Subsidized and Unsubsidized undergraduate loans, and 7.21% for Direct Parent PLUS loans. Interest rates are subject to change every July 1.

All federal loan programs require the completion of the current year FAFSA. The link to completing this process is found at All FAFSA’s are based on the previous year’s income tax information. For example, for 2014-15 FAFSA use 2013 income tax information.

If you have NEVER had a loan AT WC, go to our NEW LOAN page. All students who have never had a loan AT WEATHERFORD COLLEGE must complete all steps at this site, even if you had loans at other institutions.

If you received student loans at WC in the immediate past academic year go to the RENEWAL LOAN page. All steps must be completed before loan eligibility is assessed.

LOANS are a source of financial aid that MUST BE REPAID, including accrued interest. If you have prior loans that are in repayment, you cannot obtain new loans if you are in DEFAULT of those required payments. Repayment of these loans begin 6 months following the time when the student is no longer enrolled at least half-time in an eligible program and eligible institution. This time begins if a student GRADUATES, DROPS OUT, or is REMOVED from the school, as well as if the student drops BELOW half-time enrollment.

With some loan types, called SUBSIDIZED loans, the government pays the accruing interest while the student is in school for at least 6 hours, and in some instances, during other periods of deferment or grace. A student must be eligible for the SUBSIDIZED loan, according to the FAFSA information. If a student wishes only to have Subsidized loan money and is not eligible according to the FAFSA no loan can be awarded.

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Eligibility for Subsidized loans:

  • Must have unmet need as determined by the FAFSA.
  • Must be enrolled in an approved program of study at least half-time (at WC that is 6 hours, regardless of the term-even in summer).
  • Maintain Satisfactory Academic Progress
  • Not exceed either annual or aggregate lifetime loan limits

Beginning with the 2013-14 academic year, the federal government is limiting Subsidized loan eligibility for new borrowers to 150% of their program length. After that limit is met, the student will only get Unsubsidized loan money regardless of Subsidy eligibility. For more information regarding this topic, go to:

For more information regarding the 150% subsidized loans, select the following link:

The second type of student loan is UNSUBSIDIZED. With an Unsubsidized loan the student or parent may choose to pay the accruing interest while the student is in school, other periods of deferment and grace; OR they may choose to allow the interest to simply accrue. However, accruing interest can add up quickly, and will ultimately create a potentially large amount rolled into the student’s loan before the payment structure has been set. This can mean a much higher payment for the student in the long run. Unlike Subsidized loans, the UNSUBSIDIZED loan does NOT need to have an unmet need component determined by the FAFSA. This type of loan is called a non-need based loan.

Eligibility for Unsubsidized loans:

  • Must complete the FAFSA
  • Must be enrolled in an approved program of study at least half-time (at WC that is 6 hours, regardless of the term-even in summer).
  • Maintain Satisfactory Academic Progress
  • Not exceed either annual or aggregate lifetime loan limits
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The amount of loans that an Undergraduate student may take out is limited both annually and aggregately, or over the educational lifetime. You will learn more about limits on loans in the mandatory entrance counseling session that must be completed prior to getting a loan at WC. Click here for more information on loan limits on the WC website. The individual maximum loan amount at WC is determined by a student’s dependency status, cost of attendance and the classification in the program for which they are pursuing. WC is a TWO YEAR INSTITUTION and as such, NO LOAN will be made for higher than a SOPHOMORE level student. Also, if a student has already borrowed close to their LIFETIME LIMIT it is very likely that they will get NO LOAN at WC. For more information regarding all federal student loan programs, visit

The FEDERAL DIRECT PARENT PLUS loan is a loan that is designed to assist parents of dependent students whose ability to borrow is limited by the federal government. These loans are CREDIT BASED, so a PARENT whose information was used on the FAFSA application must have creditworthiness, as well as not be in default of a student loan. The parent may borrow up to the student cost of attendance less all other types of financial aid, and repayment for these loans is the responsibility of the parent, and not the student. Repayment ordinarily begins 60 days after the loan is fully disbursed. However, new regulations allow parents to defer payment until 6-months after their student is no longer enrolled in half-time at an eligible institution. All PLUS loans are the same interest accrual as other student loans, and like Unsubsidized loans, the parent may choose to pay interest while the student is enrolled, deferred or in grace to alleviate extra interest being added to the loan prior to repayment. The completion of a FAFSA is required before a Parent loan can be determined. 

Parents can contact the Student Loan officer (Terri Thompson) at to request the credit authorization/Parent PLUS application form for WC. Parent’s may also apply online at for Parent loan consideration; however, the student or parent should email Mrs. Thompson if that is the case, as applying on this site does not automatically send notification to the loan office. Parent will be required to complete the Master Promissory Note for Parent PLUS loans, found at If a parent is approved for the Parent PLUS loan they are not obligated to take out the loan, but if they choose not to participate the student cannot receive additional loan funding.  Students whose parent does not have creditworthiness for the Parent PLUS loan may inquire in the student loan office for information on obtaining additional unsubsidized loans.



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 at

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