Academics

Financial Aid: Loans 2010-11

New for 2010-11: All Stafford and PLUS loans will be processed through the Federal Direct Loan program

As required by the Health Care and Education Reconciliation Act (HCERA) signed into law on March 30, 2010, Wisconsin Lutheran College transitioned to the William D. Ford Federal Direct Loan Program for 2010-11.

THIS MEANS THAT ALL STUDENT AND PARENT BORROWERS WILL NEED TO SIGN A NEW MASTER PROMISSORY NOTE THIS YEAR.

Student Borrower | Parent Borrower 

 

Student Borrower: Federal Direct Stafford Loan application process (also referred to as 'Direct Loan')

  1. Determine the amount of Direct Stafford Loan you need to borrow for the entire 2010-11 school year. The amount can be no more than the total loan amount listed on your financial aid award letter. The Direct Loan Program has a 0.5% net fee which will be deducted from the amount borrowed. You have the right to cancel or lower your loan at anytime by contacting our office.
  2. Complete a Master Promissory Note (MPN) online. 'Sign In' with the student borrower's name, social security number, and federal PIN. This will take about 30 minutes. As the MPN doesn't offer a 'save' feature, you will need to start over if you don't finish the MPN in one sitting. At the end of the process, print the MPN in PDF format for your records.
  3. First time Stafford borrowers and all borrowers new to WLC also need to complete Entrance Counseling online. This will take about 30 minutes. As the Entrance Counseling doesn’t offer a 'save' feature, you will need to start over if you don't finish the session in one sitting.

Start Now

You need the student borrower's federal PIN to access the Direct Loan system.

 

Parent Borrower: Federal Direct PLUS Loan application process

  1. Determine the amount of PLUS loan you plan to borrow for the entire 2010-11 school year. The Direct PLUS Loan Program has a 2.5% net fee which will be deducted from the amount borrowed. You have the right to cancel or lower your loan at anytime by contacting our office.
  2. 'Start Now' will take you to the Direct Loan website. 'Sign In' with the parent borrower's name, social security number, and federal PIN. If you do not have a PIN, request one at www.pin.ed.gov.
  3. Then go to 'Start PLUS Application Process.' You will automatically go through a credit check and sign a PLUS Master Promissory Note (MPN). This will take about 30 minutes. As the PLUS MPN doesn’t offer a 'save' feature, you will need to start over if you don't finish the PLUS MPN in one sitting. At the end of the process, print the MPN in PDF format for your records.

Start Now

You need the parent borrower's federal PIN to access the Direct Loan system.

 

Questions? Contact the WLC Financial Aid Office at (414) 443-8856 or e-mail financial.aid@wlc.edu.