Academics

Federal Direct Loan Program

These fixed rate federal loans for students enable you to borrow for college now and repay after college. No income or credit history is required.

Features include:

  • Fixed interest rate for Direct Loans borrowed by undergraduate students in 2013-2014 is 3.86%. (The fixed rate for 2014-2015 will be determined in June 2014.)
  • A 1.072% origination fee (Subject to change by the U.S. Department of Education)
  • Repayment begins 6 months after student drops below half time status or after graduation
  • Standard 10 year repayment plan with other repayment options available
  • A 0.25% interest rate reduction when you pay via auto-debit during repayment

Your FAFSA determines the type of loan you can receive. Your loan eligibility for the year is reflected on your financial aid award. You will be eligible for a subsidized loan, an unsubsidized loan, or a combination of both.

Subsidized Loan:

Federal government pays your interest while you are enrolled at least half time for any loans disbursed on or after July 1, 2012.

Unsubsidized Loan:

Interest accrues and can either be paid periodically while you are in school or capitalized (added to the principal of your loan to repay later).

Interest rate for Graduate/Professional students who borrow Direct Unsubsidized Loans in 2013-2014 is 5.41%. (The fixed rate for 2014-2015 will be determined in June 2014.)

Maximum annual loan eligibility is:

  All Students Dependent Students Independent Students
Subsidized Direct Loan Total Direct Loan Total
Freshman $3,500 $5,500 $9,500
Sophomore $4,500 $6,500 $10,500
Junior and Senior
per year
$5,500 $7,500 $12,500

Maximum loan eligibility as an undergraduate student is:

  Subsidized Direct Loan Total
Dependent $23,000 $31,000
Independent $23,000 $57,500

Questions? Contact the WLC Financial Aid Office
phone: (414) 443-8856
fax: (414) 443-8540
e-mail: financial.aid@wlc.edu