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:
- A 1.051% 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 letter. You will be eligible for a subsidized loan, an unsubsidized loan, or a combination of both.
Subsidized Loan:
The fixed interest rate for a 2012-2013 subsidized loan is 3.4%. The anticipated fixed interest rate for a 2013-2014 subsized loan is 6.8%. 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:
The fixed interest rate for an unsubsidized loan is 6.8%. 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).
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