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Get Help Paying for Your Education

If grants, scholarships and personal savings aren’t enough to help you cover tuition, loans can help you make up the difference. Loans must be paid back with interest. Explore several of the federal and state loans that are available to students.

More to Explore:

Grants   Scholarships   Work Study   

WCTC Financial Aid Office

 

The Federal Direct Loan Program

These loans by the U.S. Department of Education must be repaid when you drop below half-time enrollment or graduate. Depending upon your income, the loan may be Subsidized (need-based, and interest is not charged while you are in school) or Unsubsidized (not need-based, and interest is charged while you are in school). The loan has a 10-year standard repayment period, and there is no pre-payment penalty. The interest rate is fixed and is determined by the date the loan is disbursed. An origination fee results in a net fee incurred when the loan disburses. Learn more about the Direct Loan Program.

Complete the FAFSA.

Complete the FAFSA online. You must be admitted and enrolled at least half-time (six credits) per semester in an eligible program.

Complete Loan Entrance Counseling.

All first-time loan recipients are required to complete Loan Entrance Counseling, which will describe the loan's terms.

Complete the Master Promissory Note (MPN).

This is the legally binding document you sign agreeing to repay the Direct Loan(s). You may sign the MPN electronically with your FSA ID, or you can print and mail it.

Private Student Loans

These are student loans offered by lenders other than the U.S. Department of Education. These student loans will have different eligibility requirements, qualification terms, interest rates and repayment terms than the loans made under the Federal Direct Loan Program. The WCTC Financial Aid Office strongly recommends students who are eligible for the Federal Direct Loan Program to borrow the federal loans before relying on private student loans.

There are several instances when a student may find a private loan to be necessary:

  • They are pursuing a short-term certificate or other program that does not qualify for federal financial aid.
  • They are pursuing a high-cost program for which the federal loan program does not cover all of their costs.

There are numerous financial institutions that offer private student loans. Make sure that you research the loan product and apply with a reputable institution. Searching the lender’s website will give you further information about their specific private loan programs. The WCTC Financial Aid Office also maintains a historical list of lenders to WCTC Students to help you begin your research.