Student Catalog and Handbook 2019-2020

Federal Stafford Direct Loan Information

Almost all students qualify for loans, no matter how high their family income may be. The U.S. Department of Education provides the lowest interest loans, which are called Federal Direct Loans. Student usually qualify for a loan if enrolled for at least six (6) credit hours in a program that is eligible for federal financial aid and meet WGTC Satisfactory Academic Progress (SAP).

Taking out a loan is a serious commitment. Students must sign a legal contract called the Master Promissory Note (MPN) that gives certain rights and responsibilities. Please view the following William D. Ford Federal Direct Loan Program document: Borrower’s Right and Responsibilities for more information.

Direct Loans are meant to help pay for your education. If you are interested in a student loan you must complete the following:

FAFSA Application
Loan Request Form
Master Promissory Application
Entrance Counseling

What You Can Use the Money For

If you receive a federal loan, you can only use it to pay for educational expenses at WGTC. These include:

Tuition and fees
Books, supplies, and equipment
The rental or purchase of a personal computer
Room and board
Dependent child care expenses
Transportation
Miscellaneous expenses

Track Your Loan

All federal loan information is reported to NSLDS, where students, loan servicers, and other users can access it. Current loans may be tracked at the National Student Loan Data System (NSLDS) at https://www.nslds.ed.gov/nslds_SA/

Exit Counseling
https://studentloans.gov/myDirectLoan/exitCounseling.action?execution=e1s1

Federal Loans vs. Private Loans

Federal loans are a better deal than loans from private lenders. Federal student loans generally have lower interest rates that are fixed, generous repayment plans, no repayment penalties, and no credit checks (except for PLUS Loans).

Private Loan Disclosure

SallieMae https://www.salliemae.com/assets/student-loans/LASD/SOSL-LASD-Degree-Undergrad-SMB.pdf
Wells Fargo https://wfefs.wellsfargo.com/terms/TodaysRates