Wilson Community College offers federal student loans as part of a student’s financial aid package and participates in the William D Ford Direct Loan Program. This program will provide subsidized and/or unsubsidized loans to students to be used for authorized educational expenses while enrolled at Wilson Community College. Grant eligibility must be determined first by completing a FAFSA on www.FAFSA.gov and all follow-up paperwork with the Financial Aid office.
Subsidized loans are based on need and repayment will begin 6 months after graduation or when the student is no longer enrolled a minimum of half time. The interest is subsidized by the government as long as the student is enrolled a minimum of half time.
Unsubsidized loans are not based on need. Interest starts to accrue and payments start immediately. Payments can be deferred with half time enrollment.
Interest rates on both loans are determined by the Department of education each year. An origination fee is charged on both types of loans and is also determined by the Department of Education each year.
Students must be enrolled at least one-half time (excluding the maximum of remedial classes), in an acceptable degree/diploma program, not be on any type of Financial Aid Suspension, or deemed ineligible due to the 150% maximum timeframe. Funds cannot be used to buy a vehicle, pay legal fees or consumer debts.
The College has established an enhanced Entrance Counseling process which includes the following steps:
Each loan is reviewed on a case by case basis and discussed with the student via email. The student is responsible for checking the school email account on a regular basis.
Note: Students should start the process early and complete in a timely manner for funds to be available to be applied to the student’s account by registration deadlines. Due to the processing time restrains, the Financial Aid Office may not be able to award Direct Loans during the week(s) of early or regular registration.
Wilson Community College also participates in the Parent Plus Loan provided by the William D Ford Direct Loan Program. This loan provides funds borrowed by the parent on behalf of the dependent student (as defined by the Department of Education) for authorized educational expenses while attending Wilson Community College. This loan is based on credit worthiness, is to be repaid by the parent at a rate determined by the Department of Education, whom will also charge an origination fee. Repayment will begin within 60 days of disbursement.
The dependent child (student) must be enrolled at least one-half time (excluding the maximum of remedial classes), in an acceptable degree/diploma program, not be on any type of financial aid suspension, or deemed ineligible due to the 150% maximum timeframe. Funds cannot be used to buy a vehicle, pay legal fees or consumer debts.
The Parent Plus process is:
Once all of the above items have been received/verified, the Loan Officer will contact the parent via the email or phone number provided on the Direct Plus Form to discuss loan findings and further steps.
Director of Financial Aid & Veterans Affairs