William D. Ford Federal Direct Loan Programs

Direct Loan Program

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:

  1. The student is to determine the needed amount to borrow by completing the Federal Direct Loan Form. Once completed, return to the Financial Aid Office by email to cbrewer@wilsoncc.edu, fax 252-246-1384, US Mail, or hand deliver to F105B.
  2. Complete Entrance Counseling for this school for the current school year on www.studentloans.gov.
  3. Complete the Master Promissory Note for this school for the current school year on www.studentloans.gov.
  4. Complete the financial literacy course: Advanced Money Management for this school for this year on www.CFNC.org. Returning students may reset the course via the Introduction Module of the course. This must be passed with a grade of 100.
  5. Face to face counseling is held with the Loan Officer once the loan amount is determined. The Loan Officer will contact the student to set this appointment.

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.

Parent Plus Loan

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:

  1. The child (student) must complete the FAFSA at www.FAFSA.gov. The parent’s personal information and financial information must be on the FAFSA. Grant eligibility for the child must be determined prior to loan determination.
  2. Complete the Direct Plus Form and return to the Financial Aid office by email to cbrewer@wilsoncc.edu,  fax 252-246-1384, US Mail or hand deliver to F105B. This notifies the Loan Officer that the parent has applied for the Parent Plus loan.
  3. The parent should sign into www.studentloans.gov using the parent’s pin number and complete the PLUS Request Process.  If approved, the parent will then need to complete the PLUS Master Promissory Note online at www.studentloans.gov.  If the parent is deemed by the Department of Education to have adverse credit history, the parent will also have to complete PLUS Loan Counseling on www.studentloans.gov.
  4. The parent must provide proof of US Citizenship or Eligible Non-Citizen documentation to the Financial Aid office.

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.

For more information contact

Candace Brewer
Assistant Director of Financial Aid & Loan Officer
cbrewer@wilsoncc.edu
(252) 246-1417