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HOW TO APPLY FOR A
FEDERAL STAFFORD
LOAN @ WPCC
After you have exhausted
ALL other resources and you feel like it is absolutely necessary
to take out a student loan, you must follow these steps to
complete the loan application process:
1)
Complete Entrance Loan Counseling Online at
www.mapping-your-future.org or
click on the image below:
-
Select Student Loan Counseling
-
Click on
Stafford
Entrance Counseling
-
Complete the steps to select WPCC
-
Review the content and answer the
questions
-
Print the
confirmation page when finished
Select your lender and complete a
Master Promissory Note (MPN)
.
Click here to view
WPCC’s Recommended
Lenders List or visit
http://www.elmselect.com.
You may complete a
Master Promissory Note online with your lender; or if you
prefer, Paper MPN’s are available in the Financial Aid Office.
(Note:
If you have previously borrowed a loan at WPCC, you do
not have to complete this step every year.)
3) Fill out the
Stafford Loan Request
Form completely.
4) Complete an
in person / telephone counseling session with Teah Nile
(828) 438-6064.
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IMPORTANT POINTS ABOUT STAFFORD LOANS
▪ You must be
enrolled at least 6 credit hours and maintain Satisfactory
Academic Progress (SAP) to
maintain your eligibility for the Federal Stafford Loan.
▪
The
interest rate is fixed at 6.0% for any Stafford Loans originated
after
July 1, 2008.
▪
From your
date of graduation, you have a six month grace period before you
are required to start making payments on your loan.
However, you have the right to prepay all or part of your
loan at anytime without penalty.
Prepayment will substantially decrease your total
interest costs.
▪
Because the
Stafford Loan is federally guaranteed, the federal government
can enforce strict penalties if you default on your loan.
Penalties include:
- Garnishment of
wages
- Suspension /
revocation of your professional license
- Seized federal and
state income tax refunds
- Collection agency
referral (ie. lawsuit)
- Assessment of
additional fees (UP TO 24%)
- Loss of
eligibility for further financial aid
▪
Be sure to
contact your lender if you have circumstances that affect your
ability to repay your loans (IE. unemployment, economic
hardship, military / public service duty, temporarily / totally
disabled), Lenders are willing to help by offering :
deferments, forbearances,
different repayment schedules, or loan consolidation.
▪
Stay in
contact with your lender and notify them if your name, address,
or telephone number changes.. OR..
you withdraw from college, drop below half-time status (6
credit hours), transfer to another college, or change your
graduation date.
▪ You are
required to complete an exit Loan Counseling before leaving WPCC
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