You must be enrolled for at least 6 credits in an eligible degree or certificate program (View a list of ineligible programs).

There are also private loans available from individual lenders and banks. The Student Loan Code of Conduct governs Waubonsee’s administration of these private loans. Private loans are dependent on the credit score of the applicant (and/or co-signer) and have adjustable, market-based interest rates. It is the responsibility of the student borrower to find a lender, complete the lender's application process and complete a Waubonsee Private Loan Student Information Form.

Direct Loans are funded directly by the federal government. There is a 1.5% Origination Fee with Direct Loans. However, this is reduced to .5% due to a 1.0% rebate. To retain the rebate, the borrower must make 12 on-time payments. There is a .25% interest rate reduction for the direct deposit of payments from a designated bank account. Interest rates on Direct Loans beginning July 1, 2009, are 5.6% for subsidized and 6.8% for unsubsidized.

You must be enrolled for at least 6 credit hours in an eligible degree or certificate program. (View a list of ineligible programs.) You must also complete each of the following steps to receive a Stafford Loan:

1. Apply for Financial Aid and indicate that you are interested in being considered for student loans.
2. Receive a notification that you have been awarded. Under Financial Aid Tools on the student tab of mywcc, select "View Awards" then "Award for Aid Year." For 2010-2011, accept the Terms and Conditions and Accept the Award Offer.
3. If you do not already have a Department of Education PIN number, apply for one at www.pin.ed.gov. You will need a PIN number to sign your Promissory Note.
   
   ALLOW THREE BUSINESS DAYS AFTER YOU HAVE ACCEPTED YOUR AWARD OFFER IN MYWCC TO COMPLETE STEPS 4 AND 5. If you try to complete these steps earlier, you will receive an error message.
   
   
4. If you have not previously completed an Entrance Interview (Mapping Your Future) for a student loan at Waubonsee, complete Entrance Counseling at www.dl.ed.gov. This Web site has an abundance of information for borrowers, including repayment information, account summaries, and electronic statements and bill payment.
   
5. Complete the electronic Master Promissory Note at www.studentloans.gov. You will need the names, addresses, and phone numbers of two references, one of whom must reside at an address different than yours. The MPN must be completed if you are a new borrower or have previously borrowed using a private lender like Sallie Mae. If you have previously borrowed from a private lender, information about consolidating your previous loan with a Direct Loan is available at www.loanconsolidation.ed.gov.
6. Register for at least 6 credits in eligible courses (View a list of ineligible courses). A minimum of 6 eligible credits is required for the loan to credit to your student account and then disburse. If you drop below 6 eligible credits prior to the date of loan disbursement, the loan will no longer credit to your account. Your remaining classes could be canceled unless you make a payment or have other financial aid.