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118 Killian Annex
1 University Drive
Cullowhee, NC 28723
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Friday 10AM-5PM

 
Loans

You and/or your parents may need to borrow funds to supplement your educational expenses. The following loans are available to WCU students:

Federal Direct Subsidized Loans are loans for students with financial need, as determined by federal regulations. No interest is charged while the student is enrolled at least half-time. Repayment will begin six months after graduation.  Entrance Counseling and a Master Promissory Note must be completed prior to the first loan disbursement. Graduate students are not eligible for subsidized loans.

Federal Direct Unsubsidized Loans are student loans not based on financial need. Interest charges begin at disbursement. Repayment will begin six months after graduation.  Entrance Counseling and a Master Promissory Note must be completed prior to the first loan disbursement.

Federal PLUS Loans are low-interest loans made to qualifying parents of dependent undergraduate students and to graduate students. The maximum amount a parent or graduate student may borrow cannot exceed the student’s cost of attendance budget minus any awarded financial aid. A credit check is required for this type of loan. Repayment can either begin sixty days after the final yearly disbursement or six months after the student graduates. Determine repayment options with your lender. Parents must apply for this loan at studentloans.gov. A separate Master Promissory Note must be completed for Federal PLUS Loans.

Private Alternative Loans are loans for students who have exhausted or do not qualify for federal financial aid. A credit check will be required and terms and rates vary by lender and are based on the creditworthiness of the applicant and co-signer. Loan amounts cannot exceed  cost of attendance.  While we work with any lending institution, a list of lenders may be found here.

Perkins Loans are low-interest loans awarded to students with exceptional financial need. Principal and interest are deferred until nine months after graduation, with a fixed 5% interest rate. Perkins Loans require a specific type of Entrance Counseling and Master Promissory Note.

P.E.O. Educational Loan Funds are loans offered at 2% to women students who graduated from a Haywood or Jackson Co., NC high school and  are within two years of graduating from an accredited school with either an Bachelor’s, Master’s or Doctoral degree. More information on the loan requirements can be found at http://www.peointernational.org/elf-eligibility-requirements or by contacting Marilyn Webb at 828.400.0009 or webbmj@bellsouth.net

Annual Federal Direct student loan limits are based on grade level and dependency status.

Year Hours  Dependent  

 Independent  

Freshman  0-29  $5,500  $9,500
Sophomore  30-59  $6,500  $10,500
Junior  60-89  $7,500  $12,500
Senior  90-119    $7,500  $12,500
5th Year Undergraduate    120+  $7,500  $12,500
Graduate      $20,500
 

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