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Federal Stafford Student Loans

 

Remember, ALL student loans MUST be repaid!

There are two types of Federal Stafford Student Loans:

Subsidized (need-based)

  • Eligibility is determined from Free Application for Federal Student Aid (FAFSA)
  • The federal government pays interest on the loan while the student is enrolled at least half time (six credits) and pays interest during the grace period for loans in which the first disbursement is made on or before June 30, 2011
  • Repayment begins six months after the student ceases to maintain at least half-time enrollment

Unsubsidized (non-need-based)

  • The student is responsible for all interest on the loan (which begins accumulating immediately)
  • The student may pay the interest while in school or defer it until repayment, at which time it is capitalized and added to the loan balance
  • Repayment begins six months after the student ceases to maintain at least half-time enrollment

Stafford Loan Eligibility and Interest

The student must complete the FAFSA annually to determine eligibility for Stafford loans.

The interest rate on unsubsidized loans is fixed at 6.8%. Subsidized loan interest rates are 3.4% for loans disbursed after July 1, 2012. Repayment begins six months after the student ceases to maintain at least half-time enrollment.

The student must also complete a loan application and Master Promissory Note to receive loans at WNCC.

Annual Loan Limits

  • Freshman = $3,500
  • Sophomore (completed 30+ credits) = $4,500
  • Independent students may apply for additional unsubsidized loan amounts, but MUST submit a written request to the Financial Aid Office explaining the need for the loan.

Stafford Loan Application

To apply for a Stafford loan:

Or request a paper application and MPN from the Financial Aid Office.

Student Loan Counseling

NOTE: First-time borrowers MUST complete Stafford Loan Entrance Counseling online. This session only takes approximately 30 minutes and must be completed before the student's loan(s) will be certified. The counseling details your loan rights, responsibilities and repayment.

Students who have received Stafford student loans while attending Western Nebraska Community College MUST complete Stafford Loan ExitCounseling online before graduating or ceasing at least half-time enrollment.

To complete either Stafford loan entrance counseling or exit counseling:

Code of Conduct