Financial Aid - Loans
Wenatchee Valley College participates in the William D. Ford Direct Student Loan Program. All Federal Direct Loans require that the FAFSA be completed.
Click on the buttons below for information on student and parent loans. Additional information on Federal Direct Loans can be found at https://studentaid.ed.gov/sa/ and http://www.studentloans.gov/
Wenatchee Valley College contracts with Student Connections for loan default assistance.
You can contact Student Connections, or your loan servicer, for information on how
COVID-19 and the CARES Act impacts your student loans.
The Direct Loan program offers long-term loans, which will allow students to postpone paying for a portion of their school expenses until after they graduate or leave school. Repayment begins six months after completion or withdrawal from the program. Wenatchee Valley College participates in the William D. Ford Direct Loan Program (subsidized and unsubsidized).
- Direct Subsidized Loans are need-based. A student's eligibility to borrow is based on financial need as determined
by the federal government who pays interest on the loan while the student is in school.
- Direct Unsubsidized Loans do not require a student to show financial need; however, the cost of the student's
education must exceed any other financial aid offered. The student, not the federal
government, is responsible to pay all interest that accrues on this loan.
- Direct Parent Loan program-(PLUS) PLUS Loans are for parents borrowing on behalf of a dependent child. Interest rates
are variable with a cap of 8.5%. Borrowers pay up to 1% in loan guarantee fees and
3% in loan origination fees. A parent may only borrow up to the cost of their student's
education, as determined by the college, less any financial aid or other assistance
the student may receive. The borrower has the option of beginning repayment on the
PLUS loan either 60 days after the loan is fully disbursed or waiting until six months
after the dependent student on whose behalf the parent borrowed ceases to be enrolled
on at least a half-time basis.
- Parent borrowers must:
- Be borrowing on behalf of a dependent undergraduate student
- Be either a U.S. Citizen, U.S. National or eligible non-citizen
- Not be in default on any education loan or owe a refund on any education grant
- Not have an adverse credit history as defined by the U.S. Department of Education
- Dependent students must:
- Be either a U.S. Citizen, U.S. National or eligible non-citizen
- Be enrolled or accepted for enrollment at least half-time in a degree or certificate program at an eligible school
- Not be in default on any student loan or owe a refund on any education grant
- Parent borrowers must:
Loan recipients must maintain 6 or more credits to maintain eligibility for the Direct Loan. If a student's enrollment drops below six credits during a quarter, the college is required by the U.S. Department of Education to cancel the student's loan. The student is no longer eligible to receive any further funds from the original loan application. The student must be re-approved for the receipt of further loan aid.
First-time student loan borrowers will experience a 30 day delay in the release of their student loan check. The college is required to hold loan checks 30 days into the quarter to ensure the student is making satisfactory academic progress. First-time borrowers are required to go through loan entrance counseling when applying for the Federal Direct Loan and loan exit counseling upon leaving Wenatchee Valley College or graduating. Students must complete and submit to the financial aid office a student loan application in order to apply for a student loan
You can determine your approximate monthly repayment by using the loan calculator at https://www.mappingyourfuture.org/paying/standardcalculator.cfm. Borrow carefully and don’t borrow more than what you can repay. Remember your loan repayment will be an additional monthly bill you will have to pay when you graduate. Other useful calculators for calculating your budget, school affordability, loan repayments and loan consolidation are available at: https://studentaid.ed.gov/sa/
New Online Debt Management Tool for Students
The U.S. Department of Education (ED) just released a new online interactive loan counseling tool to help students manage their loan debt.
The Financial Awareness Counseling Tool aims to provide students with basic financial management information, such as their current loan debt and estimates of debt levels when interest accrues after graduation.
The tool provides students with five interactive tutorials on topics including managing a budget and avoiding default. Students can also access their individual loan history and receive personalized feedback.
Check this site out for information to help you understand your financial aid and assist you in managing your finances.
https://www.studentloans.gov/myDirectLoan/index.action/
Direct loan funds will not be disbursed to first-time WVC borrowers until the required entrance counseling has been completed. You will go to the entrance counseling Web site, review your rights and responsibilities as a borrower and complete a short quiz. Once you complete the quiz correctly, the results will be forwarded to the financial aid office. We cannot process your request for a student loan unless you have submitted a FAFSA to our office for the appropriate academic year and have submitted a loan application worksheet, which is available in our office.
https://www.studentloans.gov/myDirectLoan/index.action
Loan exit counseling is required for loan recipients who cease enrollment at Wenatchee Valley College. You will go to the exit counseling Web site, review your rights and responsibilities as a borrower and complete a short quiz. The results will be forwarded electronically to the financial aid office.
150% Subsidized Loan Rule Info SheetOn July 6, 2013, a new provision was added to the Direct Loan statutory requirements
that limits a new borrower's eligibility for Direct Subsidized Loans to a period not
to exceed 150 percent of the length of the borrower's educational program. Under certain
conditions, the provision also causes new borrowers who have exceeded the 150 percent
limit to lose the interest subsidy on their Direct Subsidized loans. |
Washington State Student Loan EducationThe Washington State Student Achievement Council (WSAC) has launched a new loan information and resource website to help students and families navigate the often complicated world of student loans and repayment. The new Washington State Student Loan Education site provides multiple learning modules to help education consumers better understand higher education costs and considerations. |