Student & Parent Loans

It may be necessary to borrow money in order to attend Western Technical College.  Federal loans are available to both students and some parents of dependent students. Loans must be paid back with interest. Interest rates will vary depending upon the type of federal loan. Western Technical College participates in the following federal loan programs.

Federal Direct Stafford Loans

A student attending at least half-time may apply for a Federal Direct Stafford Loan.  There are two types of programs; the first is the Direct Subsidized Stafford Loan.  You must show financial need for this loan.  The financial aid office will determine your eligibility.  You are not charged Interest on this type of loan while you are enrolled in college at least half-time.

The second type is the Direct Unsubsidized Stafford Loan.  You do not have to show financial need for this loan.  Like the Subsidized Loan, the financial aid office will determine your eligibility.  Interest will accrue while you are in school.

All Federal Stafford Loan funds are electronically sent via EFT (electronic funds transfer) directly to your student account.

Requirements (for a first-time borrower):

  • You must sign a Master Promissory Note (MPN) at http://www.studentloans.gov/.
  • You must complete on-line entrance counseling at http://www.studentloans.gov/. This interactive on-line process is designed to educate the student about Stafford loans and his/her rights and responsibilities under the loan program.

Repayment

  • Interest will begin to accrue after the first disbursement for an Unsubsidized Stafford Loan, and after leaving school for a Subsidized Stafford Loan.
  • Upon leaving school, a student is required to complete exit counseling at http://www.studentloans.gov/.  This interactive on-line process is designed to remind the student of his/her repayment options and responsibilities.
  • All details regarding repayment if the Federal Stafford Loans can be found at: http://studentaid.ed.gov/PORTALSWebApp/students/english/repaying.jsp

Federal Direct Parent PLUS Loans

A parent of a dependent student may apply for a Federal Parent Loan.  A credit check is required and your parent may borrow up to the Cost of Attendance less other financial aid.

Federal PLUS Loan funds are electronically sent via EFT (electronic funds transfer) directly to the student’s account at the school.

Requirements:

Repayment

Related Links:

Direct Stafford Loans

Direct Parent PLUS Loans

Repayment

Financial Aid Glossary

http://www.studentloans.gov/

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