Office of Financial Aid
The Federal Direct Loan program provides students with low-interest loans that are funded by the U.S. Department of Education. Students must be enrolled at least half-time (six credits) each semester to receive loan funding. Direct Subsidized and Unsubsidized loans are made in the student’s name and are transmitted to the school on behalf of the student.
Federal PLUS loans are available to parents of dependent students who qualify.
To receive a Federal Direct Loan, a student must have completed a current Free Application for Federal Student Aid (FAFSA) and have accepted their loans through their MyEWC Self-Service. Please read EWC’s Loan Code of Conduct and Borrower’s Rights and Responsibilities page.
Remember: funds borrowed through the student or parent loan programs MUST be repaid; students should apply for all grant and scholarship aid possible first to avoid accruing unmanageable loan debt!
First-Time EWC Borrowers
Students new to EWC or borrowing student loans for the first time must complete Entrance Loan Counseling, a Master Promissory Note with the U.S. Department of Education, as well as the Annual Student Loan Acknowledgement (ASLA) via StudentAid.gov. First-time borrowers cannot receive the first loan disbursement until 30 days after the start of their first semester.
Second-Year EWC Borrowers
Students who have had student loans with EWC -previously, can review their loan balance and complete the Annual Student Loan Acknowledgment (ASLA). Student and parent loan information is submitted to NSLDS and is accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system. Students should log on to StudentAid.gov at least once each semester to keep track of loan status and outstanding balances through the Financial Aid Review section.
PLEASE NOTE: Base amount may be subsidized or unsubsidized or a combination of both depending on eligibility. Subsidized loan eligibility is also limited to 150% of the published length of your degree program. Additional amounts are always unsubsidized.
Dependent Student (included parental information on FAFSA)
*Dependent students whose parents were denied a PLUS loan should
refer to the Independent Student chart.
(and dependent students whose parents are denied a PLUS Loan)
Aggregate Loan Limits
|Dependent Student||$31,000 (maximum $23,000 in subsidized)|
|Independent Student||$57,000 (maximum $23,000 in subsidized)|
Parent Loan for Undergraduate Students (PLUS)
This is a loan fund available to parents of dependent students who are enrolled for six or more credits per semester. In this program, the parent is the borrower, a credit check is performed on the applicant, and repayment of interest and principal must begin 60 days after full disbursement of the loan.
All loans must be disbursed in two equal payments, usually one during the fall semester of an academic year and one during the spring semester. If you choose a one-semester loan, however, you will receive two disbursements during that semester; one at the beginning of the semester and one mid-way through. Please note that you cannot receive the full academic year loan limit in one semester by choosing a fall-only loan. Students who plan to graduate in December may be subject to having their loan prorated based on the number of credits they are enrolled in during the fall semester.
Keep in mind that loans are federal aid and are subject to Satisfactory Academic Progress requirements. Receipt of funds is contingent upon maintaining all eligibility requirements; eligibility for each program will be reconfirmed at the time of disbursement. Students must also be attending at least six credits to receive loan funds. Even if the Financial Aid Office is not notified until the end of a semester that a student was not attending classes at the time the loan was disbursed, the student is not eligible to receive the loan funds and the disbursement will be reversed, causing a charge to the student’s account.
Loan cancellation and/or adjustment
Students have the right to cancel all or a portion of their loan within 14 days of disbursement of the loan proceeds. Contact the Financial Aid Office if you wish to decline or change the amount of your loans.
If a student receives additional awards that result in exceeding his/her estimated Cost of Attendance, loan amounts may be adjusted. Students will receive a revised award letter when any changes to aid are necessary.
Entrance and Exit Counseling
Entrance counseling is required of all first-time borrowers at EWC. This is a federal requirement to help you understand your rights and responsibilities as a borrower. You will learn what a Direct Loan is and how the loan process works, how to manage your education expenses and about other financial resources to consider to help pay for your education while reducing your debt. You will get information on loan terminology, interest rates and average student indebtedness.
Exit counseling is required of students who borrowed loans who are nearing graduation, have left school or otherwise dropped below half-time enrollment (six credits). This is also a federal requirement to emphasize your rights and responsibilities as a borrower, plus it provides information on your grace period before repayment begins, loan repayment, payment plans available, and collects updated borrower information. You will also receive information on loan consolidation, consequences of defaulting on a loan and deferment and forbearance options available to you.
To complete counseling, you will need the following information:
- FSA ID
- Social Security Number
- Date of birth
- Driver’s license number
- Permanent e-mail address
- Names, addresses, telephone numbers of two references from different U.S. addresses
Both entrance and exit counseling are completed at StudentAid.gov.
For more information on student loans, see:
Understanding Student Loans
Managing Student Loans
Private Student Loans
Private loans are non-federal educational loans. These loans are typically offered by private lenders (educational financing institutions, guarantee agencies, banks) to assist with educational and living expenses not covered by other financial aid. In general, you may borrow up to the cost of education minus all other financial aid you receive.
EWC’s Financial Aid Office is happy discuss with students and prospective students, and their parents, the financial aid options available under Title IV of the Higher Education Act programs, which offer better options and more benefits than private loans. The terms and conditions of Title IV HEA program loans are often more favorable than the provisions of private educational loans.
There are many private loan options and lenders available to students. Selection of a private lender is an important decision, and you should carefully research your lender, and read all the information provided to assist you in evaluating and selecting a lender.
Federal Direct Loans vs. Private Student Loans at EWC
Pursuant to Section 155 of the Higher Education Act of 1965, as amended, (HEA) and to satisfy the requirements of Section 128(e)(3) of the Truth in Lending Act, a lender must obtain a self-certification signed by the applicant before disbursing a private education loan. Private Student Loan Self-Certification Form