Federal Direct Loans
Direct Loan Program (Subsidized and Unsubsidized)
Direct loans are available to students enrolled in a minimum of six credit hours. This is a long-term, low- interest loan. The fixed interest rate for loans disbursed after July 1, 2018 (but before July 1, 2019) is 5.05%. Students must first complete the FAFSA to determine eligibility. All students must also complete EWC’s Direct Loan Request Form. First-time borrowers must also complete Loan Entrance Counseling and a Master Promissory Note.
View more information on student loans and the application process.
Direct Parent Loan for Undergraduate Students (PLUS)
This low-interest loan program is available to parents of dependent students who may need to borrow for educational expenses that the student’s aid won’t cover. The Direct Parent Loan may not exceed the student’s cost of education minus other financial aid awards. The fixed interest rate for loans disbursed after July 1, 2018 (but before July 1, 2019) is 7.60%.
View more information on Direct Parent Loans.
Private Student Loans
In accordance with 34 CFR 668.14(b)(29)(ii), an institution must discuss the availability of Federal, State, and institutional financial aid to a student applying for alternative educational loans. EWC’s Financial Aid Office is happy to 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.
Federal Direct Loans vs. Private Student Loans at EWC
Compare some available alternative loan lenders via ElmSelect.
Also check out the Bank of North Dakota for private educational loans.