Federal Direct Loans
Federal Direct Loans are available tp students and parents of dependent students. Students must be enrolled at least half-time, 6 credits per semester, to qualify. these fixed interest-rate loans are guaranteed by the Federal government and have generous forgiveness, deferment and forbearance provisions as well as flexible repayment options. The Free Application for Federal Student Aid (FAFSA) is the application for Federal Direct Loans. Loans are received at the beginning of each semester after the drop/add period.
Parents interested in Parent Direct PLUS Loans may apply for the loan online. Parent loans are subject to a credit decision.
Learn more about Federal Direct Loans such as the difference between subsidized and unsubsidized loans, annual and aggregate loan limits, current interest rates and fees, and repayment information.
REMEMBER: funds borrowed through the student and parent loan programs must be prepaid. We highly recommend that you borrow only what you need to meet your educational expenses. We also encourage students to long on to StudentAid at least once each semester to keep track of their loan status and outstanding balances through the Financial Aid Review section.
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. 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.
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.
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 non-federal private or 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. Non-federal loans also entail a credit check and often require a co-signer.
Here are some points to consider as you are researching private/alternative loans:
- What are the eligibility requirements (enrolled half-time or more; meeting Satisfactory Academic Progress standards; degree- or certificate-seeking)?
- What is the interest rate; is it fixed or variable; is the rate capped?
- What fees must be paid for this loan and when does repayment start?
- Is there a grace period? Deferment or forbearance options?
- What will my monthly payment be?
- What will be the total cost if I use the full repayment period (how much total interest will I pay)?
- Are there penalties for early repayment?
- Is this a well-established and reputable loan program?
Regardless of which private loan program you choose, you will need to complete a self-certification form before receiving your first disbursement of funds. Your lender will provide that to you or you can download the form here: Private Education Loan Applicant Self-Certification Form