PLUS Loan Applications for 2024-2025 will be open to apply after May 1st, 2024.

Federal Direct Parent PLUS Loans are available to parents (biological or adoptive) of dependent students. Federal Direct Parent PLUS Loans can be used to help cover the remaining balance on the student's account. PLUS Loan borrowers are subject to a credit check process on www.studentaid.gov to determine eligibility. The parent who wishes to apply for the PLUS Loan must have an FSA ID to begin the application process. Federal Direct Parent PLUS Loans are subject to an origination fee which is deducted from the loan amount therefore, you may wish to increase the amount requested to accommodate this fee. Students must complete a FAFSA to be eligible for the parent to apply for a Federal Direct PLUS Loan. For more information regarding the Federal Direct Parent PLUS Loan, CLICK HERE. For Direct PLUS Loans first disbursed on or after July 1, 2023 and before July 1, 2024, the fixed interest rate is 8.05%.

STEPS TO APPLY:  

1.  Complete the Federal Direct Parent PLUS Loan application.
2.  Complete the Master Promissory Note or MPN.
3.  The WWC Financial Aid Office will contact you once we have received and processed the application.  
4.  Federal Direct Parent Plus Loans are accepted on behalf of the parent and student once the application and Master Promissory Note are completed. 

Determining your PLUS Loan Amount:

Parents have two options when completing the application. Parents can select to have the maximum amount awarded up to the student's cost of attendance or you can select the amount you wish to have processed to the student's aid offer.  

1. Determine which option you wish to utilize in the online application. 
2. Communicate with your student to view billing information online after June 1st.  
3. Complete the application with the amount you wish to borrow.

If you need to change the amount you wish to borrow after your application has been submitted you will need to contact the WWC Financial Aid Office. 

• Borrowing limits: Parents are only eligible to borrow up the cost of attendance. However, the parent may decline this loan or reduce the amount by contacting the WWC Financial Aid Office. Parent PLUS Loan funds can be used for educational expenses, so borrow only what is needed. 
• The maximum eligibility amount per academic year is the school’s estimated cost of attendance minus the combined total of all other financial aid.

• Disbursement: PLUS loan proceeds are sent directly to the college in two disbursements of fall and spring. The funds are sent by electronic funds transfer (EFT). The WWC Student Accounts Office will credit loan funds to the student’s account and any excess will be refunded to the parent or the student, whoever is designated on the PLUS Application completed online.

• Repayment: Repayment of this loan begins after full disbursement. The parent borrower may be eligible for deferment options which they may discuss with the servicer.   

Private student loans are consumer loans that are designed to supplement financial aid and cannot, when combined with other aid, exceed the cost of attendance established by the college. A student must apply with a bank or lending entity of their choice and have their application credit-approved before they are eligible to borrow this type of loan. In most cases, a student will be awarded a better interest rate if they have a co-signer for their loan. These loans are NOT backed by the Federal Government and should only be utilized as a last resource to fund your education.

The Federal Direct Grad PLUS Loan is available to Graduate students who complete the FAFSA.  Grad PLUS borrowers are subject to a credit check process to determine eligibility.  An origination fee is deducted from the loan amount therefore, you may wish to increase your total loan amount to cover this fee.

For more information on Grad PLUS Loans CLICK HERE. For Direct PLUS Loans first disbursed on or after July 1, 2023 and before July 1, 2024, the fixed interest rate is 8.05%.

STEPS TO APPLYING:  

1.  Complete the Federal Direct Grad PLUS Loan application
2.  Complete the Master Promissory Note or MPN.
3.  The WWC Financial Aid Office will contact you once we have received and processed the application.  
4.  PLUS Loan funds are accepted on behalf of the student once the application and master promissory note is completed.  

Determining your PLUS Loan Amount:

Grad borrowers have two options when completing the application.  Students can select to have the maximum amount awarded up to the cost of attendance for the program or you can select the amount you wish to have processed. 

1. Determine which option you wish to utilize in the online application. 
2. Complete the Master Promissory Note (MPN)  
3. You may contact the Financial Aid Office or Student Accounts office to help determine the amount.  

If you need to change the amount you wish to borrow after your application has been submitted you will need to contact the WWC Financial Aid Office. 

• Borrowing limits: Students are only eligible to borrow up the cost of attendance. However, the parent may decline this loan or reduce the amount by contacting the WWC Financial Aid Office. Grad PLUS Loan funds can be used for educational expenses, so borrow only what is needed. 
• The maximum eligibility amount per academic year is the school’s estimated cost of attendance minus the combined total of all other financial aid.

• Disbursement: Grad PLUS loan proceeds are sent directly to the college in two disbursements of fall and spring. The funds are sent by electronic funds transfer (EFT). The WWC Student Accounts Office will credit loan funds to the student’s account and any excess will be refunded to the student. 

• Repayment: Repayment of this loan begins after full disbursement. The parent borrower may be eligible for deferment options which they may discuss with the servicer.   

Graduate students must complete a FAFSA to be eligible for a Federal Direct Unsubsidized Loan. 

The Graduate Unsubzided yearly limit is $20,500 per academic year. 

For Questions about Federal Direct Student Loans please CLICK HERE. 

If you borrowed Federal Subsidized and/or Unsubsidized loans while at Warren Wilson College and have recently graduated or are not enrolled at least half-time at WWC, you will receive an Exit Package from the Financial Aid Office with the details of your loans.

You can visit www.studentaid.gov to complete Exit Counseling. You can view your loan history at www.studentaid.gov.

Please note that Subsidized loans disbursed after July 1, 2012 will begin to accrue interest during the six month grace period.

Students should be sure to contact their loan servicer to discuss repayment options after graduation or dropping below at least half-time enrollment.

If you have Federal Direct loans with multiple lenders, you should seriously consider consolidation of your student loans.  Loan consolidation is provided by the U.S. Department of Education to help make payments more manageable by combining all of your Federal Direct student loans into one monthly payment with one lender. For more information on loan consolidation click here.