Student loans are an integral part of financing an education. Students and parents may use the William D. Ford Federal Direct Lending program for all student and parent loans. For more information, see the links below:
William D. Ford Federal Direct Lending Program
Eligibility for a Federal Direct Loan is determined by the Office of Student Financial Planning at Wingate University. Direct Loans are made available through the Federal Government and require the completion of a Master Promissory Note.
You may qualify for a Federal Direct Loan based on the results of your Free Application for Federal Student Aid (FAFSA). If you receive a need-based "Subsidized Federal Direct Loan," the interest will be paid by the Federal Government while you are in school at least half-time. If you do not qualify for the interest-subsidized Direct Loan (or you qualify for only a part of the amount of your eligibility as subsidized) you may receive the non-need-based "Unsubsidized Federal Direct Loan." If your loan eligibility is from the Unsubsidized Direct Loan, you are personally responsible for the interest throughout your enrollment and "grace" periods, as well as during the repayment period. All Direct loans have an origination fee of 1.0%.
2012-2013 Interest Rates:
Subsidized/Unsubsidized: 6.8% Fixed
Academic Year (12 months) Loan Limits:
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First-year undergraduates
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$5,500
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Second-year undergraduates
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$6,500
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Third-year undergraduates
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$7,500
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Fourth-year undergraduates
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$7,500
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Graduate
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$8,500
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Note: These amounts include the additional $2,000 unsubsidized loan available for students.
To Obtain a Direct Loan:
- Sign and return one copy of your award letter indicating the amount of the loan you are requesting.
- Go to www.studentloans.gov to complete Undergraduate, or Graduate/Professional, Student Loan Entrance Counseling and sign a Subsidized/Unsubsidized Master Promissory Note (MPN).
- Both the Entrance Counseling and the MPN must be completed before your loan can be finalized. Once all steps are complete, Wingate University will certify your loan for disbursement.
Additional Unsubsidized Federal Direct Loan
If you are an independent undergraduate (as defined by federal regulations) or a dependent student whose parents are unable to secure a PLUS loan, you may borrow additional unsubsidized Direct Loan funds. If you are a graduate student you may also qualify for additional unsubsidized Direct Loan funds.
Academic Year (12 months) Loan Limits:
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First-year undergraduates
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$4,000
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Second-year undergraduates
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$4,000
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Third-year undergraduates
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$5,000
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Fourth-year undergraduates
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$5,000
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Graduate/Professional
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Up to $12000
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Pharmacy Only
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Up to $24500
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Additional information on Direct Loans may be found here.
Federal Direct PLUS Loans (for parents)
Federal Direct PLUS Loans enable parents to borrow for each dependent who is enrolled in school at least half-time. Parents may finance up to the full cost of their child’s education each academic year, minus grants and other financial aid the child receives. (Although parents do not have to prove financial need, credit checks are mandatory. Applicants with adverse credit histories will not be eligible for PLUS loans.) Repayment on these loans usually begins within 60 days after disbursement. Origination fees of 4% of the total loan amount will be charged and will be deducted from the gross proceeds of your loan disbursements. If for any reason the PLUS application is denied, the dependent may be able to borrow additional funds through the Unsubsidized Federal Direct Loan Program.
2012-2013 Interest Rate:
PLUS: 7.9% Fixed
Eligibility Requirements:
- The maximum amount that you are eligible to borrow is listed on the student's financial aid award letter.
- PLUS loans are subject to a credit check; therefore, you must obtain a pre-approval.
- Parents planning to utilize a PLUS loan for some or all of the semester fees should apply at least three weeks prior to the semester payment due date. One half of the loan proceeds are credited towards each semester's charges.
To Obtain a Direct PLUS Loan:
- Go to www.studentloans.gov to complete the Federal Direct PLUS Request process and sign a PLUS Master Promissory Note (MPN).
- Please Note: You will need to sign into www.studentloans.gov using your FAFSA PIN, date of birth, social security number, and the first two letters of your last name. (You will be required to use YOUR Department of Education issued PIN, not your student's.) If you do not know your FAFSA PIN, you can request a duplicate online at www.pin.ed.gov.
- Both the PLUS pre-approval and the MPN must be completed before your loan can be finalized. Once all steps are complete, Wingate University will certify your loan for disbursement.
- If you are borrowing Direct PLUS loans for more than one student, you will need to complete a separate PLUS Request Application and MPN for each student.
- We encourage you to apply for the entire loan amount that you will need for the full academic year. PLUS loans will be certified for the amount listed, unless you indicate a lesser amount on the returned award letter or your pre-approval from the lender indicates a lesser amount.
- The PLUS MPN is a specific promissory note for the Federal Direct PLUS Loan program and is separate from other student DIRECT loan promissory notes your student may have previously signed.
Federal Graduate PLUS Loans
Graduate Plus (GPLUS) loans allow graduate students to borrow long term, low-interest funds to meet college costs. GPLUS maximums are set at Cost of Education minus Aid received. Graduate students must be credit worthy to receive this loan. Students may apply on their own credit history, or may require a credit worthy co-borrower. Borrowers must maximize their Subsidized/Unsubsidized Loans in order to receive a GPLUS. Repayment of GPLUS loans typically begins within 60 days after the loan is fully disbursed, but borrowers may choose to defer payments. Borrowers may opt to pay accruing interest or have it capitalized into their principal. Origination fees of 4% of the total loan amount will be charged and will be deducted from the gross proceeds of your loan disbursements.
2012-2013 Interest Rate:
Graduate PLUS: 7.9% Fixed
Eligibility Requirements:
- The maximum amount that you are eligible to borrow is listed on the student's financial aid award letter.
- Graduate PLUS loans are subject to a credit check; therefore, you must obtain a pre-approval.
- Students planning to utilize a PLUS loan for some or all of the semester fees should apply at least three weeks prior to the semester payment due date. One half of the loan proceeds are credited towards each semester's charges.
To Obtain a Direct Graduate PLUS Loan:
- Go to www.studentloans.gov to complete the Federal Direct PLUS Request process and sign a Graduate PLUS Master Promissory Note (MPN).
- Please Note: You will need to sign into www.studentloans.gov using your FAFSA PIN, date of birth, social security number, and the first two letter of your last name. If you do not know your FAFSA PIN, you can request a duplicate online at www.pin.ed.gov.
- Both the PLUS pre-approval and the MPN must be completed before your loan can be finalized. Once all steps are complete, Wingate University will certify your loan for disbursement.
- We encourage you to apply for the entire loan amount that you will need for the full academic year. PLUS loans will be certified for the amount listed, unless you indicate a lesser amount on the returned award letter or your pre-approval from the lender indicates a lesser amount.
Alternative Loans may be a more preferred option for you. Lenders generally make available alternative student loans to help fill the gap between the financial aid you receive and the money you still need. These loans are available to creditworthy students, or students with creditworthy co-borrowers. By reviewing the lender websites, you may obtain applications and get more specific information regarding some of the lenders that Wingate University students have historically used. Additionally, you can compare interest rates, borrower benefits and fees that may be associated with making the loan.
Federal law requires colleges to certify federal education loans using the borrower's choice of lender and the guarantee agency used by that lender. Based upon this law, you can choose any lender, including one that may not appear on the list provided. You are not required to use a lender from the below list.
Sallie Mae - Smart Option Loan Fifth Third Bank - Smart Option Loan
900905 508780
Click here Click here
National Education - Smart Option Loan Fynanz - EdAccess Private Student Loan
900916 911007
Click here Click here
Union Federal Savings Bank - Private Student Loan Citibank - CitiAssist Loan
907798 826878
Click here for undergraduate students Click here for undergraduate students
Click here for graduate students
Wells Fargo - Wells Fargo Collegiate Loan Discover Student Loans - Private Education Loan
807176 831312
Click here for undergraduate students Click here for undergraduate students
Click here for graduate students (non-health related field) Click here for graduate students (non-health related field)
Click here for graduate students (health related field) Click here for graduate students (health related field)
Actual Interest Rate
The annual interest rate a lender charges on a loan, that may be equal to or less than the applicable, or statutory, interest rate on that loan.
Additional Unsubsidized Federal Stafford Loan
The additional amount of unsubsidized Stafford loans available to independent undergraduate students, graduate/professional students, and dependent undergraduate students whose parents are unable to obtain a Federal PLUS Loan.
Annual Loan Limit
The maximum amount that a student may borrow at a particular grade level in one academic year.
Annual Percentage Rate (APR)
Designed to measure the true cost of a loan, this is the equivalent interest rate including all added costs, e.g., fees and interest over the term of the loan. Usually expressed as a percentage.
Capitalizing Interest
A process in which interest that has accrued but has not been paid is added to the loan principal.
Cosigner
A person who signs the promissory note in addition to the borrower and is responsible for the obligation if the borrower does not pay.
Deferment
A period during which a borrower, who meets certain criteria, may suspend loan payments. For some types of loans, the federal government pays the interest during a deferment. On others, the interest accrues and is capitalized and the borrower is responsible for paying it.
Delinquency
Failure to make monthly loan payments when due. Delinquency begins with the first missed payment.
Eligible Borrower
A borrower or potential borrower who meets federal eligibility criteria for a Federal Direct loan or, in the case of a parent borrower, a Federal Direct PLUS loan.
Entrance Counseling
First-year, first-time students borrowing federal educational loans are required to receive counseling before they receive their first loan disbursement, during which the borrower's rights and responsibilities and loan terms and conditions are reviewed.
Exit Counseling (for a student borrower)
Institutions participating in the FFEL and Direct Loan Programs (excluding FFEL PLUS Loans and Direct PLUS Loans) must offer loan counseling called exit counseling to borrowers. In the case of FFEL and Direct Loan student borrowers, the interview must take place shortly before the borrower ceases to be enrolled at least half time.
Forbearance
A temporary delay or reduction of loan payments agreed to by the lender and borrower. Interest continues to accrue during forbearance.
Grace Period
Specified period of time between the date a student graduates or drops below half-time status and the date loan repayment begins.
Graduated Repayment
A repayment schedule where the monthly payments are smaller at the start of the repayment period and become larger later on.
Guarantee Fee
A fee charged by a guarantor for each loan it guarantees.
Guarantor or Guarantee Agency
State or private non-profit agencies that insure student loans for lenders and administer the student loan insurance program for the federal government.
Interest Benefits
The interest payments (benefits) made by ED to an FFEL Program lender on behalf of a student. These payments are based on the student’s subsidized Federal Direct Loan interest rate, but only during certain periods: the student’s enrollment (at least half time), the grace period, or any authorized deferment period. Interest benefits are not paid on unsubsidized Federal Direct Loans. See Special Allowance.
Insurance Fee
A fee charged by guarantee agencies, which is deducted from loan proceeds and used to insure against defaulted loans.
Interest
A fee charged to the borrower for use of a lender's money.
Interest Rate
The percentage of a sum of money charged to a borrower for its use.
Lender
A financial institution that provides funds to a borrower.
Loan
An advance of funds guaranteed by a signed promissory note in which the recipient of the funds promises to repay a specified amount under prescribed conditions. A financial source that is available to students and their parents through student loan programs with varying interest rates and repayment provisions to supplement the family's financial resources, scholarships, and grants.
Loan Balance
The total unpaid amount of a specific loan. This sum includes outstanding principal, capitalized interest, accrued interest, late charges, and any miscellaneous fees such as returned check fees.
Loan Disclosure Statement
A statement sent to a loan borrower by the lender before or at the time a loan is disbursed, as well as before the start of the repayment period. The purpose of the disclosure statement is to provide the borrower with thorough and accurate information about the loan terms and the consequences of default.
Loan Period
The period of enrollment for which a loan application is certified. Also known as period of enrollment.
Master Promissory Note (MPN)
The legal document that requires a student loan borrower to repay the funds borrowed under the Direct Loan Program or under the Federal Family Educational Loan Program. Use of the MPN form simplifies the loan process by eliminating the need for eligible students to complete a promissory note every year they borrow.
National Student Loan Data System (NSLDS)
An ED integrated system that collects and reports information about the financial aid history of students who receive federal student aid and maintains that information in an online database available to the financial aid community. The database stores information about loans, grants, students, borrowers, lenders, guaranty agencies (GAs), schools and loan servicers. The CPS conducts a match of FAFSA data against this database to confirm the student’s identification and eligibility for federal student financial aid. Located at: www.nslds.ed.gov. A user ID and Password are required to access the database.
Origination
When a school creates a new Pell Grant or Direct Loan in the COD system.
Origination Fee
A fee paid by a borrower to help defray the cost of making a loan.
Parent Loans for Undergraduate Students (PLUS)
PLUS loans enable parents to borrow federal funds to pay the education expenses of each child who is a dependent undergraduate student.
Principal Balance
The outstanding amount of the loan on which the lender charges interest. As the loan is repaid, a portion of each payment is used to satisfy interest that has accrued and the remainder of the payment is applied to the outstanding principal balance.
Private Loans
Private loans provide supplemental funding when other financial aid does not cover costs. Banks or other financial institutions and schools offer these loans (not sponsored by government agencies) to parents and students.
Promissory Note
The promissory note is the legally binding document that is evidence of a borrower's indebtedness to the federal government (for Direct Loans).
Repayment
The time during which a borrower actively pays back an education loan.
Servicer
An organization or individual contracted by a recipient to perform financial or other services which may include interacting with offices at the Department of Education on the recipient's behalf.
Standard Repayment Schedule
A repayment schedule under which the borrower pays the same amount for each installment payment throughout the entire repayment period, or pays an amount that is adjusted to reflect annual changes in the loan's variable interest rate. The length of repayment for a loan being repaid using a Standard Repayment Schedule cannot exceed 10 years, excluding in-school, grace, deferment, or forbearance periods.
Subsidized Loan
A FFEL or Direct Loan that is eligible for interest benefits paid by the federal government. The federal government pays the interest that accrues on subsidized loans during in-school, grace, authorized deferment, and (if applicable) post-deferment grace periods if the borrower meets certain eligibility requirements.
Unsubsidized Loan
An unsubsidized (unsub) loan is a loan given to a student not eligible for (or who has exhausted his/her eligibility for) a subsidized loan that will begin accruing interest charges from the disbursement date forward. Interest is charged on these loans from the date of disbursement. While the student is in school, in the grace period, or in deferment, students may elect to make pay the interest or have it capitalized and added to the principal.
Variable Interest Rate
An interest rate that is recalculated on a periodic basis, usually based on the prime rate or the T-bill rate. For FSA loans, this rate changes yearly on July 1.