Loans

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William D. Ford Federal Direct Lending Program

The Federal Direct Loan Program allows students and parents to borrow educational loans directly from the federal government.  Visit www.studentloans.gov for more information about Federal Direct Subsidized, Federal Direct Unsubsidized, Federal Direct PLUS Loans for Parents, and/or Federal Direct PLUS Loans for Graduate Students.  Please Note: You will need your FAFSA pin number to log in.  (If you do not remember your FAFSA PIN, you can obtain a duplicate online at www.pin.ed.gov.)  
 
Interest Rates (July 1, 2014 - July 1, 2015)
Subsidized/Unsubsidized (Undergraduate): 4.66% Fixed  
Subsidized/Unsubsidized (Graduate): 6.21% Fixed  

Applying for a Federal Direct Student Loan 
 
New and Continuing Students
  • Complete and submit the Free Application for Federal Student Aid (FAFSA). 
  • Direct Loan eligibility will be determined by the Wingate University Office of Student Financial Planning and included on your Financial Aid Award Letter.
  • Complete and return the Undergraduate/Graduate Loan Confirmation Form.
New Borrowers 
Not Applicable to student's who utilized the Federal Direct Lending Program during the 2013-2014 Academic Year.
  • Visit www.studentloans.gov to complete the following loan documents:
    • Undergraduate/Graduate Student Loan Entrance Counseling
    • Subsidized/Unsubsidized Loan Master Promissory Note

 Federal Direct PLUS Loans for Parents (Undergraduate Students)
 
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.
 
Interest Rates (July 1, 2014 - July 1, 2015)
PLUS: 7.21% Fixed
 
Eligibility Requirements 
  • The student and parent must be U.S. citizens or eligible non-citizens.
  • PLUS loans are subject to a credit check; therefore, you must obtain a pre-approval.  Applicants with adverse credit histories will not be eligible for PLUS Loans.
  • 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.  
To Obtain a Direct PLUS Loan
  • Visit www.studentloans.gov to complete the following loan documents:
    • Federal Direct PLUS Loan for Parents Pre-Approval
    • Parent PLUS Loan Master Promissory Note
Please note 
  • You will need to sign in using your (the parent's) FAFSA PIN, date of birth, social security number, and the first two letters of your last name.
  • If you are borrowing Direct PLUS loans for more than one student, you will need to complete a separate PLUS Pre-Approval and MPN for each student

Federal Direct Graduate PLUS Loans
 
Graduate Plus loans allow graduate students to borrow long term, low-interest funds to meet college costs. Graduate PLUS maximums are set at Cost of Education minus Aid received.   Borrowers must maximize their Unsubsidized Loans in order to receive a Graduate PLUS Loan.
 
Interest Rates (July 1, 2014 - July 1, 2015)
Graduate PLUS: 7.21% Fixed
 
Eligibility Requirements
  • The student must be a U.S. citizen or eligible non-citizen.
  • PLUS loans are subject to a credit check; therefore, you must obtain a pre-approval.  Applicants with adverse credit histories may not be eligible for PLUS Loans or may require a credit-worthy co-borrower.
  • The maximum eligible loan amount is listed on the student's financial aid award letter.
  • 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.  
To Obtain a Direct PLUS Loan
  • Visit www.studentloans.gov to complete the following loan documents:
    • Federal Direct Graduate PLUS Loan Pre-Approval
    • Graduate PLUS Loan Master Promissory Note

Direct Loan Origination Fees

The loan origination fee is an expense of borrowing from the Federal Direct Lending Program. The Direct Loan origination fee effective December 1, 2013 will be 1.072% for Subsidized/Unsubsidized Student Loans and 4.288% for PLUS Loans. By law, these fees will be subtracted proportionately from each loan prior to disbursement.  (More information will be provided during the online entrance counseling session.)
 

 Alternative Loans
 
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.  

Discover Student Loans - Private Education Loan
Fifth Third Bank Smart Option Loan
 Lender Code: 831312
 Lender Code: 508780
 
 
National Education - Smart Option Loan
 Lender Code: 911007
 Lender Code: 900916                   
 
 
Sallie Mae - Smart Option Loan            
SunTrust - Custom Choice Loan
 Lender Code: 900905                                               
 Lender Code: 911304
 
 
Union Federal Savings Bank - Private Student Loan
 Lender Code: 907798
 Lender Code: 807176