Western Carolina University

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About WCU

Contact Information

Phone: 828-227-7290

Fax: 828-227-7042

Email: finaid@wcu.edu

Address: 118 Killian Annex Cullowhee, NC 28723

Hours: Mon.-Thur. 8-5 Fri. 10-5

Home > Current Students > Financial Aid Office > What types of aid are available? > Loans

Loans

You and/or your parents may need to borrow funds to supplement your educational expenses. The following loans are available to WCU students:

• Federal Direct Subsidized Loans are loans for students with financial need, as determined by federal regulations. No interest is charged while the student is enrolled at least half-time. Repayment will begin six months after graduation. Entrance Counseling and a Master Promissory Note must be completed prior to the first loan disbursement. Graduate students are not eligible for subsidized loans.

• Federal Direct Unsubsidized Loans are student loans not based on financial need. Interest charges begin at disbursement. Repayment will begin six months after graduation. Entrance Counseling and a Master Promissory Note must be completed prior to the first loan disbursement.

• Federal PLUS Loans are low-interest loans made to qualifying parents of dependent undergraduate students and to graduate students. The maximum amount a parent or graduate student may borrow cannot exceed the student’s cost of attendance budget minus any awarded financial aid. A credit check is required for this type of loan. Repayment can either begin sixty days after the final yearly disbursement or six months after the student graduates. Determine repayment options with your lender. Parents must apply for this loan at studentloans.gov. A separate Master Promissory Note must be completed for Federal PLUS Loans.

• Private Alternative Loans are loans for students who have exhausted or do not qualify for federal financial aid. A credit check will be required and terms and rates vary by lender and are based on the creditworthiness of the applicant and co-signer. Loan amounts cannot exceed cost of attendance. While we work with any lending institution, a list of preferred lenders may be found here.

• Perkins Loans are low-interest loans awarded to students with exceptional financial need. Principal and interest are deferred until nine months after graduation, with a fixed 5% interest rate. Perkins Loans require a specific type of Entrance Counseling and Master Promissory Note. The Perkins Master Promissory note will be sent to you by the WCU Student Accounts Office.

Annual student loan limits are based on grade level and dependency status.

• Freshmen may borrow up to $5,500 ($9,500 for independent students and students whose parents are denied the PLUS Loan)
• Sophomores may borrow up to $6,500 ($10,500 for independent students and students whose parents are denied PLUS Loans)
• Juniors, seniors, and 5th year undergraduates may borrow up to $7,500 ($12,500 for independent students and students whose parents are denied PLUS Loans)
• Graduate students may borrow up to $20,500

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