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Student loans, unlike grants and work-study, are borrowed money and must be repaid, with interest, just like car loans and mortgages. Loans are legal obligations, so before you take out a student loan, think about the amount you’ll have to repay over the years.

Student loans are provided at low interest rates and are available to most students. You must complete the FAFSA (Free Application for Federal Student Aid) to determine which loans you qualify for. Depending upon the specific loan program, repayment may begin while the student is still enrolled, or after the student leaves school or drops below half-time enrollment.

Perkins Loans

The Federal Perkins Loan is a need-based, college administered federal loan with a 5% interest rate. No interest is charged nor is repayment required on a Federal Perkins Loans while a borrower is enrolled in school at least half-time. The Perkins Loan may be canceled (link to cancellations) in part or full for working full time in several areas deemed shortage areas by the federal government.

If you are eligible for a Federal Perkins Loan it will be reflected in your financial aid package. Awards are based on the FAFSA that you have completed. The Student Financial Services Office can be contacted at 402-375-7229 or email at sfs@wsc.edu.

If you have been awarded a Federal Perkins Loan, a loan information sheet and loan disclosure form will be mailed to your house approximately two weeks before school starts. You will need to bring these completed forms into the Accounting Office the first week of school where you will also sign a promissory note. Loan funds will then be disbursed as a credit to your student billing account. The maximum loan amount per year at Wayne State College depends on available institutional funds and may not meet the federal yearly maximum.

Exit Counseling

The federal government requires that you complete a student loan exit counseling session prior to graduating or ceasing at least half-time attendance. The purpose of the session is to help you understand your rights and responsibilities as a Federal Perkins Loan borrower.

University Accounting Service LLC (UAS) is the billing agent for Wayne State College. Please click here to complete the exit counseling online. You will review the repayment terms of your loan(s) which you may print for your records.

This process will take approximately 20 minutes. You will need the following items available for reference:

  • Social Security number and driver’s license number
  • The name, address, and telephone numbers for three references
  • The name, address, and telephone numbers of expected employer(s)

If you have problems accessing the website, please contact the Wayne State College Perkins Loan Officer at 402-375-7089 or at perkinsloan@wsc.edu.

Stafford Loans

Due to the signing of the Health Care and Education Reconciliation Act of 2010, Stafford and PLUS Loans will be through the William D. Ford Direct Lending (DL) Program. Under the Direct Loan Program, Stafford and PLUS Loan funds come directly from the U.S. Department of Education.

A subsidized loan is awarded on the basis of financial need. If you're eligible for a subsidized loan, the government will pay (subsidize) the interest on your loan while you're in school. Depending on your financial need, you may borrow subsidized money for an amount up to the annual loan borrowing limit for your level of study. The interest rate is 3.76% for 2016-17 for undergraduate students.

Unlike a subsidized loan, you are responsible for the interest from the time the unsubsidized loan is disbursed until it is paid in full. You can choose to pay the interest or allow it to accrue (accumulate) and be capitalized (added to the principal amount of your loan). Capitalizing the interest will increase the amount you have to repay. The interest rate is 3.76% for 2016-17 for undergraduate students.

Loan origination fees of 1.069% will be deducted.

Annual loan limits reflect the maximum combined borrowing from both the subsidized and unsubsidized programs. The annual grade level loan limits are as follows:

  • Freshman (0-29 earned credit hours): $5,500
  • Sophomore (30-59 earned credit hours): $6,500
  • Junior (60-89 earned credit hours): $7,500
  • Senior (90-125 earned credit hours): $7,500
  • Graduates: $20,500 or cost of attendance, whichever is higher

The combination of subsidized and unsubsidized loans cannot exceed the lifetime maximum of $31,000 for dependent undergraduates, $57,500 for independent undergraduates, and $138,500 for graduates.

Parent PLUS Loan

Parents can borrow a PLUS Loan to help pay their child’s educational expenses if they are a dependent undergraduate student enrolled at least half time in an eligible program at an eligible school. Parents must have an acceptable credit history. The first payment is due within 60 days after the loan is fully disbursed. There is no grace period for these loans. Interest begins to accumulate at the time the first disbursement is made. Parents must begin repaying both principal and interest while the student is in school. Through this program, parents may borrow each year up to the total cost of attendance minus all other financial aid. The current interest rate on PLUS loans first disbursed on or after July 1, 2017, is 7% fixed. The loan origination fee is currently 4.264%.

To apply for a Parent PLUS Loan, you will need to complete the online application and Master Promissory Note at www.studentloans.gov

Parent PLUS Loans will be applied to student account balances before all other student loans. All tuition waivers, grants, and scholarships will be applied to the student account balances first. Parent PLUS Loans are applied next, followed by all other student loans.