Stafford Loans
Virtually all students will be eligible to borrow using this type of loan. Students who have demonstrated need, based on completion of the FAFSA, will be entitled to borrow a loan which will be subsidized by the government while they are enrolled at least half-time. Students who do not show need will also be eligible to borrow, however, the loan will not be subsidized by the government and interest will begin accruing as soon as the funds have been disbursed. Effective July 1, 2008 annual loan limit for freshmen is $5,500, $6,500 for sophomores and $7,500 for juniors and seniors ($2000 of all limits must be a Unsubsidized Stafford loan). Subsidized Stafford interest rate is 6.0%; Unsubsidized Stafford interest rate is 6.8%. Subsidized Stafford interest rate is 5.6% as of July 1, 2009.
Please select the option that relates to your status:
First-time/Transfer Borrowers
First-time and new transfer Federal Stafford Loan borrowers must complete a Entrance Counseling and Master Promissory Note (MPN). The Master Promissory Note (MPN)is a promissory note under which you may receive multiple Subsidized and Unsubsidized Federal Stafford Loans over a maximum ten year period. Complete your Entrance Counseling and MPN through the steps provided and managed by the Business Office. A disclosure statement will be sent to you indicating the loan amount approved. Please note: If you choose to change your lender you will be required to complete another MPN for the new lender.
Previous Stafford Borrowers
Previous Federal Stafford Loan borrowers have signed Master Promissory Note (MPN) and are not required to sign another MPN. Your signed Financial Aid Award letter is confirmation of acceptance of your loans. A disclosure statement will be sent to you indicating the loan amount approved. Please note: If you choose to change your lender you will be required to complete another MPN for the new lender.
Alternative Loan Program
An Alternative Loan for undergraduate students. This is a private loan borrowed by the student with a credit-worthy co-signer. Students who are interested in this option may compare loan options and apply online at www.elmselect.com.
National Student Loan Clearinghouse
Find who is servicing your student loans. The LoanLocator searches the National Student Loan Clearinghouse and delivers an up-to-date list of loan providers and a means for contacting them via telephone or Internet hyperlink.
VWC students may access the LoanLocator using the following steps:
1 Log into your WebAdvisor account.
2. Click on the red "Students" box
3. Click on the link that reads "Student Clearinghouse - Enrollment Verification"
4. Enter the required personal information
5. Click on LoanLocator
For more information, contact:
National Student Loan Clearinghouse
2300 Dulles Station Boulevard
Suite 300
Herndon, VA 20171Phone (703) 742-4200
Fax (703) 742-7792
service@nslc.org