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About Student Loans
Federal Loans after July 1 | Perkins & Nursing Loan | Private Loans | Parent PLUS Loans Loan Counseling | Tools & Resources
NEW Messages!
- 05/06/10 - Studentloans.gov, the federal site for Direct Loans is now available.
- 03/26/10 - Congress Passes Student Aid Reform in Reconciliation Bill.
Effective July 1, 2010 William Jewell College will transition from the Federal Family Education Loan Program (FFELP) to the William D. Ford Federal Direct Loan Program (DL). As many of you may know, Congress passed student aid reform in the reconciliation bill on March 25, 2010. Included in the bill is the elimination of the FFEL program that Jewell has participated in since 2001.
What does this mean to you?
The major difference between the FFEL and DL programs is the source of the funding. FFEL loans are disbursed through a bank (lender) of your choice, while a Direct Loan is disbursed directly through the U.S. Department of Education or one of its servicing partners. All students who intend to borrow the Federal Stafford loan, including those who have previously borrowed a Stafford Loan while attending William Jewell College, will be required to complete a new loan application and master promissory note before Fall 2010 loans will be disbursed to student accounts.
The FAFSA is required by William Jewell to process any federal loan proceeds. Before completing the loan application, you are encouraged to visit www.fafsa.gov to complete the FAFSA so that there are not delays in procesing. The student's financial aid award will indicate the eligible amount per semester based on the FAFSA results.
All loans are electronically certified online by the College's financial aid office prior to disbursement and received via Electronic Funds Transfer (EFT).
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Federal Stafford Loan
- Maximum borrowed amount per academic year, based on academic eligibility - $3,500 first-year; $4,500 second-year; $5,500 third & fourth-year
- Effective May 2008 all students are eligible for an additional $2,000 unsubsidized loan per academic year
- Independent students and/or dependent students whose parent is denied a Federal PLUS Loan may be eligible for an additional amount per academic year based on academic eligibility - $4,000 first and second-year; $5,000 third and fourth-year
- Student must be enrolled at least half-time (6 credit hours)
- A 1.5% origination fee may be deducted by the U.S. Department of Education
- Repayment is not required until 6 months after student graduates or ceases to be enrolled at least half-time
- 4.5% Fixed interest rate on Subsidized loans (deferred interest) beginning July 1, 2010 (5.6% prior to July 1); 6.8% Fixed interest rate on Unsubsidized loans (interest accrued)
- Loan Entrance Counseling must be completed prior to disbursement of loan proceeds.
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Federal Perkins and Nursing Loans
The Perkins Loan is based on demonstrated financial need by the FAFSA. The Perkins Loan is a subsidized (interest deferred) loan with a 5% fixed interest rate. The Perkins Loan also carries a 9 month grace period before repayment begins after graduation (or dropping below a half-time enrollment).
The Perkins Loan application is a paper process managed by the William Jewell College Loan Coordinator. You will be notified to complete and sign your loan documents in the weeks prior to the first day of classes. Questions may be directed to the Student Loan Coordinator via e-mail.
Loan forgiveness of a Perkins Loan may be available for students pursuing desingated career paths such as teaching, nursing, law enforcement, and social services.
The Federal Nursing Loan is similar to the Perkins Loan without the loan forgiveness opportunities.
A Personal and Confidential Form must be completed for Perkins and Nursing Loan processing. Submit this form to the Student Loan Coordinator at William Jewell College, 500 College Hill, Campus Box 1028, Liberty, MO 64068 or e-mailed to studentloans@william.jewell.edu.
Private (Alternative) Loans
William Jewell College certifies many private, alternative loans for students who need assistance to cover additional educational expenses. Interest rates are based off either the LIBOR or Prime interest rate. The amount above or below the current interest rate will be determined by your credit and your co-signer's credit should you apply with a co-borrower. Not all lenders require a co-signer; however, one may be necessary if you do not have an established credit history. The link below provides additional information regarding private loans.
The William Jewell College Code of Conduct regarding lender relations will remain available for public review.
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Loan Counseling
Counseling sessions are required twice during your collegiate career.
Loan Counseling with the U.S. Department of Education
Loan Entrance Counseling with Mapping Your Future
Loan Exit Counseling with Mapping Your Future
Other Tools & Resources
The following tools may be helpful when considering student loans.
Federal Student Loans - Access the U.S. Department of Education system for all of your Federal loan needs.
Direct Loan Services - Federal student loan servicing after funds are disbursed to your student account.
Student Loan Calculator - Get an estimate of what your future monthly payments would be.
Debt/Salary Wizard - Find out how much money you need to make to afford your monthly payments.
NSLDS - The National Student Loan Data System allows you access to all outstanding loans reported to the U.S. Department of Education
GreenNote.com - An alternative borrowing method that allows you to borrow from family and friends.
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