Student Catalog and Handbook 2024-2025

Federal Stafford Direct Loan Information

Almost all students qualify for loans, no matter how high their family income may be. The U.S. Department of Education provides the lowest interest loans, which are called Federal Direct Loans. Students usually qualify for a loan if enrolled for at least six (6) credit hours in a program that is eligible for federal financial aid and meets WGTC's Financial Aid Satisfactory Academic Progress (SAP).

Taking out a loan is a serious commitment. Students must sign a legal contract called the Master Promissory Note (MPN) that declares certain rights and responsibilities. Please view the following William D. Ford Federal Direct Loan Program document: Borrower’s Right and Responsibilities for more information.

 

 

Direct Loans are meant to help pay for your education. If you are interested in a student loan you must complete the following:

FAFSA Application
Master Promissory Application
Entrance Counseling

 

What You Can Use the Money For

If you receive a federal loan, you can only use it to pay for educational expenses at WGTC. These include:

Tuition and fees
Books, supplies, and equipment
The rental or purchase of a personal computer
Food and Housing
Dependent child care expenses
Transportation
Miscellaneous expenses

Track Your Loan

All federal loan information is reported to NSLDS, where students, loan servicers, and other users can access it. Current loans may be tracked at the National Student Loan Data System (NSLDS) at https://studentaid.gov

Exit Counseling

Exit counseling is required when a student graduates, leaves school, or drops below half-time enrollment.  Exit counseling ensures students understand their loan obligations and prepares students for repayment by providing information and guidance on how best to proceed.  Exit counseling can be completed at https://studentaid.gov/exit-counseling/.

Federal Loans vs. Private Loans

Federal loans are a better deal than loans from private lenders. Federal student loans generally have lower interest rates that are fixed, generous repayment plans, no repayment penalties, and no credit checks (except for PLUS Loans).