Student Handbook - Wilson Community College

should contact the College Loan Officer in the Financial Aid Office. Information related to loansis also available on the College website. Loan applicants must realize that the loan approvalprocess can take several weeks to complete. As such, interested students should meet with theLoan Officer to start the loan process as soon as possible after being admitted to the College.Submitting a loan application does not guarantee loan approval and the College has the authorityand responsibility to evaluate each loan application individually and to set reasonable loanlimits. All loan applicants must meet satisfactory academic progress requirements.Direct Loan requests cannot be processed during the week of regular registration. Students mustbe aware to check their College email accounts regularly and often for information and requestsfor information related to their loan application and its process through the approval process.Direct Subsidized LoansFor the student with financial need, the federal government pays the interest on the subsidizedloan while the borrower is enrolled in college at least half time. Upon graduation, the studentis given a six month grace period to establish an acceptable loan repayment plan with the loanservicer. If the student does not graduate or drops below half time enrollment, loan repaymentbegins immediately.For new borrowers on or after July 1, 2013, federal law limits subsidized loans to 150% of thepublished time of an academic program. EXAMPLE – For a student enrolled in an AssociateDegree program, the student would be eligible for subsidized loans for only three years.Borrowers who were approved for subsidized loans prior to July 1, 2013, are not time limited.Direct Unsubsidized LoansInterest rates on direct unsubsidized loans begin to accrue immediately upon receipt of loanfunds. For these loans, the federal government does not subsidize the interest while thestudent is enrolled and repayment begins very quickly after funds are received. Studentsdo have the option to defer monthly payments as long as the student is enrolled at least halftime. If deferred, interest will capitalize each month. There is a six month grace period upongraduation to establish an acceptable repayment plan with the loan servicer. Students whocannot demonstrate financial need on their FAFSA for Direct Subsidized Loans may apply forUnsubsidized Loans. Interest on such loans is the responsibility of the borrower at all times.Parent Plus LoansParent Plus Loans are also a part of the William D. Ford Direct Loan Program. This loan isdirected toward the parents of dependent students. Interest rates and loan fees are higher thanthose charged for subsidized and unsubsidized loans to students. More information is availableon the College website. Processing for these loans takes the same time as other Direct Loans.Forgivable Education Loans for Service Program (FELS)Students who plan to work in NC in certain critical employment areas such as nursing, teaching,allied health fields, or medicine may apply for loans under the FELS program. FELS is aprogram that enables students to repay their FELS loans with service, one year of service foreach academic year loan. Recipients must be NC residents, maintain satisfactory academicprogress, and a minimum GPA. The details can be found at CFNC,org/FELS. The applicationis posted on the CFNC website each January and all applications must be submitted by April1st of each year.ScholarshipsScholarships to selected students are made available from funds received from the NorthCarolina Community College System and several area organizations, firms, and individuals,including the Wilson Community College Foundation. These scholarships are gifts to qualifiedstudents to be used in offsetting their educational expenses, and as such, require that recipientsmust be good citizens of the College and the community. In most cases, the Financial Aidand Awards Committee, which includes Wilson Community College faculty and staff, selectsmost scholarship recipients based on the established criteria. When possible, selections aremade by October 1 and presented at the annual Scholarship Awards Ceremony in November.Depending upon the scholarship, the eligibility criteria may36