Fillable 2020-2021 Federal Direct Loan Request Form As per (Eastern Wyoming College)

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2020-2021 Federal Direct Loan Request Form As per (Eastern Wyoming College)

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Financial Aid Office
3200 West C Street
Torrington, WY 82240
p: 307.532.8224
f: 307.532.8222
financialaid@ewc.wy.edu
2020-2021
Federal Direct Loan
Request Form
As per Eastern Wyoming College’s Default Prevention and Debt Management Plan, you are required to complete all information
on both pages before we can originate your loan. Failure to provide complete information will result in the delay or cancellation
of your request. Only borrow what you need to cover your educational expenses! Be conservative now; you can request additional funds
later if you are not applying for the maximum available. Remember, ALL LOANS MUST BE PAID BACK.
___________________________________________________________ ____________________ __________________________
Last Name First Name M.I. EWC Student ID Number Social Security Number (last four digits)
___________________________________________________________ _______________________________________________
Mailing Address (include apartment number) E-mail Address
___________________________________________________________ _______________________________________________
City, ST, Zip Phone Number (include area code)
This activity is meant to help you budget your money to ensure you are not getting into unnecessary loan debt. The Cost of
Attendance (COA or budget) for Financial Aid purposes is an estimate of the student’s overall expenses for a period of enrollment.
It comprises direct costs, like tuition and fees that are charged to a student’s account, and indirect costs such as transportation or personal
expenses. Indirect costs included in a student’s budget are only estimates of what expenses a student might face during a year of enrollment
(cost to rent an apartment, buy groceries, travel to and from campus), and vary widely based on an individual’s personal expenses. To view
the break-down of direct/indirect costs for each budget, please review the Tuition & Fees page on our website.
INSTRUCTIONS: Identify the Cost of Attendance Budget in Table 1 that most closely matches your rate, living situation, and enrollment.
Once you have selected the budget, please list your financial aid and any income you have to contribute to your educational expenses in
Table 2. Finally, in Table 3 you will subtract your total aid from your budget to estimate how much loan you need to cover your expenses.
Table 1: COA/Expenses
(Annual)
Full-Time
(12+ credits/semester)
Three-Quarter Time
(9-11 credits/semester)
Half-Time
(6-8 credits/semester)
Write your estimated
COA/Expenses
Budget here:
$ __________________
for the academic year
In-State On Campus
$ 15,488
$ 14,086
$ 12,683
In-State Off Campus
$ 15,872
$ 14,470
$ 13,067
In-State With Parents
$ 10,810
$ 9,408
$ 8,005
WUE On Campus
$ 17,358
$ 15,558
$ 13,818
WUE Off Campus
$ 17,742
$ 15,972
$ 14,202
WUE With Parents
$ 12,330
$ 10,560
$ 8,790
Out-of-State On Campus
$ 21,828
$ 18,941
$ 16,053
Out-of-State Off Campus
$ 22,212
$ 19,325
$ 16,437
Out-of-State With Parents
$ 16,800
$ 13,913
$ 11,025
Table 2: Aid and Income
Amount for
Academic Year
Write your TOTAL
aid here:
$ _________________
for the academic year
Table 3: Loan Amount Needed
Pell Grant
$
Subtract your
TOTAL aid from
your estimated
COA/Expenses
Budget =
$ _________________
loan needed to cover
expenses for the year
Scholarships (TOTAL)
$
Employment
(income for academic year)
$
Other Resources
$
Annual federal loan limits Base amount° Additional unsubsidized* Independent student** Total possible
Freshman (<30 credits) $3,500 $2,000 $4,000 $9,500
Sophomore (30+ credits) $4,500 $2,000 $4,000 $10,500
° Base amount may be subsidized, unsubsidized or a combination of both; all additional amounts are unsubsidized
* Students applying for additional unsubsidized amounts must complete an Additional Loan Request Form
** Independent students are students who are not required to provide parental info on the FAFSA
Is my aid more than my expenses? Do I need the full amount of loans? Have I researched all ways to reduce loan debt?
For more information on budgeting and financial literacy, visit: http://ewc.wy.edu/future-students/financial-aid/financial-literacy/
** Did you know?? You can estimate your student loan repayments and compare monthly payment amounts under different payment
plans at StudentAid.gov! Go to
Loan Simulator
at https://studentaid.gov/loan-simulator/, Start From Scratch, and enter info.
STUDENT INFORMATION
STUDENT EDUCATIONAL EXPENSE ACTIVITY
Fixed interest rate for
2020-2021 is 2.75%.
Your loan will not be processed until ALL required steps are complete! In addition to the budget worksheet on the front side of this
page, in order to receive a Federal Direct Stafford Loan you must complete the following four steps:
First-time EWC borrower:
Go online to https://StudentAid.gov
Log in using your Federal Student Aid ID (FSA ID)
Under My Checklists, go to I’m in School drop down
Complete Loan Agreement
You must complete a Master Promissory Note to take out a loan
Complete Entrance Counseling
Learn about the costs of borrowing, eligibility and repayment
Both Entrance Counseling and MPN must be completed!
Make sure all parts of the EWC Direct Loan Request Form
is complete and submit it to the Financial Aid Office
Returning EWC borrower:
Go online to https://StudentAid.gov
Log in using your Federal Student Aid ID (FSA ID)
At the top of page is My Aid with your loan balance listed.
Go to Loan Details
View breakdown; print page to submit with application.
Make sure all parts of the EWC Direct Loan Request Form
is complete and submit it to the Financial Aid Office
P
lease indicate how much loan you would like to borrow. Unless otherwise indicated, all loans will be processed for the full
2020-2021 academic year (this does not include the summer semesters). Annual loan maximums are as follows:
Freshman = $3,500; Sophomore = $4,500. May be subsidized/unsubsidized or a combination of both, depending on eligibility.
Students MAY qualify for additional unsubsidized loan amounts, but must complete an Additional Loan Request Form
Please note: in addition to annual loan limits, there are aggregate limits to all direct student loans. Students are also limited to
receiving subsidized loans for a period not to exceed 150% of the length of the borrower’s educational program.
I wish to borrow a total of: $__________________________________________________.
(Can indicate MAX to receive maximum amount if you are unsure of eligibility)
Work-Study opportunities are considered more beneficial to students than taking out student loans. If you are not currently in a Work-
Study position, but choose to accept a position at a later date, the Financial Aid Office may need to reallocate a portion of or all of a loa
n
t
owards a Work-Study position, depending on the amount. You will be notified if your loans need adjusted so you can make the decision
on
how
to handle them and make the necessary arrangements to cover any outstanding balance that may result from any reallocation. Work-St
udy
i
s considered “self-help” aid and does not require you to pay it back like loans do.
Please note: Unsubsidized loans start accruing interest from the day they are disbursed. The Financial Aid Office utilizes subsidized loan
el
igibility when possible; however, if you are only eligible for unsubsidized Loans, OR if the amount you are requesting requires a combination
of subsidized and unsubsidized loan eligibility, Financial Aid will process the request accordingly. If you wish to reject all unsubsidized loa
n
el
igibility and only use subsidized loan eligibility, please contact Financial Aid. Please note that this request may result in a reject of all or part
of your original loan request (depending on your eligibility).
I wish to borrow for the following term(s) (check one):
Full Academic Year (August 2020 to May 2021; disbursements are split in half—one fall, one spring)
One semester only (indicate one below):
Please note: Loans must be disbursed in two equal disbursements; the second will be at semester mid-point
Fall 2020 (Aug 2020 to Dec 2020) I am graduating in December: _____Yes _____ No
Spring 2021
(Jan 2021 to May 2021) I am graduating in May: _____Yes _____ No
Summer 2021 (May 2021 to July 2021) A separate summer loan application will be available when you enroll
B
y signing below I authorize the Eastern Wyoming College Financial Aid Office to process my Loan Request Form.
I understand the Financial Aid Office will submit my information to the National Student Loan Data System (NSLDS)*
and that it will be accessible by U.S. Department of Education Servicers, guaranty agencies, lenders, and schools determined
to be authorized users of the data system.
Student’s Signature: _____________________________________________________ Date: ____________________________
Revised 5/2020
STEPS TO REQUESTING A FEDERAL DIRECT STAFFORD LOAN
1
OR
2
3
4
1. Your Financial Aid Offer Letter estimates the amount of base Direct Loan for which you qualify. Amounts may change and your loan may be
decreased if you receive additional awards exceeding your cost of attendance.
2.
The Student Educational Expense Worksheet on the front of this form must be completed fully. The worksheet is designed to prepare the student
to manage his/her educational finances.
3.
You must be admitted in a degree-seeking program and be enrolled at least half time (six credits) per semester.
4.
If you are a first-year student and/or first-time borrower, your first disbursement will be delayed 30 days from the start of your enrollment period.
5.
* Enrollment and financial aid information is submitted to the National
Student Loan Data System (NSLDS) and is accessible by guaranty agencies,
lenders, and institutions determined to be authorized users of the data system. Students can keep track of loan status and outstanding loan balance
by logging in to StudentAid.gov.
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2020-2021 Federal Direct Loan Request Form As per (Eastern Wyoming College)

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Completed 4 February 2021

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