Wytheville Community College
Direct Loan Information:
Complete the Free Application for Federal Student Aid (FAFSA) prior to requesting a Federal Direct Student loan. The
FAFSA can be filed on-line by going to www.fafsa.ed.gov.
A first-time Federal Direct Student loan borrower at WCC must complete the Master Promissory Note (MPN). The
MPN is signed electronically on the web at www.studentloans.gov using your FSA ID and password. Be sure to
complete all steps. The FSA ID and password is the same information used to sign your Free Application for Federal
Student Aid (FAFSA).
Entrance Counseling Session. The Direct Loan Entrance Counseling session for undergraduate subsidized and
unsubsidized loans must be completed online at www.studentloans.gov. Entrance Counseling must be completed every
award year.
Submit a completed Direct Student Loan Request Form to the Financial Aid Office at least 30 days prior to the time
loan funds are needed. Standard processing time for loan applications is 5-7 business days. You can upload thru the
Support Center on the WCC website under financial aid.
Students must be meeting Satisfactory Academic Progress to be eligible for student loans.
1. It is not necessary to select a lender for the Federal Direct Student Loan. WCC is a Direct Lending school and the Student loan
will be set up with the Federal Direct Loan Program through the U.S. Department of Education.
2. Please note that the Bipartisan Student Loan Certainty Act of 2013 implemented variable-fixed interest rates on newly
originated undergraduate subsidized and unsubsidized loans effective July 1, 2013. Interest rates are determined annually based
on the Final Auction of the 10-year U.S. Treasury Bills prior to June 1st and are not to exceed 8.25%. Student borrowers must
call the Direct Loan Servicing Center (DLSC) at 800-848-0979 to resolve questions about your loan(s).
3. You may choose to pay interest on your Direct Unsubsidized loan while you are in school. If you choose not to pay the interest
while you're in school, it will be added to the unpaid principal amount of your loan. This is called "capitalization," and it can
substantially increase the amount you repay. It will save you some money in the long run if you pay the interest as it accrues on
your loan while you're in school or during the grace period. This is also true if you pay any interest that accrues during periods of
deferment or forbearance after you leave school.
4. The Student Loan MPN must be completed for the initial Student loan at WCC, but not for subsequent loans. The FAFSA,
Student Loan Request Form, and Entrance Counseling must be completed each award year. If applying for a student loan for the
summer semester, you must fill out a separate loan request form.
5. Approval or denial of the Direct Student Loan is at the discretion of the college financial aid office. We reserve the right to
refuse a loan due to academic deficiency or evidence that a student may have difficulty managing loan debt.
6. Loan application priority dates are as follows: Fall semester- August 1
, Spring semester- December 1
, and Summer
semester- May 1
of every year. Loan applications will be accepted after these dates. However, loan funds may be delayed.
7. Loan funds will not disburse until all requirements are complete. Failure to complete all requirements within 30 days of the
beginning of the first term of enrollment will result in the cancelation of your loan and any balance will be immediately due to
the College. Students can check for processing requirements through their SIS accounts.
8. Students have the right to cancel or reduce all or part of the Student loan prior to the first day of the semester or within 14 days
of notification of the loan by submitting a written statement to the Financial Aid Office as soon as possible before disbursement.
A parent may not decline a student loan.
*Wytheville Community College does not participate with Parent PLUS loans.*
Wytheville Community College
20-21 Federal Direct Student Loan Request Form
(Students must be enrolled in at least 6 credits (half-time) to be eligible for federal student loans.)
Student’s ID: __________________________ Student’s SSN: _______________________
Student’s Full Legal Name: _______________________________________________________________________
First Middle Last
Student’s Mailing Address: ________________________________________________________________________
Street City State Zip
Student’s Date of Birth: ________________________ Phone Number: ______________________
mm/dd/yy (Include Area Code)
WCC Email: ___________________________@email.vccs.edu
Eligibility Chart
Loan type is determined by your eligibility for need
based aid.
(As defined by FAFSA)
(As defined by FAFSA)
Grade Level
(Less than 30 earned credits at WCC)
(30 or more earned credits at WCC)
Important Information regarding eligibility:
1. Fall and/or Spring loan amounts will affect the amount that is available for Summer semester. Summer requires a separate loan application
but eligibility amounts are part of the
Total Annual Limits
indicated above.
2. Students enrolled in Career Studies Certificate programs that require fewer than 24 credits to complete will have lower limits.
3. Maximum lifetime limits combined undergraduate loan limits for a
: Dependent student is $31,500
and for an:
Independent Student $57,500
This includes any prior loan at any prior institutions. Your loan request may be adjusted or denied if you are close to or exceed this lifetime
Requested Loan Period Fall/Spring Fall Only Spring Only
(Select only one) (08/24/20-5/10/21) (08/24/20 to 12/21/20) (01/11/21 to 05/10/21)
Requested Loan Amount: Subsidized (Base): $______________ Unsubsidized (Additional): $___________________
Check here if you wish to only receive the loan amount requested in subsidized loan type. This may affect the amount of
the loan that you may be eligible for, including reducing the loan amount requested to $0.00 if you have no subsidized loan
I request the amounts indicated above, and understand that I must be enrolled in at least 6
credits (at least half time) to be eligible for Federal Direct Loan Funds. I also understand that the
amounts requested may be adjusted due to my eligibility, which may be affected by my cost of
attendance, other aid received, and my estimated family contribution, calculated by the Federal
Department of Education, in addition to general student eligibility requirements. I understand that the loan(s) will not be originated if I
have not completed the Master Promissory Note and the Entrance Counseling online by visiting www.Studentloans.gov
I have completed the required Online Entrance Counseling
I have completed the required Master Promissory Note
________________________________________________________________ ________________________
Signature Date
For Office Use Only: GL _______ HRS________ DEP________ MPN __________ EC_________
COA $__________ EFC$_____________ AID $ ___________
NEED$____________ SUB AMNT $ ___________ UNSUB AMNT $________ Program ___________________
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