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The Schock Financial Aid Office

Loans

Contact Us  

The Schock Financial Aid Office

Address:
25 University Avenue, Suite 030
West Chester, PA 19383


Phone: 610-436-2627
Fax: 610-436-2574
Email: Finaid@wcupa.edu


Fall Hours:
Monday, Tuesday, Thursday, Friday: 8:00am-4:30pm
Wednesday: 9:00am-4:30pm

Summer Hours:
Monday, Tuesday, Thursday, Friday: 8:00am-4:00pm
Wednesday: 9:00am-4:00pm

Loans Types

Loans are a type of financial aid that must be Repaid.

FEDERAL LOANS: NEED-BASED

Submit your FAFSA by the February 15th priority deadline.

Federal Student Loan programs are regulated by the U.S. Department of Education, except for the Nursing Student Loan which is regulated by the U.S. Department of Health and Human Services. Programs have selection criteria, eligibility requirements and academic standards that are applied to all applicants, and must be met by all aid recipients.

Borrowing to finance your education is a serious investment in your future.

Make certain you know your rights and responsibilities. What will your payments be? Use the Repayment Estimator to estimate your federal loan payments. In certain situations, you may be eligible to have your federal student loan forgiven, canceled, or discharged.

If you are offered a Federal Student Loan as part of your WCU financial aid package you must take ACTION on your loan in order to receive it.

ACCEPT/ADJUST/DECLINE each loan offered in your aid package by logging into myWCU.

Federal Direct Student Loans (need-based)

All eligible students who submit a FAFSA will be offered a Federal Direct Student Loan as part of their financial aid package.

SUBSIDIZED Loans are based on need. Borrowers of a subsidized loan will NOT be required to make either a payment of loan principal or interest while in school.

UNSUBSIDIZED Loans are awarded when all subsidized eligibility has been met or the student has no subsidized eligibility remaining. Unsubsidized loans require the borrower to make an interest only payment while in school.

Grade levels determine the amount of Direct Student Loan a student may borrow.

First-Time Borrowers:

  1. Accept your Federal Direct loan on-line at myWCU. Take action on EACH loan.
  2. Go to www.studentloans.gov to complete both your required
    1. Entrance Counseling and
    2. Master Promissory Note (MPN) using your student FSA ID and password.

Returning Borrowers:

  1. Accept your Federal Direct loan on-line at myWCU. Take action on EACH loan.

Use our worksheet to keep track of your Student Loan History.

Request to Change a Federal Direct Student Loan:

To request an adjustment, or a full or partial cancellation to a Direct Student Loan, submit a written request to the financial aid office in writing by sending an email to FinaidLoan@wcupa.edu. Be precise and include the student's WCU ID and a telephone number in case we have questions. Changes will require time to process.

Interest Rates

Congress passed and President Obama signed the Bipartisan Student Loan Certainty Act of 2013, which ties federal student loan interest rates to financial markets. Under this Act, interest rates will be determined each spring for new loans being made for the upcoming award year, which runs from July 1 to the following June 30. Each loan will have a fixed interest rate for the life of the loan.

The list below provides the fixed interest rates for new Direct Loans first disbursed on or after July 1, 2016, and before July 1, 2017. These rates will apply to new Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans made during this time.

  • 3.76% for Direct Subsidized and Unsubsidized Loans (Undergraduates)
  • 5.31% for Direct Unsubsidized Loans (Graduate or Professional Students)
  • 6.31% for Direct PLUS Loans (Parents and Graduate or Professional Students)

All Federal Direct Stafford Loans have a 1.068% origination fee and Federal Direct Plus Loans have a 4.292%.

Federal Nursing Student Loans (need-based)

The Federal Nursing Student Loan is available to students who have been accepted into the Nursing Program and meet the eligibility requirements to receive Federal Financial aid. The Federal Nursing Student Loan is a federally funded by the U.S. Department of Health and Human Services. West Chester University is the lender. The amount of Federal Nursing Student Loan offered to a student depends on the need, the grade level maximum, and the amount of funding available at the time of award packaging. The Federal Nursing Student Loan has a fixed interest rate of 5 percent. The student must have first accepted the full Federal Direct Student Loan offered (see discription above) before the NSL will be awarded

Awards are made each year as part of the packaging process. Priority is given as follows:

Take action on your loan as soon as possible by logging into myWCU.

First-time borrowers will receive an e-mail once the loan is accepted, containing the following items:

  1. Information regarding WCU's Federal Nursing Loan Program, and
  2. An Acknowledgement/reference form.

Please contact the Financial Aid office to schedule an appointment to complete your Entrance Counseling Interview and sign your Master Promissory Note.

Federal Perkins Student Loans (need-based) NOTE: The Federal Perkins Loan Program is ending September 30, 2017

All FAFSAs will be screened for eligibility as part of WCU's automated mass packaging process. Students with a -0- EFC, calculated from the submission of their FAFSA, receive first consideration for these funds.

Incoming "new" students are "packaged" first. Returning students are "packaged" after spring grades are processed and Satisfactory Academic Progress has been determined.

There are more students that qualify than available funding. After packaging has occurred for both populations, students with high need can then be considered, if funding is available. The Federal Perkins Student Loan has a fixed interest rate of 5 percent. West Chester University is the lender; you will make your payments to WCU or to Campus Partners.

Take ACTION on this loan. ACCEPT/ADJUST/DECLINE each loan offered, in your aid package, by logging into myWCU as soon as possible. ACCEPT the loan to secure these dollars in your package or DECLINE the loan if you do not need assistance.

First-time borrowers:

After you accept the loan, your file will be transmitted to Campus Partners. Files are transmitted to Campus Partners on Tuesdays, Wednesdays and Thursdays. Once the transmission has been confirmed you will receive communication regarding your access to iPromise. Follow the instructions in the communication. Campus Partners will service your loan.

Login into iPromise and complete the following steps as soon as possible to receive these funds. Complete all of the questions with an asterisk*

  1. Complete an Entrance Counseling Test.
  2. Complete the Loan Interview. You must provide complete reference information for this requirement. DO NOT DUPLICATE YOUR REFERENCES! Doing so will delay the release of your funds.
  3. Review and Accept your personalized TLID Statement - Truth in Lending/Total Loan Indebtedness Disclosure.
  4. Sign your Master Promissory Note-MPN. You may sign the MPN in iPromise using your federal PIN, the same PIN you used to sign your FAFSA. If you do not remember your PIN, go the PIN Site and retrieve the code. Sign the MPN and print a copy for your records. You may also sign the MPN in the financial aid office, provided you have completed steps 1-3.

Returning borrowers:

Some returning borrowers may be required to sign a NEW MPN.

You must successfully complete all of the requirements. Please read the Federal Perkins Student Loans Fact Sheet. Check the status of your loan via myWCU.

FEDERAL PERKINS LOAN DISCLOSURE

LOANS: CREDIT-BASED

2016-2017

WCU ACADEMIC YEAR OFFICIAL LOAN TERM DATES

Academic Year – Fall/Spring:                      08/29/2016 to 05/12/2017

Fall Semester Only 2016:                            08/29/2016 to 12/17/2016

Spring Semester Only 2017:                        01/23/2017 to 05/12/2017

Summer 1 Session Only 2017:                     05/30/2017 to 07/01/2017

Summer 2 Session Only 2017:                     07/03/2017 to 08/05/2017

Summer 3 Session Only 2017:                     08/07/2017 to 08/25/2017

Summer 1 & 2 Sessions 2017:                     05/30/2017 to 08/05/2017

Summer 2 & 3 Sessions 2017:                     07/03/2017 to 08/25/2017

Summer 1&2&3 Sessions 2017:                  05/30/2017 to 08/25/2017

The dates above are the official starting and ending dates for all loans (federal & private) certified by the WCU Financial Aid Office.  Students who have petitioned the Registrar to graduate at the end of the fall semester (in December) will have their loans certified for fall only.  Otherwise, the default loan term dates for fall starts will be the full year Fall/Spring dates above.

Students and parents must meet all eligibility requirements for certification and payment.

 

 

Federal Direct Graduate PLUS Loan (credit-based)

Graduate PLUS funds are available to graduate students who are enrolled in degree programs and need funding to bridge the gap between the Cost of Attendance (COA) and Federal Direct Unsubsidized student loans. All graduate PLUS applications are subject to a credit check. Credit checks expire 180-days from the date of application. The best time to apply is around June 1st of each year.

Loans are processed in date order.

To Apply:

  1. Go to www.studentloans.gov.
  2. Apply for Federal Direct PLUS online.
  3. Complete Entrace Counseling online.
  4. Complete and e-sign a Master Promissory Note (MPN) by using the student's FSA ID and password, ifapplying for the first time.
  5. Some graduate students may be required to complete PLUS Counseling. The U.S. Department of Education will inform you if required.

Request to Change a Federal Graduate PLUS Loan:

Request to adjust a Federal Graduate PLUS should be submitted to the Financial Aid office in writing or by email to FinaidLoan@wcupa.edu, by the BORROWER. The request must be precise and include the student's WCU ID. Changes will require time to process.

Federal Parent Loan for Undergraduate Students (PLUS) (credit-based)

PLUS funds are available for parents who qualify, to provide resources to bridge the gap between the Cost of Attendance (COA) and other financial aid, including loans. All PLUS applications are subject to a credit check. Credit checks have a 180 day window from the date of application. The best time to file a PLUS applicaiont to enroll at West Chester University is around June 1st each year.

To Apply:

  1. Go to www.studentloans.gov.
  2. Apply for Parent PLUS online.
  3. Complete and e-sign a Master Promissory Note (MPN) by using the parent's FSA ID and password, if applying for the first time.
  4. Some parents may be required to complete PLUS Counsleing. The U.S. Department of Education will inform you if required..

Request to Change a Federal PLUS Loan:

Request to adjust a PLUS should be submitted to the Financial Aid office in writing by email to FinaidLoan@wcupa.edu, by the BORROWER. The request must be precise and include the student's WCU ID. Changes will require time to process.

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Private Education Loans (credit-based)

Private Loans are education loans that have, depending on the lender, a variety of terms and rates. Students with sufficient income and credit may be borrowers on these loans; parents may be borrowers or cosigners if their students do not meet the lender's income and/or credit criteria.

The best time to file a Private Edcation Loan application to enroll at West Chester University is around June 1st each year.

Private Loans are processed in date order. Make certain the amount you request is the "correct" amount needed.

  • Request to Decrease a Private loan should be submitted to the Financial Aid office in writing by email to FinaidLoan@wcupa.edu, by the BORROWER. The request must be precise and include the student's WCU ID. Changes will require time to process.
  • Request to Increase a Private Loan will require the submission of new loan application.

Students and parents should carefully consider interest rates and terms ("comparison shop").

Assess the Overall Cost of the Student Loan

  • Look at interest rates but don't make your decision solely on this factor.
  • Look at the Annual Percentage Rate (APR).
  • Interest rates offered may be fixed or variable. The better the credit history, the lower the interest rate. Remember that a low variable may rise over time.

Flexibility in Paying Back Your Student Loan

  • Assess your financial ability to repay your student loans. Lenders may require you to make monthly payments while in school, whereas other lenders allow you the flexibility to make payments during school or wait until graduation to begin repayment.
  • Choose a student loan lender that provides you the most flexibility to ensure your monthly payments are manageable.
  • Understanding when payments are required will help you better assess your financial obligations and help you choose a lender that offers the right loan for you.

Borrower Benefits

  • Many student loan lenders offer money-saving benefits for services such as auto-debit payments.
  • Students need to understand the lender's terms and conditions for their borrower benefits, and be realistic about the likelihood that they will be able to take advantage of them. Otherwise, students run the risk of being sold on a benefit that they are unable to qualify for or will lose because they are unable to meet the conditions.

Commitment to Customer Service

  • Choose a student loan lender with experienced and well-trained customer service representatives. They can make a huge difference in how satisfied you are with your student loan.
  • A knowledgeable representative will have answers to your questions and can be your ally in times of financial hardship. They can explain repayment options and help you avoid late or missed payments if you are having trouble paying.

Proven Reputation

  • Choosing a student loan lender that has a solid reputation within the industry can help ensure that you are satisfied with your student loan.

 


IMPORTANT: If you received a Teach Grant and/or a Federal Student Loan as part of your financial aid package, when you leave or cease to be enrolled in less than 6 credits, you are required to complete Exit Counseling.