Financial Aid

Frequently Asked Questions

Does it matter if you have received student loans in the past?
Yes. If you have student loans from more than one lender or from other federal student loan programs, you are responsible for informing the Financial Aid Office and your lender(s) about your other student loans. In some cases, you may not be eligible for loans for which you have applied.

When calculating eligibility for the current loan, JWCC will take into account all prior loans received from JWCC and all other post-secondary institutions. If transferring to JWCC midway through an academic year, we will look at the amount of loans taken out for the year so far. The Financial Aid Office must have a cancellation notice before we can process additional loans through JWCC. A common example would be if you were attending classes through another institution in fall and transferred to JWCC in the following spring. If you applied for a combined fall and spring loan with the prior school and you were not attending that school in spring, that loan disbursement would need to be cancelled before the JWCC Financial Aid Office can process a new spring loan.

What is the current interest rate?
2008-2009 Stafford Subsidized Loans are fixed at 6% while Stafford Unsubsidized Loans are fixed at 6.8%. Parent PLUS Loans are currently fixed at 8.5%.

Are there fees associated with borrowing a Stafford Loan?
Although the lender itself charges no fees, two types of loan fees may be deducted from each loan disbursement. The Department of Education charges a 1% origination fee, and the loan guarantor may charge up to a 1% default fee. These fees may be waived: check with your lender.

What is the school’s Cost of Attendance (COA)?
The COA is the estimated cost for you to attend JWCC. Included in the COA are estimated costs for tuition, books, transportation, personal expenses, and room & board. Your total financial aid award from all sources cannot exceed your COA.

What is the Expected Family Contribution (EFC)?
The EFC is determined by the information you submit on the Free Application for Federal Student Aid (FAFSA). The EFC represents a reasonable figure a family is expected to invest in the student’s education, based on current income and assets. It is not the amount you must pay the school.