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. To find out lender contact information, go to www.nslds.ed.gov.
- What is the current interest rate?
- Rates are subject to change July 1 of each year.
As of July 1, 2014, Direct Subsidized Loans and Direct Unsubsidized Loans are fixed at 4.66%. Direct Parent PLUS Loans are fixed at 7.21%.
Beginning July 1, 2015, Direct Subsidized Loans and Direct Unsubsidized Loans will be fixed at 4.29%. Direct Parent PLUS Loans will be fixed at 6.84%.
- Are there fees associated with borrowing a Stafford Loan?
- Fees are subject to change at any time.
As of October 1, 2014, the Direct Subsidized and Unsubsidized Loans have a 1.073% origination fee. Direct Parent PLUS Loans have a 4.292% origination fee.
As of October 1, 2015, the Direct Subsidized and Unsubsidized Loans have a 1.068% origination fee. Direct Parent PLUS Loans have a 4.272% origination fee.
- 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 future, based on current income and assets. It is not the amount you must pay the school.
- What will happen to the existing loans that I have borrowed from other lenders?
- Any previous loans you borrowed from another lender will be serviced by the lender/servicer you selected when you signed your original MPN. After graduation, you have a choice to make individual payments to your previous lender(s) and to the Department of Education for your Direct Loans, or you can consolidate your loans into one payment with the Department of Education. Please visit the Department of Education's website for more information: http://www.loanconsolidation.ed.gov/
- Will the Stafford Loans I borrowed through my lender in prior years still be deferred?
- As long as you are enrolled in school on at least a half-time basis, your prior year federal loans will continue to be deferred. Enrollment information is reported to lenders by the school on a regular basis.
- What are the Direct Loan repayment options?
- There are several repayment options available for Direct Loans:
- Income Contingent Repayment
- Income-Based Repayment
- Pay as You Earn
- What steps should I take to obtain a Parent PLUS loan?
- Under the Federal Direct PLUS loan program, parents may borrow up to the full cost of their student's education minus other financial aid received. Credit checks are required. However, the Direct Lending Program uses a more lenient credit assessment.
Application instructions are provided on our website to apply for a PLUS loan.
After you have completed an application for the PLUS loan, JWCC will submit your information to the Department of Education for a credit check.
- How do I contact the Direct Loan Program?
- The U.S. Department of Education Direct Loan Program Customer Service phone number is (800) 848-0979.
Direct Loan Program Website: