Facts about Tech
Information About Loans
Starting in the Fall 2009, WVU Tech will participate in the Federal Direct Loan Program; therefore, Federal Stafford Loan applications through banks, credit unions, and other lenders are unnecessary. Student loan eligibility will be determined after reviewing the FAFSA and will be included in the student’s financial aid offer. Any student who borrows a Direct Loan in 2009-2010 will be required to complete an online Direct Loan Master Promissory Note. In addition, any new student loan borrowers will also be required to complete entrance loan counseling at www.dl.ed.gov.
Federal Loans
Federal Perkins Loan – A low interest (5%) loan for students enrolled in at least halftime status. To be eligible, the applicant must have demonstrated financial need, determined by a need analysis document, and maintain satisfactory progress. The amount of the loan authorized is determined by the availability of funds.
Federal Stafford Loan (Subsidized and Unsubsidized) – A government low-interest loan. Starting in the fall of 2009 WVU Tech will participate the Direct Loan Program. The applicant must have financial need to qualify for the subsidized loan. The unsubsidized loan may be used to replace the expected family contribution. The Free Application For Federal Student Aid is required in addition to a Master Promissory Note and entrance counseling.
Federal Parent Loans for Undergraduate Students (PLUS) – Parent(s) can borrow up to the cost of attendance for each dependent student enrolled for at least halftime. Although the parent is the borrower, the monies are to be used for meeting the student’s educational expenses. The parent is responsible for paying all the principal plus the interest on the loan.
Institutional Loans
The Fred G. and Nannie D. Wood Loan Fund – A low interest (4%) privately endowed loan program with a six-month grace period for West Virginians from coal mining backgrounds. Applicants must be in a degree program.
The Philip and Sadie Sporn Loan Fund – A low interest (3%) loan program with a six-month grace period for full-time students enrolled in engineering and/or science fields. The amount of the loan is determined by the availability of funds and financial need up to $1,000.
The Emergency Short-Term Loan – Available to all WVU Tech students who qualify, regardless of whether they are receiving other financial aid. This loan must be used only to help pay the costs of educational expenses. To qualify, the applicant must be a full-time student with a GPA of 2.0, have a co-signer, and have a visible means of repaying the loan. Neither the borrower nor the co-signer can have an outstanding short-term loan. The maximum amount which may be borrowed is $100, except during registration periods; a student may borrow $250 toward the cost of tuition and fees and room and board (this amount is to be disbursed in a two part check to WVU Tech and the student). Applicants who are approved for loans will be given a maximum of 60 days in which to repay the loan. The service charge for loans which are paid within 60 days is $1. Overdue loans are charged interest.
