All Federal Direct Loans are guaranteed by the federal government and are provided through the U.S. Department of Education.  All first year, first time student borrowers at Williamson College, must complete Student Loan Entrance Counseling and complete a Master Promissory note at www.studentloans.gov.

Undergraduate Loans

Direct Loan Terms and Conditions and Repayment Chart

Print the above chart which details loan information including a repayment breakdown for the Direct Loans.

Federal Direct Subsidized Loan

  • Loans are need-based and interest is paid by the federal government during student’s enrollment, grace and deferment periods.
  • Loans are “variable fixed”, meaning borrowers might receive a new rate with each new loan, but then that rate would be fixed for the life of the loan.
  • Interest rate is fixed at 5.045% for academic year 2018-19, with 10 years to repay.
  • Maximum amounts: $3500 for freshmen, $4500 for sophomores, and $5500 for juniors and seniors.
  • An origination fee of 1.062% for loans first disbursed on or after October 1, 2018 and is deducted in the disbursed amount.
  • Repayment begins six months after the student graduates or drops below half-time enrollment.
  • Direct Loan statutory requirements now limit first-time borrower’s eligibility for Direct Subsidized Loans to be period not to exceed 150% of the length of the borrower’s educational program (the “150% limit”).

Federal Direct Unsubsidized Loan

  • Loans are made to eligible students, but the student does not have to demonstrate financial need to be eligible for the loan.
  • Dependent students eligible for a subsidized Direct Loan can receive up to an additional $2,000 unsubsidized.
  • Loans are “variable fixed”, meaning borrowers would receive a new rate with each new loan, but then that rate would be fixed for the life of the loan.
  • Interest rate is fixed at 5.045% for 2018-19, with 10 years to repay.
  • Loans are non-need based with interest accruing at a time of disbursement; principal is deferred and interest can be paid quarterly or capitalized and added to the principal amount with repayment begins.
  • All other terms are the same as for the subsidized loan above.

Recipients of the Federal Direct Loans are required to complete an Loan Exit Counseling session upon graduation, dropping below half-time status, with enrollment breaks of greater than 45 days, or official or unofficial withdrawal from the College.

Federal Direct PLUS Loan

Williamson College encourages students and parents to apply for grants and student loans before any parent plus loan is processed, using the FAFSA.

The Federal Direct PLUS Loan program offers loans to parents of undergraduate dependent students enrolled at least half-time, to help subsidize their child’s education.  Direct PLUS Loan borrowers must be biological or an adoptive parent or student’s step parent, if biological or adoptive parent has remarried at the time of application.  Loan credit approval is required by the Department of Education.  Interest on the PLUS loans begins to accrue upon disbursement of the loan.  Parents will apply and qualify for PLUS loans annually.

  • Parents must complete the Williamson College PLUS application.
  • Parent can specify amount of their loan, however, it cannot exceed the Cost of Attendance less all other assistance the student has been awarded.
  • Interest rate is fixed at 7.595% for 2018-19, with 10 years to repay.
  • Repayment typically begins within 60 days of disbursement, however, deferments are offered.
  • Parent PLUS loans will have a 4.248% origination fee for loans first disbursed on or after October 1, 2018. Origination fees are charged when funds are disbursed to the school.
  • If you have an adverse credit history, you may still obtain a Direct PLUS loan  by 1)obtaining an endorser who does not have an adverse credit history, 2)Documenting to the satisfaction of the U.S. Department of Education that there are extenuating circumstances relating to your adverse credit history. (With either option, PLUS counseling must be completed by the PLUS loan borrower).

PLUS loan approvals received will be evenly divided and disbursed between two terms which cover the award year.  If the loan is be be for one term, the parent must indicate the information on the Williamson College PLUS application.  Once the PLUS loan is approved, a PLUS Loan Master Promissory Note must be completed for funds to be released to the school.

Graduate Loans

Graduate Student Loan Information and Loan Repayment Chart

Print the above chart which details loan information including a repayment breakdown for the Direct Loans.

Federal Direct Unsubsidized Loans

Loans are guaranteed by the federal government and are provided through the U.S. Department of Education. All first time borrowers must complete Loan Entrance Counseling and complete a Master Promissory Note.

  • Students may borrow up to $20,500 per loan period.
  • Loans are “variable fixed,” meaning borrowers could receive a new rate with each new loan, but then that rate would be fixed for the life of the loan.
  • Interest rate is fixed at 6.595% (for loans borrowed within July 1, 2018 – June 30, 2019) with 10 years to repay.
  • Origination fee for loans made between 10/1/18 and 9/30/19 is 1.062%.
  • Interest begins to accrue on loans from the date of disbursement and continues throughout the life of the loan.
  • Loans have a six-month grace period, when the student ceases to be enrolled at least half-time, before repayment begins.

Federal Graduate PLUS Loans

Federal Direct Graduate PLUS loans are made to credit-worthy eligible borrowers. All borrowers must complete a master promissory note and apply for a PLUS loan every loan period Grad PLUS funds are borrowed.

  • Students are eligible to borrow up to the Cost of Attendance minus any other financial assistance received.
  • Loans are “variable fixed.” The fixed interest rate for loans disbursed between 7/1/18 and 6/30/19 is 7.595%.
  • Origination fee for loans made between 10/1/18 and 9/30/19 is 4.248%.
  • Borrowers are responsible for any interest that begins accruing the date of disbursement.
  • If you have an adverse credit history, you may still obtain a Graduate PLUS loan by 1) obtaining an endorser who does not have an adverse credit history and 2) documenting to the satisfaction of the U.S. Department of Education that there are extenuating circumstances relating to your adverse credit history. (With either option, PLUS credit counseling must be completed by the Graduate PLUS loan borrower).