2010 – 2011 LOAN REQUEST FORM

Name Student ID #

Initial Loan Request for 2010-11

I previously declined to borrow from the Stafford Loan program but now wish to borrow.

I wish to increase my loan amount. Please specify amount of increase and loan type below.

PLEASE READ CAREFULLY. THERE ARE SEVERAL CHANGES TO PROCEDURES FOR APPLYING FOR A
LOAN.

Beginning with the 2010-2011 school year, Wake Technical Community College will participate in the William D.
Ford Federal Direct Loan Program. This means that you will no longer choose a lender. All loans will be funded
by the US Treasury. For more detailed information, please visit our website and select 2010-2011 Stafford
Loans. Please follow the instructions on the reverse side of this form completely in order to ensure timely
processing of your Stafford Loan.

Loan Type Requested:

Subsidized – the federal government pays the interest on the loan while the student is enrolled at least ½
Time. Student must demonstrate financial need.
Unsubsidized – students may borrow this loan without demonstrating need: however, interest accrues
from the day the loan is disbursed. Applicants are automatically considered for the most favorable loan
and may qualify for a combination of subsidized and/or unsubsidized loans.

Loan Amount Requested: Subsidized Unsubsidized

The amount that you may borrow is determined by your dependency status and financial need as
determined by the Free Application for Federal Student Aid (FAFSA).

BEWARE of student loan debt and borrow only what you need. The maximum amounts per year are listed in the
chart below. Students taking a one semester loan are only entitled to half the maximum amount per semester.

Student Completed Annual Max

Subsidized Unsubsidized Total Debt Permitted
Type Credits (Sub+Unsub)
Dependent Less than 30 $3,500 $2,000 $5,500 $31,000 (23,000 sub max)
Dependent 30 or more* $4,500 $2,000 $6,500 $31,000 (23,000 sub max)
Independent Less than 30 $3,500 $6,000 $9,500 $57,500 (sub+unsub)
Independent 30 or more* $4,500 $6,000 $10,500 $57,500 (sub+unsub)
*Note: Students taking Certificate plans that require fewer than 30 hours will not be allowed the higher amount.

CERTIFICATIONS:
I understand that I must be enrolled for at least six hours in an eligible degree program and my courses must be
required for completion of my degree.
I understand that the promissory note must be signed before loan funds are disbursed to the school.

I authorize the Accounting Office to credit my funds and deduct any outstanding charges on my account. I
understand that this is a loan that must be repaid regardless of whether or not I complete the program or find
employment. I have read and understand instructions on reverse side of this page.

Student Date
Signature

Form 1102 R-3 (2-5-10) LW

Instructions for the Federal Direct Stafford Student Loan Process
Federal Direct Stafford Student Loans are financial aid that must be repaid, typically 6 months
from the point you are no longer enrolled or drop below six credit hours. Federal Direct Stafford
Student Loans are subject to the same rules and regulations as Federal Pell Grants and other
federal aid. Loans are to be used for expenses associated with your education. Using loan
money to purchase a car, pay legal expenses, make investments, consolidate consumer debts,
or pay other non-educational related debts violates federal law and could result in the loss of
your borrowing privileges at the college.

1. Be admitted into an approved Degree, Diploma, or Certificate program, and be maintaining

Satisfactory Academic Progress in that program. Refer to the links below for additional
information.
http://financialaid.waketech.edu/keeping-financialaid.php
http://financialaid.waketech.edu/pdf/EligibleFinancialAidPrograms.pdf

2. Complete the FAFSA (Free Application for Federal Student Aid) for the current aid year.

3. Provide other documents if requested by the Financial Aid Office. Sometimes the FAFSA
data is incomplete, or the US Dept of Education has selected a student for Verification. If the
Financial Aid Office needs additional information before determining your loan eligibility, please
comply as quickly as possible.

4. Complete Loan Entrance Counseling. This can be done online at

https://www.dl.ed.gov/borrower/BorrowerWelcomePage.jsp. Once you access this website,
select the option for “Entrance & Exit Counseling” in the top right hand corner of the page.

5. Complete the Electronic Master Promissory note at the secure Department of Education site
at https://dlenote.ed.gov/empn/index.jsp. Once you access this website, select the option for
“Complete New MPN for Student Loans”. You only need to complete one promissory during
your academic career at Wake Technical Community College.

6. Determine how much you need to borrow and the loan period. All loans come in TWO
disbursements.

7. Complete the Loan Request Form by December 1 for fall semester, April 15 for Spring
semester and June 1 for summer term. This form is available in the Financial Aid Office or may
be downloaded from the Financial Aid website.

8. View award on Web Advisor.

9. Attend & finish your classes. You must attend your classes to be eligible for the loan
disbursements. If you withdraw or drop below half-time (6 credits) before your loan is
disbursed, the funds will be returned. Loan refund checks (balances remaining after tuition &
book charges are deducted) will be mailed. Check mailing dates will be posted on the Financial
Aid website. Refund checks are generally mailed approximately 30 days after the census date.
Please plan your finances accordingly.