The interest rate is variable with a cap of 8.25 percent and is set annually by the federal government. Interest is not charged while you are enrolled at least half-time. The Unsubsidized Federal Direct Stafford Loan is available to students who do not qualify for subsidized loan support or who wish to supplement the subsidized loan.
Interest is charged on the unsubsidized loan from the time the loan is disbursed.
No payment is required until you graduate, withdraw, or drop below half-time status. First-time WCL borrowers must satisfy Entrance Counseling requirements before loan proceeds can be disbursed. The interest rate is 5 percent. Repayment begins six to nine months after graduation, withdrawal from school or change to less than full-time enrollment. Work-study is considered financial aid and is awarded through the financial aid process to interested applicants who meet the March 1 application deadline.