Word of Life Bible Institute

Federal Stafford Loan

Federal Stafford Loan (student loan)
If you are a dependent undergraduate student (Dependency status is determined by the FAFSA), you can borrow up to:

$5,500 if you are a first-year student
$6,500 if you are a second-year student

If you are an independent undergraduate student or a dependent student whose parents have applied for but were denied a PLUS Loan (a parent loan), you can borrow up to:

$9,500 if you are a first-year student
$10,500 if you are a second-year student

To apply, you must complete and sign a Federal Stafford Loan Master Promissory Note. Loans must be repaid. Our office will provide you with instructions for completing the Master Promissory Note.

Please check with the Financial Aid Office prior to completing loan applications from other sources.

Parent Plus Loans

Federal PLUS Loan (parent loan)
If you are a dependent undergraduate student and your parents have an acceptable credit history, they can take out a PLUS Loan which allows them to borrow as much as needed to cover the cost of any education related expenses. Your parents must complete a Federal PLUS Loan Master Promissory Note.

Loan Counseling

LOAN COUNSELING
Federal regulation requires that students who take out a Federal Stafford Loan complete both an entrance and exit loan counseling. The entrance counseling must be completed before any loan disbursements can be credited to the student’s account. The exit counseling serves to inform students about repayment of their loan. If loan repayment is not managed properly, the student can go into default which will affect their credit rating, eligibility for further financial aid, and may result in garnishment of wages and future tax refunds. These counseling sessions inform the student of his/her rights and responsibilities as a borrower.

Alternative Loans

Word of Life Bible Institue highly recommends you exhaust all Federal Loan options and scholarship resources before researching alternative loan programs.

Word of Life Bible Institute Financial Practices and Code of Conduct

Word of Life Bible Institute lists these private education lenders strictly for the students conveinience. Other lenders are available and we welcome your investigation into other sources for a private loan. Interest rates and terms may vary significantly with this type of loan.

Word of Life Bible Institute promises you that:

we are not offered any finacial incentive from the institutions providing these loans
we do not accept gifts or gratuities from the institutions providing these loans
we have not entered into any promise or concession to these lenders for any reason
in respect to private education lending; our staff is prohibited from accepting outside compensation for consulting or other services to a lender such as serving on an advisory board, commission or group

WELLS FARGO and SALLIE MAE offer a private student loan program to students that have outstanding financial need. A private student loan is similar in many ways to the Federal Stafford (student) Loan with a few exceptions:

Once approved the only limit on the amount the student may borrow is the schools determination of Cost of Attendance. (Stafford Loans have limits)
Generally, students will need an eligible co-signer to be approved regardless of age, income or prior credit history.
The lender does not have the same assurances from the government that the Stafford Loan does, therefore this loan will have a higher interest rate due to the increased risk. Students should exhaust their Stafford eligibility and use this as a loan for their remaining unmet need.

For more information or to apply look for "Student Loans" at:
www.wellsfargo.com/student/undergrad/
www.salliemae.com/content/get_student_loan/find_student_loan/smart-option-student-loan.aspx

Loan Quick Links

Word of Life Bible Institue highly recommends you exhaust all Federal Loan options and scholarship resources before researching alternative loan programs.