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Prior to any federal Direct Student Loan or Parent Plus Loan being certified by Tennessee Wesleyan College, the applicant must complete the financial aid application process, including the Free Application for Federal Student Aid (FAFSA).
Federal Direct Loan Program - Apply Now
A Federal loan program which allows the student to borrow long-term, low-interest loans directly from The Department of Education. The loans are available to students attending school and enrolled at least half-time (6 hours).
The Federal Direct Loan Program is intended solely to aid students pursuing a degree in higher education. Borrowers should borrow only the amount they feel is necessary to pay for their educational costs. Keeping the amount of a loan at a minimum will ease repayment.
Students who borrow a need-based Federal Direct Loan will not be charged interest on the loan while in school or in deferment. This type of Federal Direct Loan is referred to as "subsidized." Loan limits per academic year are as follows:
Freshmen (0-27 hours earned) $3500
Sophomore (28-59 hours earned) $4500
Junior & Senior (60+ hours earned) $5500
Repayment begins six months after the student graduates, leaves school, or falls below half-time enrollment.
An "unsubsidized" Federal Direct Loan can be borrowed by students who are not eligible for a need-based Federal
Direct Loan. When borrowing the "Unsubsidized" Federal Direct Loan, students will be charged interest from the time the loan is disbursed until it is paid in full.
Direct PLUS Loan - Apply Now
The Federal Direct PLUS loan is a non-need-based parent loan for dependent students with a variable interest rate not to exceed 10 percent. Credit checks are conducted by the lender to determine loan approval.
Parents of dependent undergraduate students may borrow up to the cost of education minus financial aid per year for each child who is enrolled at least half time and is a dependent student.
Alternative/Private Education Loans
A loan program from a bank or other lending institution which allows students to finance the gap if scholarships, grants and federal loans don't cover all your college expenses. The loans are available to students attending school and enrolled at least half-time (6 hours).
Alternative/Private Education Loans are intended solely to aid students pursuing a degree in higher education. Borrowers should borrow only the amount they feel is necessary to pay for their educational costs. Keeping the amount of a loan at a minimum will ease repayment. Repayment policies vary among lenders. Students will be charged interest from the time the loan is disbursed until it is paid in full.
Below is a list of lenders from whom our students have borrowed from in recent years. You are free to choose any lender who provides an Alternative Loan even if they are not on this list.
Student Loan Finance Corporation
Wells Fargo EFS
United Methodist Student Loan Program - Apply NOW
A loan program offered through the United Methodist Church.
Tennessee Teaching Scholars Programs - APPLY NOW
The Teacher Teaching Scholars Program was established by the Tennessee General Assembly for students interested in a career in teaching. Beginning in the 1996-1997 academic year, this new program replaced both the Teacher Loan Scholarship Program and the Teacher Loan Program for Disadvantaged Areas of Tennessee.
This new forgivable loan of approximately $4500 will be available on a competitive basis for up to four years for college juniors, seniors, and post-baccalaureate students, who have been admitted to State-approved teacher education programs in a Tennessee institution of higher education. They must commit to teaching in the Tennessee public schools at the preschool, elementary or secondary level one year for each year the award is received. Applications are available in the Financial Aid Office. The deadline is April 15.
Emergency Loan Program
The college, through the Dean of Students' Office, has available emergency loan funds for students who need special assistance for a short period of time. A student may borrow a maximum of $25 and must repay that amount within a one-month period.