Walters State Community College does not participate in the William D. Ford Federal Direct Loan Program. However, you may stop by the financial aid office or click here for additional information on types of financial aid available.
Walters State encourages all students to complete the Free Application for Federal Student Aid (FAFSA), as students may qualify for other forms of federal student financial assistance through other Title IV programs such as Pell, Supplemental Educational opportunity Grant (SEOG) or Federal Work Study. The FAFSA is also required for state programs, including the Tennessee Lottery Scholarship.
Did you know that the college offers a deferred payment plan? Click here to learn more.
Already have a loan? Click here for information on repaying your student loans.
Students that received a William D Ford Federal Direct Stafford Loan at any time during their enrollment at Walters State are still required to complete a mandatory information session when they graduate, withdraw or attend school less than half-time. You should complete your EXIT Loan Counseling before you leave school to make sure that you understand your rights and responsibilities as a borrower.
Walters State does not endorse any private loan servicer or products that they offer.
Private Education Loans are non-federal loans made by a lender such as a bank, credit union or any other financial institution engaged in the business of soliciting, making or extending private education loans. Private loans are intended to help bridge the gap in funding your educational cost after all other sources of aid (grants, scholarships and work study) have been considered.
Walters State Community College does not endorse any private loan servicer or the products that they offer. As a result, students are encouraged to research which private loans will best meet their needs by comparing interest rates, fees and repayment terms and conditions.
Students may choose any lender when applying for a private loan. However, the lender may require you to complete a self-certification form in which you will be required to report your cost of attendance (COA) and any awards received at Walters State. This information is available on MyWS by selecting Financial Aid Award Package. You may also come by the financial aid office for assistance with this information.
Private loans may also be referred to as "alternative loans," but please keep in mind that these loans are not Title IV loans. Students are subject to the terms of the private lender. Students are encouraged to read all disclosures carefully and become well-informed borrowers.
Remember that your student loans are real and can impact your ability to borrow in the future. Failure to make payments or defaulting on your student loan can negatively impact your credit rating and ability to borrow.
You must repay a student loan even if you cannot find a job, fail to complete your education or your financial circumstances become difficult.
Click on a question below to view the answer.
Your monthly payment amount will depend on:
Click here to use a repayment estimator to determine which repayment plan may work best for you and estimate what your overall payment may be. You will need your FSA ID because the estimates will be based on your actual loan information.
You are still responsible for making your scheduled monthly payments even if you do not receive a bill or payment booklet. It is your responsibility to notify your loan servicer. If you do not make your loan payments you will go into Default.
You will go into DEFAULT!
Failure to make your payments has serious legal consequences. Your credit rating will be negatively impacted and you may have trouble securing mortgages, getting a car loan, renting an apartment or even getting a cell phone plan. It can also lead to garnishment of wages and withholding of your tax refund. DON'T IGNORE DEBT IT WILL NOT GO AWAY!
Failure to repay your loan as scheduled according to the terms of your promissory note. Federal student loans are typically considered to be in default if a payment has not been made in 270 days or more. At the time of default, outstanding interest is capitalized and collection fees may be added, resulting in a loan balance that is higher than the amount borrowed. Until the default is resolved, collection efforts continue and the defaulter will be ineligible for additional federal student aid.
Work with your loan servicer, lender or collection agency by explaining your situation. They can help you resolve the default. Some options may include: loan repayment, loan rehabilitation or loan consolidation.
How can I resolve disputes if I believe my loan has been placed in default by mistake?
Identify the problem and contact your loan servicer. Your loan servicer will work
with you to help resolve any discrepancies. Click here for more information on common loan problems and how to resolve.