Understanding your options for financing your education at Central Wyoming College.
If you need additional funding to help cover the cost of your education, federal and private student loans may help bridge the gap between your expenses and other financial aid. Because loans must be repaid with interest, it is important to understand your options and borrow responsibly.
Complete Your FAFSA Every Year
To be considered for federal student loans, you must complete the FAFSA annually at studentaid.gov.
Central Wyoming College School Code: 005018
Priority deadlines are early March for fall semester and early October for spring semester.
Compare the main differences between Direct Subsidized, Direct Unsubsidized, and Parent PLUS loans.
Who qualifies:
Undergraduate students with financial need
Interest while in school:
Paid by the government while enrolled at least half-time
Credit check:
Not required
Interest rate:
Fixed
Best for:
Students who qualify based on financial need
Who qualifies:
Undergraduate and graduate students regardless of financial need
Interest while in school:
Accrues from disbursement
Credit check:
Not required
Interest rate:
Fixed
Best for:
Students who need federal loan funding but do not qualify for subsidized loans
Who qualifies:
Parents of dependent undergraduate students
Interest while in school:
Accrues immediately
Credit check:
Required
Interest rate:
Fixed
Best for:
Families needing additional funding beyond student federal loan limits
Federal loans are the most common way students borrow for college. These loans offer several advantages including:
Eligibility Requirements
To qualify for federal student loans, you must:
Direct Subsidized Loans
Available to undergraduate students with demonstrated financial need. The federal government pays the interest while you’re enrolled at least half-time and during authorized deferment periods.
Direct Unsubsidized Loans
Available to undergraduate and graduate students regardless of financial need. Interest accrues from the date of disbursement, even while you’re in school. You can choose to pay the interest while in school or allow it to capitalize.
Annual Loan Limits
Federal Direct PLUS Loans are available to parents of dependent undergraduate students. These credit-based loans can help cover the remaining cost of education after other financial aid is applied.
Key Features
If a parent is denied: The student may be eligible to borrow additional unsubsidized loan funds.
Private student loans are offered by banks, credit unions, and other financial institutions. These should typically only be considered after maximizing federal loan options, as they often have less favorable terms.
Considerations
Always exhaust federal loan options before considering private loans.
If you are accepting and requesting a student loan, the following steps need to be completed:
Before you receive student loan funds, you are required to complete the steps listed below. Read through each item carefully. Depending on your loan history, you may not need to complete the task listed.
1. ACCEPT YOUR STUDENT LOANS ONLINE THROUGH MYCENTRAL
Your Financial Aid Offer can be seen in MyCentral once your file has been processed by the Financial Aid Office. You will be sent an email notice once awards are available to accept or decline. Processed awards are the maximum dollar amount of student loan funding you are eligible to borrow for the academic year at full time. If you wish to use student loans to help pay your educational expenses, you accept your student loans online through MyCentral (loan funds will be split equally between semesters), the type of loan (Direct Subsidized/Direct Unsubsidized).
NOTE: The information provided below may be slightly different than the information displayed on your computer screen due to your unique federal aid history and individual web browser settings.
2. LOG INTO: studentaid.gov
Use your FSA ID username, email or phone number. If you do not remember your log in information, you may click one of the “forgot my username” or “forgot my password” links.
COMPLETE ENTRANCE COUNSELING:
If you have not previously received a Direct Loan or Federal Family Education Loan (FFEL), the Federal Government requires you to complete entrance counseling to ensure that you understand the responsibilities and obligations you are assuming. If you are a transfer student, you must log into studentaid.gov and add CWC to your account and complete a new entrance counseling session.
COMPLETE MASTER PROMISSORY NOTE:
If you have received federal student loans in the last ten years, you do not need to complete this step. If you are a transfer student, you must log into studentaid.gov and add CWC to your account and complete a new MPN. First time borrowers must complete a MPN which is a legal document in which you promise to repay your loans, plus interest & fees, to the U.S. Department of Education. The terms and conditions of your loan are explained.
Once you have accepted your loans through MyCentral and completed both Entrance Counseling and the Master Promissory Note, your loan will be processed. Here’s what happens next:
Processing Time: Allow 24-48 hours for your MPN to be electronically sent to CWC Rustler Central
Disbursement Schedule: Student loan funds are disbursed after a student has been enrolled and actively attending classes for at least one month of the semester. This policy ensures eligibility requirements are met before funds are applied to the student account. PLEASE NOTE: Loans awarded for a single semester are required to be disbursed in two installments. The first disbursement will occur after the student has been enrolled and actively attending classes for at least one month of the semester. The second disbursement will be issued later in the term, provided the student remains eligible.
First-Time Borrower Delay: If this is your first federal student loan at CWC, you may experience a 30-day delay on your first disbursement
Fund Distribution: Your loan will be split equally between fall and spring semesters
Direct Application: Loan funds are applied directly to your student account to cover tuition, fees, and other institutional charges
Refunds: Any remaining funds after all charges are paid will be refunded to you for educational expenses
Exit Counseling is Mandatory: You must complete exit counseling when you graduate, drop below half-time enrollment, or leave school
Maintain Satisfactory Academic Progress: Failure to meet academic requirements can result in loss of loan eligibility
Only Borrow What You Need: Remember, loans must be repaid with interest
Federal Aid Only Covers Eligible Courses: Only courses that count toward your degree or certificate will be covered
Loans Aren’t Automatic: Unlike grants, you must take additional steps to receive loan funds
Think Before You Drop: Dropping classes may affect your enrollment status and loan eligibility
Know Your Grace Period: You have six months after dropping below half-time enrollment before repayment begins
Loan Repayment Resources
Explore repayment options, calculate monthly payments, and learn about income-driven repayment plans.
Our Financial Aid team is here to help you navigate the loan process
Financial Aid Office
Central Wyoming College
2660 Peck Avenue
Riverton, WY 82501
When will I receive my loan money?
Loan funds are typically disbursed at the beginning of each semester, after you’ve completed all required steps and your enrollment is confirmed. First-time borrowers may experience a 30-day delay on their first disbursement.
Can I cancel my loan after accepting it?
Yes. You can reduce or cancel your loans at any time by contacting the Financial Aid Office. It’s always better to borrow less if you don’t need the full amount.
What happens if I drop below half-time enrollment?
If you drop below 6 credits, your grace period begins, and you’ll need to start repaying your loans six months later. This also affects future loan eligibility.
How do I know how much I’ve borrowed?
Log in to the National Student Loan Data System at studentaid.gov to see all your federal student loans, including amounts borrowed, outstanding balances, and loan servicer information.
What if I’m having trouble making payments after graduation?
Contact your loan servicer immediately. You may be eligible for deferment, forbearance, or an income-driven repayment plan that can lower your monthly payment.
At CWC, we understand that student loans can be intimidating. That’s why we have partnered with Inceptia, a nonprofit organization, to provide you with free assistance on your student loan obligations to ensure you feel comfortable and can be successful in your loan repayment.
Inceptia may be calling to help you with next steps in your repayment journey. Their friendly counselors are there to help you every step of the way. While you are in your grace period, they might reach out to you to answer questions you may have on your repayment options. If you become delinquent on your loans, they may also contact you to help find a solution that works within your means.
The Inceptia counselors are there to help you with every step by staying in touch with you via phone calls, letters, and/or emails. They will not be collecting money from you. Inceptia’s nonprofit purpose is to help you find answers to your questions and solutions to your issues. We encourage you to visit Inceptia’s Student Knowledge HQ website at HeroKnowl.org.