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How does Wisconsin Lutheran College help families meet the price of attendance? One way we help middle income families is with the WLC PLUS Partner Program! The WLC PLUS Partner Program is Wisconsin Lutheran College's unique commitment to you to help pay a portion of the interest on your Federal Direct PLUS loan.
Rather than facing the family contribution as two lump-sum payments (half for the fall, half for the spring) or a high monthly payment, which is typically what happens at most colleges, the Federal Direct PLUS loan enables you to approach college costs
as a monthly expense – a reasonable monthly expense. You can budget the PLUS loan payments in with your regular monthly bills … and can save money in the process.
It begins with you, the parent, borrowing a
Federal Direct PLUS loan. The Partner Program is Wisconsin Lutheran College's commitment to you to help pay a portion of the interest on your PLUS
loan. WLC will pay a designated amount of the interest for a maximum of four years while your son or daughter is enrolled at Wisconsin Lutheran College. You might call it a "value-added" Federal Direct PLUS Loan.
You can borrow a Federal Direct PLUS loan up to the cost of attendance (minus financial aid) for any one year or all four years of your son or daughter's education at Wisconsin Lutheran College. The amount borrowed can vary from year to year. A credit
check is required. The loan term is up to ten years. To keep interest at a minimum, you begin monthly payments once the entire loan for the year is disbursed.
The WLC PLUS Partner Program will help you fit the cost of paying for college into your family's budget. In addition, it enables you to plan for all four years, knowing that funding will be available for each year if you need it.
Significant savings are realized with the WLC PLUS Partner Program over the traditional PLUS program. The table below illustrates the interest payments that Wisconsin Lutheran College will make on your behalf under the Partner Program.
Your Federal Direct PLUS loan has a fixed interest rate of 7.08% for loans disbursed in the 2019-2020 academic year. Upon entering repayment, you may earn a 0.25% interest rate reduction when you sign up for auto-debit payments.
Wisconsin Lutheran College will pay 3% on the disbursed amount of any Federal Direct PLUS Loan ranging from $3,000 to $20,000 except in the first year* for any loan outstanding at June 30.
*WLC will pay one-half of the 3% interest since the full loan is not disbursed until February.
Fees and Interest Rate
The fixed interest rate for PLUS loans borrowed for 2019-2020 is 7.08%.
A 4.248% fee is subtracted from each disbursement (subject to change by U.S. Department of Education).
Because this is a PLUS loan for parents, half of the principal (minus 4.248% fee) is disbursed at the beginning of the fall semester and half (minus 4.248% fee) is disbursed at the beginning of the spring semester. The first payment will be due approximately 60 days after the second disbursement. This means you have several months to save more money before the first payment is due.*
*If necessary, you may request to defer payment until the student is out of college. However, the total cost of the loan will be significantly higher because of the delay in making payments.
You can make additional payments on the loan at any time while the student is in school or out. In fact, you can make larger payments every month than what is minimally required, or you can make lump sum payments at any time to help reduce the amount of the loan. You will have lower monthly payments than typical payment plan options. Using a conventional tuition payment plan, a family that owes $12,000 on their child's college education for the coming year would be expected to make eight monthly payments of $1,500 each, starting August 1, 2019. Borrowing a $12,000 PLUS loan would result in payments of about $145 a month, or more if your budget allowed, and payments would start in the spring term of 2020. That's less due each month and more time to prepare for the monthly payments.
*Assumes a constant 7.9% interest rate and payments occurring over 10 years with a minimum payment of $50
Families who borrow the PLUS loan each year will have four loans (one for each year of school) when their student graduates. Each loan has its own separate 10-year repayment period at a separate fixed interest rate. You can prepay the PLUS loan at any time without penalty, while the student is in school or out, in lump sum or in higher monthly payments.