What happens after my loan application is submitted?
Once your application and all required documents are submitted, Whitney staff will
review them and will mail you a letter verifying that your loan has been approved. Once
you receive this letter, please call Whitney Benefits and schedule a Loan Closing. If
you submit your application and required documents and Whitney Staff finds an error
we will contact you at the number and/or email you provide on the application form
Students and their co-borrowers
must attend the Loan Closing. At the
Loan Closing, Whitney staff will
review the loan documents before
the student and their co-borrowers
sign. All documents will be notarized.
The loan closing takes approximately
20 minutes.
Whitney will issue the first
disbursement to the student at the
loan closing. All disbursements
issued by Whitney shall be payable
only to the student. To receive all future disbursements, the student must first provide
Whitney with an official transcript or grade report verifying that the student has earned
at least 12 credit hours and maintained a 2.25 grade point average in the preceding
term.
When are the funding deadlines for students with current loans?
The deadline for Fall funding is October 1st and for Spring funding is March 1st.
How much can students borrow in total and per semester for undergraduate or
vocational studies? What information do you use to see how much each student will
qualify for?
Up to $24,000 for undergraduate or
vocational school studies. Traditional
students may borrow, each semester
during their undergraduate
education, the following amount:
1.
One half (1/2) of the annual limit
established by the Whitney
Trustees. For schools on
quarter systems, the annual limit
shall be one-third (1/3) instead
of 1/2. The annual limit is
$6,000.
2.
Vocational students may borrow up to $24,000 over the length of their program.
These students will not be held to the annual limit.
3.
To qualify, students and the student's parents must have an adjusted gross income
from the previous year of under $200,000.
How much can students borrow for graduate or professional studies?
Graduate students can borrow a credit limit of $40,000.
What is the lifetime limit amount of student loans a student can borrow from Whitney
Benefits?
Students can borrow a lifetime limit of $24,000 to attend undergraduate and/or
vocational school and a lifetime limit of $40,000 if they attend graduate school.
When will I be expected to start repayment on my loan?
Repayments begin on the earliest of the following dates:
•
Six months after the anticipated or actual graduation date.
•
Immediately if the student leaves school.
How much interest will I pay on my loan?
Whitney Benefits Student Loans are interest free. (However, interest may be charged if
the loan is in default.)
How much money does an interest-
free student loan save me?
Please refer to the calculations at
this link.
How often will I receive the Present
value discount option?
Present Value Discounts are
available at the start of repayment
and every anniversary date
thereafter.
Can Whitney Benefits send and receive electronic payments?
Whitney Benefits does now have the ability to electronically disburse funds and receive
electronic payments. Please download the Electronic Credit Authorization form to
receive electronic disbursements or the Electronic Debit Authorization to make
electronic payments. Please fill out and return the form to Whitney to take advantage of
these conveniences.
Why does Whitney Benefits provide student loans?
Whitney Benefits, Inc. was created under the Last Will and Testament of Mr. Edward A.
Whitney, a Sheridan County resident, who passed away in 1917. Mr. Whitney directed
the corporation to create a student loan program that would help provide men and
women with modest financial assistance from the corporation's income to pursue
academic and vocational studies.
Since inception of the program in 1928, the corporation has loaned 5,926 students
approximately $43,462,932. For the fiscal year that ended June 30, 2018, Whitney
approved interest free loans totaling $2,297,242.40 to 112 students; 88 students
received loans for the first time and 24 students had received loans previously. As of
June 30, 2018, Whitney has $12,696,229.92 in student loan monies loaned and / or
committed to Sheridan and Johnson County students.
Is there other financial aid available?
Northern Wyoming Community College District has many financial aid opportunities
available. If you are not attending NWCCD, check with your college or university's
financial aid office.
Frequently Asked Questions About Whitney Loans
Apply for a Student Loan
When completing the student loan application online, you will need to gather and submit the
following documents:
1.
Official transcripts of all High Schools and Colleges attended.
2.
Most recent IRS Form 1040 filed by Applicant and both Co-Borrowers (Please submit
only the first two pages of the 1040 or 1040EZ and please make sure that the copies
are signed.) View an example of the required 1040.
3.
Proof of enrollment (acceptance letter or schedule).
4.
If you are attending vocational or graduate school, provide proof of the Cost of
Attendance from the school you will be attending. For reference, the Cost of Attendance
is available for regional schools and is updated as information becomes available.
5.
Statement of amount borrowed from the Homer and Mildred Scott Foundation Student
Loan Fund, if applicable.
6.
Please attach a recent photograph.
Click here to Apply
(Application may not work well on mobile devices)
The application deadline for Spring 2020 funding for new loans is March 1, 2020.
Please review the Whitney Benefits Student Loan Terms and Conditions, available as a PDF.
LOANS ARE AVAILABLE TO:
•
Graduates of an accredited Sheridan / Johnson County High School.
•
Students who have obtained a GED from a Sheridan / Johnson County High School or
Sheridan College.
•
Individuals that have had at least seven years of
continuous residency in Sheridan or Johnson
County immediately prior to applying for a loan.
REQUIREMENTS:
Applicants up to age 24 years old:
•
Must have a 2.5 cumulative grade point average
from high school, or
•
A 2.25 cumulative grade point average from college.
Applicants who are age 25 years and older:
•
Must have a 2.0 cumulative grade point average
from high school, or
•
A 2.25 cumulative grade point average from college.
Other Requirements Do Exist.
APPLICANTS CAN NOT:
•
Be related to Whitney Benefits Board members.
•
Currently have loans with the Dodd and Dorothy L. Bryan Foundation, B.F. and Rose H.
Perkins Foundation, or any other private foundation.
•
Be currently receiving a Daniels Fund Grant.
Whitney, in its sole and absolute discretion, has the authority to determine whether a student
meets qualifications for loan approval.
The Whitney student loan program
provides interest-free student loans
to Sheridan and Johnson County
high school graduates. Learn how
this program could help you in the
series of videos.
Whitney Benefits uses an online
student loan application process. For
the 2019-2020 school year,
undergraduate students may be
eligible to borrow a credit limit up to
$24,000, up to $6,000 per academic year.
We are updating our contact information for every one who has had or currently has a
Whitney Student Loan. Please fill out this simple form so that we have your current
information.
An Educational Foundation by the late Mr. Edward A. Whitney
Student Loans
© Whitney Benefits, Inc. All Rights Reserved
Phone: 307-674-7303