Student Loan FAQs
The student loan process can be complex. We’ve compiled a series of answers to common questions.
FAFSA
Whitney Benefits does not require you to fill out the FASFA to apply, but it is a requirement of many other scholarship applications and other financial aid for college.
- What to know about the new FAFSA
- Got FAFSA errors? Here are some tips on how to avoid the most common ones.
What happens after my application is submitted?
Whitney Benefits staff will review your application and contact you if additional information is needed.
Approved applicants will receive an approval letter and instructions on how to schedule a loan closing appointment.
What is the Loan Closing Appointment?
You and your co-borrowers will meet with Whitney Benefits to sign your loan documents and review the terms and conditions. We’ll also answer any questions you may have. Loan signing is to be completed in person at our office. If you or your co-borrowers are unable to attend in person, please contact us to make arrangements.
How do I Receive a Loan Disbursement?
Once all required documents have been received and the disbursement amount has been confirmed, funds will be issued directly to the student. Students may choose to pick up a check at our office, have a check mailed, or enroll in direct deposit by submitting an Electronic Credit Authorization Form.
When do I start Paying Back My Loan?
Repayment begins six months after graduation. We will provide you repayment details before your repayment period begins.
Repayment begins immediately if you leave school or are no longer enrolled full-time. Please contact us if your schedule or plans change.
How do I make my loan payments?
Whitney Benefits accepts cash or check payments in our office. Check payments can also be mailed to PO Box 5085, Sheridan, WY 82801.
You can also enroll in AutoPay by completing the Electronic Debit Authorization Form.
Whitney Benefits does assess a $10 / month late fee for missed or late payments.
What are the application and funding request deadlines?
• Fall: October 1st
• Spring: March 1st
New loan applications and funding requests for current borrowers must be complete, with all required documentation submitted by the applicable deadline.
How do students with current loans request funding for the next term?
To request funding for the next term, submit:
• Official transcript
• Proof of enrollment
• Requested disbursement amount
Students must maintain a 2.25 cumulative college GPA, be enrolled in at least 12 undergraduate credit hours, 9 graduate credit hours, or be considered a full-time student and are in good standing.
Documents can be emailed to studentloans@whitneybenefits.org
Students may choose to pick up a check, have a check mailed, or enroll in direct deposit by submitting an Electronic Credit Authorization Form.
How Do I Obtain and Submit An Official Transcript?
Whitney Benefits requires an official transcript from your high school / college. A printed copy of your grades, student portal screenshot, or unofficial transcripts are not accepted.
High School: Contact your school to request an official transcript.
College: Contact the registrar’s office or request one through your school’s online transcript service.
Have your transcript sent directly to:
Email: studentloans@whitneybenefits.org
Mail: PO Box 5085, Sheridan, WY 82801
How do I provide proof of enrollment?
Submit your current class schedule showing your name, semester, and enrolled credit hours.
If you have not registered for classes yet, you may submit your acceptance letter temporarily. Once registered, send us your class schedule. Funds will not be disbursed until proof of enrollment is received.
The Loan is interest-free, but are there any additional fees?
No. Whitney Benefits student loans are completely interest-free with no additional fees.
Late fees and interest may apply if the loan goes into default.
Why does Whitney Benefits Offer Interest-Free Student Loans?
Whitney Benefits was established through the Last Will and Testament of Edward A. Whitney, a Sheridan County resident who passed away in 1917. Mr. Whitney directed the organization to provide modest financial assistance to help students pursue academic and vocational education through an interest-free student loan program.
Have Additional Questions?
For more information contact Jennifer Destefano at studentloans@whitneybenefits.org.