Student Loan FAQs

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 Loan Application and all required Documents are Submitted?

• Whitney staff will contact you at the number and/or email you provided on your application form with any questions, concerns, or missing information. 
• If your loan is approved, you will receive a letter verifying this approval. 
• When you receive the loan approval letter, please call Whitney Benefits and schedule a loan closing. 
• All disbursements will be payable only to the student.

When are the funding deadlines for students with current loans?

• Fall funding deadline is October 1st.
• Spring funding deadline is March 1st.

How do students with current loans request funding?

• Students must submit current official transcripts and proof of enrollment prior to the deadline to request funds for each term.
• If no funding is requested, an official transcript and proof of enrollment are still required.

How Much Can Students Borrow Per Year?

• Undergraduate students can borrow $6,000 per year, up to a maximum of $24,000.
• Vocational students can borrow up to $24,000, evenly distributed across the terms during which they are attending school.
• Graduate students can borrow up to $40,000, evenly distributed across the terms during which they are attending school.

When will I expect to start repaying 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 or is no longer a full-time student.

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).

Can Whitney Benefits send and receive electronic payments?

• Whitney Benefits can electronically disburse funds and receive electronic payments.
• Please download the Electronic Credit Authorization Form to receive electronic disbursements. 
• Please download the Electronic Debit Authorization Form to make electronic payments.
• Please complete and return the form to Whitney Benefits.

Why does Whitney Benefits provide student loans?

Whitney Benefits 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 to help provide men and women with modest financial assistance from the corporation’s income to pursue academic and vocational studies.