1. Q. Will everyone qualify for WFB loans?
A. The great majority of applicants are approved. However, loans are based on income and credit. To qualify for this loan, an applicant must be employed and have a gross annual salary that can support the amount of the loan requested. A general rule is you should have a stable income sufficient to meet debt obligation. Your FICO score will also be reviewed and considered.

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2. Q. Is it necessary to be a U.S. citizen to qualify for WFB loans?
A. A U.S. citizen, permanent resident, or international student who is a temporary resident is eligible. For international students or temporary residents, a U.S. citizen or permanent resident co-signer is required.

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3. Q. Are there any alternatives if I’m initially turned down by WFB on my own?
A. Yes, first make sure your credit report is accurate. If it is not, correct it. If the credit report is accurate you still may be able to qualify if you find a co-signer.

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4. Q. Can I apply with a co-signer up front?
A. Yes, many individuals apply with a co-signer up front in order to increase their chance of approval.

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5.   Q. Does Taft approve the loan application?
A. No, WFB makes all loan decisions. 

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6. Q. What interest rate will I pay?
A. WFB has stated that interest rates range from Prime Rate plus zero percent to Prime Rate plus 7.75 percent.

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7. Q. What determines the interest rate I pay?
A. The more credit worthy the borrower the lower the interest rate WFB will offer. Again, Taft does not have any voice in determining the interest rates on the loans.

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8. Q. When do I begin to repay the loan?
A. Students may elect to pay interest only or defer payments completely while they are in school. Students may defer payments for four years if they remain enrolled in the University. Interest only payments begin 30 days after the loan is funded. WFB will provide quarterly statements to show interest that has accrued.

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9. Q. What is the amortization period?
A. Students can elect to take up to 15 years to repay the loan. If interest only payments are scheduled, amortization of the loan (principal payments) may begin 6 months after graduation. A student may contact WFB to request to continue with interest only payments at six-month increments.

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10. Q. What if I withdraw from the University?
A. The amortization of the loan would then begin one month after withdrawal. Any refund due as a result of the withdrawal would be paid by the University directly to WFB.

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11. Q. Can I pay off the loan early?
A. Yes, loans can be paid off at any time with no prepayment penalty. 

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12. Q. Can I borrow an amount equal to all my tuition charges?
A. Yes, students approved by WFB are permitted to borrow 100% of tuition charges. The total amount of your student loan cannot exceed $25,000 per year.

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13. Q. What about books and other expenses?
A. In addition to 100% of the tuition, a student may borrow an additional amount, which can be used to purchase books, a new computer or to pay California Bar registration and examination fees. However, the total amount of your student loan cannot exceed $25,000 per year.

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14. Q. Can Taft representatives advise me on my financing alternatives?
A. We can answer general questions regarding the WFB loan program. However it is generally best to speak to WFB directly. Keep in mind that Taft is not making the decision on whether you qualify and will not be reviewing the loan documents. As with any loan, you should review all loan documents before they are executed and be sure any of your questions have been answered by WFB.

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15. Q. Assuming I qualify, do I apply for loans one year or trimester at a time? (i.e., borrow only the amount I need for the first year or trimester now then re-apply later?)
A. Yes, this is the normal procedure. Law students apply for one academic year at a time. This means funds are disbursed only as needed, reducing interest charges. 

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16. Q. Can I consolidate my new WFB loan with existing WFB loans?
A. Yes, after graduation WFB has a private loan consolidation option where all WFB loans and other student loans can be consolidated. 

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17. Q. Assuming I’m approved, how long does it take to fund the loan?
A. Once WFB receives all documents from student and gives final approval of the student’s loan application, the loan will fund within 24 to 48 hours. WFB will issue a paper check directly to the student via U.S. Mail. The check will be co-payable to the student and to the University. When the student receives the WFB check, the student will then endorse it, send a copy of signature ID (such as Driver’s License, Social Security card or Passport), and forward it to the University, along with all signed enrollment documents. Upon receipt of the check, the University will deduct the amount of tuition and fees from the amount of the loan and the remaining balance will be sent back to the student.

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18. Q. Can I enroll in the Taft Program before my loan is funded?
A. Students relying on WFB funding can receive enrollment materials as soon as the loan is approved. However, course materials will not be sent until the endorsed check is received by the University.

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19.   Q. If I have any questions on the above procedures, is there someone at Taft I can contact?
A. Yes, you can contact Tina Saxon at saxon@TaftU.edu.

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