Whitney Benefits Student Loans

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 the inception of the program in 1928 through June 30, 2009, the corporation has loaned 4,981 students approximately $26,128,283.

For the fiscal year that ended June 30, 2009, Whitney approved interest free loans totaling $3,432,363.98 to 127 students; 102 students received loans for the first time, and 25 students had received loans previously.

For more information, please select one of the following links: Students with Current Loan or Prospective Loan Applicants.

Frequently Asked Questions about Whitney Loans

How much can students borrow per semester for undergraduate or vocational studies? What information do you use to see how much each student will qualify for?
Up to $30,000 for undergraduate or vocational school studies. Traditional students may borrow, each semester during their undergraduate education, the following amount:

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 $7,500.
Vocational students may borrow up to $30,000 over the length of their program. These students will not be held to the annual limit.
To qualify, students and the student's parents must have an adjusted gross income from the previous year of under $150,000.

How much can students borrow for graduate or professional studies?
Graduate students can borrow a credit limit of $40,000. Students who currently have a Whitney loan can borrow $40,000 minus their current balance owed.

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 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 Debt Authorization to make electronic payments. Please fill out and return the form to Whitney to take advantage of these conveniences.

Students with a current Whitney Loan

2009-2010 Current Student Loan Forms and Information
Please carefully read below to determine which PDF documents to print and return to Whitney Benefits.

White Loan Disbursement Disbursement Worksheet Electronic Credit Authorization	Blue Loan Disbursement Disbursement Worksheet Electronic Credit Authorization	Red Loan Disbursement Disbursement Worksheet Cost of Attendance EFC Chart Electronic Credit Authorization

Address Update: Please email your new address and telephone number to studentloans@whitneybenefits.org.

For additional information, questions or you are if you are unsure which loan color applies to you, please contact Whitney Benefits at (307) 674-7303 or by e-mail at studentloans@whitneybenefits.org.

Prospective Loans

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 who have attended Sheridan / Johnson County Schools for seven years including two years of high school.
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.
Have received a Daniels Fund Scholarship.
Whitney, in its sole and absolute discretion, has the authority to determine whether a student meets qualifications for loan approval.

Student Loan Application Process

Download and print a copy of the applicable Student Loan Application. These are PDF files.

Undergraduate Student Loan Application

Graduate Student Loan Application

Vocational Student Loan Application

Call Whitney Benefits at (307) 674-7303 and schedule a loan interview. The purpose of the interview is to review all the loan documents and answer any possible questions about obtaining a Whitney Benefits loan. The interview takes about 20 minutes and students do not need to bring any documents with them.

Upon completion of the interview the student needs to gather the required documents and mail to or drop them by the Whitney Benefits office:

Official transcripts of all High Schools and Colleges attended.
Most recent IRS Form 1040 filed by Applicant, Applicant's Spouse, 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.
Signed and dated copy of the Whitney Benefits Loan Program Terms and Conditions.
Signed and dated copy of the Authority to Release Information.
Proof of enrollment (acceptance letter or schedule).
Proof of the Cost of Attendance from the school you will be attending, if you are attending vocational or graduate school.
Statement of amount borrowed from the Homer and Mildred Scott Foundation Student Loan Fund, if applicable.
Please attach a recent photograph.

Once you turn in all the required documents, 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 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 student a check at the loan closing. All checks issued by Whitney shall be payable only to the student. To receive all future checks, 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.