FAQ - Loans (Federal Student)
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How do I get a federal student loan?
- Complete the following steps to obtain a Federal Direct student loan for the upcoming academic year:
- Complete your Free Application for Federal Student Aid (FAFSA). You will automatically be considered for Federal loans if you filed the FAFSA.
- Receive your WIU Financial Aid Award Letter listing your federal student loan eligibility (You will be notified via your WIU email and STARS).
- If you are a first-time student loan borrower or if this is your first student loan at WIU you will need to complete 1) Entrance Counseling and 2) your Master Promissory Note (MPN)
- Register for classes (minimum 6 credit hours to be eligible).
- Your financial aid will be disbursed half each semester to your WIU bill when school begins.
- Borrow only the financial aid you need to cover your educational-related expenses. Note that you may cancel or reduce the amount of the loan any time that you desire by contacting our office through phone, email, or walk-in.
- Complete the following steps to obtain a Federal Direct student loan for the upcoming academic year:
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What are the annual federal student loan limits?
- See StudentAid.gov's FAQ to see an updated list of annual federal student loan limits.
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What is the total (aggregate) amount of federal student loans you can borrow?
- See StudentAid.gov's FAQ to see an updated list of aggregate federal student loan limits . You can review your own federal student loan history using StudentAid.gov's Manage Loans portal.
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What is an additional unsubsidized loan?
- independent students may borrow additional unsubsidized loan amounts. Dependent students whose parents cannot borrow PLUS (parent) loan may also qualify for an additional amount.
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What is the difference between subsidized and unsubsidized student loans?
- Subsidized loans do not accrue interest charges while the student is enrolled at least half-time (6 credit hours) - instead, interest will begin to accrue after the student graduates or drops below half-time enrollment. Eligibility for subsidized loans is need-based and is determined by FAFSA information and other aid received.
- Unsubsdized loans do accrue interest while in school, which the student is not responsible for paying until they enter repayment. However, in-school interest payments are recommended to help reduce a student’s overall debt burden - if you would like to arrange for in-school interest payments, contact your loan servicer(s).
FAQ Index
- Application
- Eligibility
- Common Undergraduate Questions
- Common Graduate Questions
- Costs & Billing
- Loans (General)
- Loans (Federal Student)
- Loans (Parent PLUS)
- Loans (Private Student)
- Loans (Consolidation)
- Military Programs
- Personal Finance
- Satisfactory Academic Progress
- Scholarships
- Student Employment / Work Study
- Study Abroad
- Summer Semester
- Teach Grant
- Withdrawals
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