How to apply for Student Loans
To apply, please click on the name of desired loan(s) below.
The FEDERAL DIRECT STAFFORD LOAN PROGRAM provides assistance for educational expenses.
The Free Application for Federal Student Aid (FAFSA) must be completed as a part of the application process. Federal loans are typically repaid over a maximum of ten years. Students are given a grace period of 6 months in which to begin repayment after graduation. The aggregate limit of borrowing at the undergraduate level is $31,000 with no more than $23,000 in subsidized loans. Additional information may be obtained from the university's Financial Aid Office.
The FEDERAL DIRECT PARENT LOAN FOR UNDERGRADUATE STUDENTS (PLUS) can be used toward the total cost of the student's education. Application for this assistance may be made through the government’s website and must be completed each academic year. The interest rate for the PLUS loan program is determined by federal law and may vary. The interest rate is currently 6.41% fixed. PLUS loans for the 2014-2015 academic year are subject to a 4.288% origination fee. Parents that may borrow through this loan program are subject to credit approval. Loans may be negotiated up to the cost of education minus other aid. The repayment period begins at the time the PLUS loan is fully disbursed, and the first payment is due within 60 days after the final disbursement. Additional information concerning the program may be obtained from Federal Student Aid or the IWU Financial Aid Office. The Free Application for Federal Student Aid (FAFSA) must be completed as a part of the application process. Federal loans are typically repaid over a maximum of ten years.
The PRIVATE EDUCATION LOAN provides assistance for educational expenses. Private loans are credit based loans that students can apply for up to the Cost of Attendance minus other aid already awarded. Private loans are regulated by banks rather than the government so borrower benefits may vary. Students are typically required to have a co-signer as part of the loan application. It is recommended that the co-signer be a parent but it is not a requirement. Interest rates will vary depending on the lender determined credit worthiness of the student and co-signer. Interest rates are fixed or variable and can shift from year to year. Students may use any lender of their choosing. The lenders listed are ones students at IWU have received private loans from in the past three years.
The FEDERAL PERKINS LOAN FUND is available to any full time student enrolled at the University. Loans may be offered up to $5,500 on the basis of demonstrated financial need. A total of $27,500 may be borrowed at the undergraduate level. No interest is charged until nine months after separation from the University. Students have up to 10 years to repay the loan at a 5% interest rate. Partial cancellation provisions are available for teaching. The awarding of these loans is based on the availability of Federal funds and satisfactory academic progress. Terms of the loan are subject to changes according to Federal regulations.
The FEDERAL NURSING STUDENT LOAN FUND is available to any full time student who is enrolled in the University's School of Nursing. Based on established financial need, a student may borrow up to $3,300 for each of the first two years through this program and a total of $17,000 may be borrowed over the four year period of enrollment. Loans are interest-free until nine months after separation from the University. Students have up to 10 years to repay the loan at a 5% interest rate. Loans will be approved according to the availability of Federal funds and student satisfactory academic progress.
The ILLINOIS WESLEYAN UNIVERSITY (IWU) LOAN FUND may be offered to any student enrolled full time at the University who demonstrates financial need. The maximum amount which may be borrowed according to need within an academic year is $4,000, with no charge for interest until six months after the date the borrower ceases to be enrolled as a full time student at Illinois Wesleyan. Loan approval is contingent upon the availability of funds. The current interest rate upon leaving the University is 8%.