TheThe Illinois Wesleyan University (IWU) Loan is an institutional loan funded by Illinois Wesleyan University to help students with demonstrated financial need cover educational expenses.

Eligibility is determined through information provided on the Free Application for Federal Student Aid (FAFSA). While this loan is awarded by IWU, it is considered a private educational loan and requires additional borrower disclosures and documentation.

IWU Loan Information:

Eligibility Requirements

To receive an Illinois Wesleyan University Loan, you must:

• Demonstrate financial need based on FAFSA information.
• Be enrolled at least half-time.
• Maintain Satisfactory Academic Progress (SAP).
• Meet all university financial aid eligibility requirements.

 

How to Apply

Students are automatically considered for the IWU Loan when they submit the FAFSA and are determined to have financial need. If an IWU Loan is included in your financial aid package, additional documentation will be required before funds can be disbursed.

 

Important Information

Loan documents are completed through Heartland ECSI, the loan servicer for IWU Loans. Beginning in May, students who have been awarded an IWU Loan will receive an email from webmaster@ecsi.net with instructions for completing the required loan documents. Please wait until you receive this notification before attempting to complete the loan requirements.

 

Next Steps After Receiving a Loan Offer

If an Illinois Wesleyan University Loan is included in your financial aid package, complete the following steps each academic year.

• Accept Your Illinois Wesleyan University Loan through your MyIWU account or by returning a signed copy of your financial aid offer to the Financial Aid Office.
  • Required each year.
• Complete the Master Promissory Note
  • The Master Promissory Note (MPN) is the legal agreement outlining your promise to repay the loan according to its terms and conditions.
• Review the Private Loan Approval Disclosure
  • This disclosure provides important information about the loan amount, interest rate, fees, and repayment terms.
• Complete the Private Loan Self-Certification Form
  • This federally required form confirms your enrollment status and educational costs.
• Review the Final Private Loan Disclosure
  • This disclosure provides a final review of your loan information and includes your right to cancel the loan within the applicable timeframe.

All required loan documents must be completed before loan funds can be disbursed to your student account.

 

Loan Servicing

Illinois Wesleyan University partners with Heartland ECSI to service both IWU Loans and Federal Nursing Loans.

Heartland ECSI

Website: Heartland ECSI
Phone: (888) 549-3274
Heartland ECSI will assist borrowers with loan documentation, billing, repayment, and account servicing.

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