Financial Aid

Federal Direct Stafford Subsidized Loan

The Stafford subsidized loan is for students with financial need, as determined by the calculations from information reported on the FAFSA. The lender is the U.S. Department of Education.

Subsidized means the federal government pays the interest as long as half-time enrollment is maintained. Thereafter, payment on the loan interest becomes your responsibility.

You can learn more about these loans by visiting the Federal Student Aid website

Stafford Subsidized Loan Information:

Interest Rate

Eligibility Requirements

Dates to Remember

4.529%

  • Be enrolled at least half-time
  • Be registered with the Selective Service (males only)
  • Be a U.S. citizen, national, or eligible non-citizen
  • Have financial need, as determined by the calculations from information reported on the FAFSA
  • Complete your FAFSA application before November 1
  • Review and respond to your award proposal after January 1 for incoming students or after May 1 for returning students

** Required only if Federal Stafford Loans are awarded as part of your financial aid. **

As many families are new to student loans, we have provided a guide to assist you with the application process. Please note that you must complete both the Direct Loan Entrance Counseling and Master Promissory Note to have a complete application status.  All loan funds are provided from the government. Illinois Wesleyan University receives no financial incentive or other benefits for processing Federal Direct Loans.

Disbursements are made the second week of each semester.  To ensure disbursement of the loan, please complete the steps below:

Step 1: Accept the Direct Stafford Loan(s) online through your MyIWU account. (required each year)

Step 2: Complete Direct Loan Entrance Counseling (required for first time Direct Loan borrowers only)

Step 3: Complete Master Promissory Note (MPN) (required for first time Direct Loan borrowers only)

Exit Requirements

All graduating students who have had Federal Direct Loans disbursed to their accounts at any time while attending IWU must complete the online Direct Loan Exit Counseling and attend an in-person exit session.

All students who take a leave of absence, withdraw from the University, or drop below half time must complete the online Direct Loan Exit Counseling. All other exit material will be mailed to the home address on file with the University.

Sample Loan Repayment Schedule


Questions?

Visit our Loans FAQ.