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:
Dates to Remember
- 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
- 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
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)
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