Institutional Application For Financial Aid Page 4
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4LOAN APPLICANT INFORMATION
LOAN APPLICANT INFORMATION
Useful Web Site
To find more information on federal student aid, access FAFSA on the Web, obtain a PIN (a number needed to apply for
federal student aid), access The Student Guide and other federal student aid publications (in English and Spanish), find
federal government resources for education, look up the status of your federal student loan, and obtain other useful
information …………………………………………………………………….……………
How do I get a loan?
You apply using the FAFSA or Renewal FAFSA, just the way you would for other federal student aid ( ). This
FAFSA will be received electronically by the university. Additional information may be requested prior to awarding. Once
awarded and notified of such awards you will need to complete and submit a Master Promissory Note (MPN) found online
at The MPN is a binding legal document; when you sign it, you are agreeing to repay your loan
under the terms of the promissory note. Read the note carefully and save it – put in a safe place.
Federal student loan borrowers at WBU are required to complete pre-loan entrance counseling. You may go to
in order to fulfill this requirement. Confirmation will automatically be sent to the Financial Aid Office
upon successful completion of your counseling session. If you have completed loan entrance counseling before, click on
continue and complete the counseling again.
- Student must be enrolled in at least HALF TIME in order to be eligible for loans. (For example: 6 hrs is ½ time for
undergraduate and 3 hrs graduate coursework is considered ½ time for graduates for financial aid) per term/semester
A Subsidized loan is awarded on the basis of financial need. You will not be charged any interest before you begin
repayment or during authorized periods of deferment. The federal government “subsidizes” the interest during these periods.
An Unsubsidized loan is not awarded on the basis of need. You will be charged interest from the time the loan is disbursed
until it is paid in full. If you allow the interest to accrue (accumulate) while you are in school or during other periods of
nonpayment, it will be capitalized – that is, the interest will be added to the principal amount of your loan, and additional
interest will be based on that higher amount.
A PLUS loan is a loan that your parents can take out to pay for your education expenses if you are a dependent
undergraduate student enrolled at least half time. PLUS Loans are unsubsidized.
ANNUAL LOAN LIMITS FOR SUBSIDIZED AND UNSUBSIDIZED STAFFORD LOANS
Dependent Undergraduate Student
Independent Undergraduate Student
Graduate Student
ST
1
YEAR
$5,500
$9,500 – Only $3,500 can be Subsidized
$20,500 each academic year –
ND
$6,500
$10,500 – Only $4,500 can be Subsidized
Only 8,500 can be Subsidized
2
YEAR
RD
TH
3
& 4
YEARS
$7,500
$12,500 – Only $5,500 can be Subsidized
$138, 500 as a graduate
Maximum Total Debt
$31,000
$57,500
professional student – Only
from Stafford Loans
(Maximum $23,000 Subsidized)
(maximum $23,000 Subsidized)
$65,000 of this can be
When You Graduate
Subsidized.
- Parent Loan (PLUS) – Parent can submit a separate pre-approval online at
(Parents will log in
as the borrower)
- Alternative Loan – You will submit a separate pre-approval form prior to the actual application process.
Contact your Financial Aid Counselor for the pre-approval and/or application
- Perkins Loan – A separate request is required. Preference will be given to applicants with exceptional need and the
ability to benefit from the prescribed cancellation privileges.
REFUNDS: When a student changes enrollment status by dropping courses, withdrawing, or making all F’s, the
Financial Aid office may be required to perform a Return to Title IV (R2T4) calculation to Student Financial Aid Programs. A
school will return Title IV funds to the program(s) from which the student received aid up to the net amount disbursed. To
ensure compliance with all applicable laws, the refund policy will be determined by the federal guidelines in effect at the time
of the refund. These guidelines are available in the Financial Aid Office at the campus of attendance. This could result in
warning or suspension for the next term of attendance.
More information regarding Satisfactory Academic Progress can be found in the current catalog.
Revised 10/30/2013
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