A GUIDE TO STUDENT AND PARENT LOANS

W&L meets financial need with a combination of grants and WorkStudy. Loans are offered as an option not a requirement, and are only offered to meet the Expected Family Contribution (EFC) as determined through your need-based application. If a Stafford (student) or PLUS (parent) Direct Loan is listed on your online aid notification then you will need to accept or decline the loan(s) and submit. Keep in mind that loans can be accepted at an amount less than the amount offered. To finalize the processing of a federal loan you will need to complete the relevant Master Promissory Note (Stafford or PLUS), Entrance Loan Counseling (Stafford only), and the online PLUS Loan Application (PLUS only). These forms are online at https://studentaid.gov. A complete listing of your required loan documents can be found under Items Requiring Your Attention . The priority deadline for completing all loan documents is June 10.

Federal Stafford Loan For Students

Federal student Stafford loans are held in the student’s name and are paid back to the Department of Education through an assigned servicer. Required documents for processing and disbursing to the student account include a Master Promissory Note (MPN) and Entrance Counseling. Stafford loans apply to the student account balance as pending aid once the loan is accepted on the Financial Aid Portal. If the MPN and Entrance Counseling are not completed by August 10, it will be assumed you do not intend to process the loan and the loans will be cancelled. The removal of the loans may create a balance due on your account. The priority deadline for receipt of the completed online Financial Aid Notification and electronic documents is June 10.

Federal Direct Loans For Parents

Parent PLUS loans are held in the name of a parent and require full documentation (Master Promissory Note and PLUS Loan Application) to apply toward the account balance as pending aid prior to the July 15 bill and for later disbursement. Parents should choose the credit balance decision option (PLUS Loan Application) carefully before submission as discrepancies between the credit balance decision indicated on the Application and Business Office records (requests by parents) can only be rectified by submitting a new Parent PLUS Application. The priority deadline for receipt of electronic documents is June 10.

Private Loans

Students or parents who seek private loans from private non-federal lenders should contact Drake Breeden in the Office of Financial Aid to process the loan. Upon your completion of the private loan application, email ebreeden@wlu.edu for further details regarding the processing and timeline of disbursement for the loan. Loans that are applied for and certified prior to the July 15 bill apply toward the account balance. After August 10, private loans that are not fully processed and disbursed will be cancelled. The priority deadline for having private loans ready for certification by W&L is June 10.