Oklahoma Wesleyan University

Federal Stafford Loans

“Direct Stafford Loans are low-interest loans for eligible students to help cover the cost of higher. Eligible students borrow directly from the U.S. Department of Education. To apply you must complete and entrance interview and a master promissory note at www.studentloans.gov.

• Direct Subsidized Loans – Subsidized loans are for students with financial need. OKWU will review the results of your FAFSA and determine the amount you can borrow. You are not charged interest while you are in school at least half0time and during grace periods and deferment periods.
• Direct Unsubsidized Loans – You are not required to demonstrate financial need to receive an Unsubsidized Loans. OKWU will review the results of your FAFSA and determine the amount you can borrow. Interest accrues from the time it’s first paid out.

Federal PLUS Loan

Parents of dependent students may apply for a PLUS loan to help pay for their child’s educational expenses as long as certain eligibility requirements are met. To apply, complete the PLUS master promissory note at www.studentloans.gov.

Federal Perkins Loans

The Perkins Loan is a need-based federal loan in which the student borrows money from the institution. It currently has a 5 percent fixed interest rate. While the student is in school, no payments are required and no interest will accrue. Upon leaving school, the student is given a nine-month grace period. Payments and the accrual of interest will begin after the grace period expires. Schools have limited funds for awarding Perkins Loan each year. Early application is recommended. Perkins Loan awards range from $400 to 2,100 annually.

Private Loans

Some lenders offer alternative/private loans to be used for education expenses. If you have applied for federal aid and still need additional funding, you may want to apply for an alternative loan. Lenders have different terms and interest rates, so check them out carefully. We recommend that you not utilize loans that do not require approval from the Office of Financial Services (also known as certification) and only require a copy of a student’s schedule. These loans can be unwise choice from our viewpoint, and can affect a student’s aid if borrowed without the school’s knowledge.

OKWU does not have a preferred lender list. We recommend that you carefully research the private lenders and the terms and conditions of the loans.

Title IV Loan Code of Conduct

Title IV Loan Code of Conduct