Loan Descriptions
STAFFORD LOANS
A Stafford Loan is a student-based loan that you begin repaying on six months after you finish at OKWU or leave OKWU. The interest rate is locked at 6.8% for 2009-2010 and nearly all students can qualify for these loans to help finance their education. If you get an unsubsidized loan, you will need to pay the interest quarterly and OKWU recommends that the interest payments be made and not rolled into the loan. This loan is set-up on a ten year payoff.
PLUS LOAN
The PLUS Loan is a parent-based loan that the parent begins repaying on after the final disbursement is made to a student’s account. This loan does require credit-worthiness to receive. The interest rate for 2009-2010 is 8.5% and is set-up on a ten-year payoff.