Loans

Loans are a form of financial aid that need to be repaid with interest. Loans can be from both governmental and private sources.

Federal Direct Loan

The William D. Ford Federal Direct Loan Program includes Direct Subsidized and Unsubsidized Loans. These funds are packaged based on the budgeted annual cost of attending OKWU. If you are an undergraduate student, the maximum amount you can borrow each year varies from $5,500 to $12,500 depending on your year in school and dependency level. If you are a graduate student, the maximum amount you can borrow each year is $20,500. The interest rate is fixed; for the most up-to-date information, please visit the Direct Loan link above. Students who use Direct Loans are not required to make payments until six months after they leave school or drop below half-time enrollment.

The Direct Subsidized Loan is a need-based loan for undergraduate students who have financial need based on the information submitted on the FAFSA. The interest on the Direct Subsidized Loan is paid by the U.S. Department of Education while the student is in school at least half-time.

The Direct Unsubsidized Loan is a loan not based on financial need for undergraduate and graduate students. This loan accrues interest while the student is still in school, but the borrower has the option to pay the interest while in school. If he/she chooses not to pay the interest, the interest is added to the principal of the loan.

Parent PLUS Loan

The Direct Parent PLUS Loan is a loan that the parent of a dependent undergraduate student can apply for to help his or her dependent student pay for the student’s education. The interest rate is fixed; for the most up-to-date information, please visit the Direct Parent Plus Loan link above.

The loan process does require a credit check and an application to be completed by the parent. The application can be found at StudentAid.gov. There are two types of applications; it is important that your parent choose: “Direct PLUS Loan Application for Parents”. If the application is denied, the parent can submit an Appeal or find an Endorser.

Private Loans

Private Student Loans help bridge the gap between the cost of an education and the other aid available. There are multiple lending companies that provide Private Student Loans. They have different interest rates and products offered, so be sure to inquire at your local financial institutions as well as search online for a lending company.

Oklahoma Wesleyan University uses ELMSelect, a neutral tool that allows students to compare private lenders and their loan products. Click the Learn More link below to view our suggested Lender List for Undergraduate and Graduate students. These lenders are recommended based on the products and services they offer to our students. You are not limited to the lenders listed here. You are welcome to choose another lender. We will gladly work with you to certify that loan.

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