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 Federal 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 Federal Direct Loan link above. Students who use Federal Direct Loans are not required to make payments until six months after they leave school or drop below half-time enrollment.

The Federal 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 Federal Direct Subsidized Loan is paid by the U.S. Department of Education while the student is in school at least half-time.

The Federal 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.

Federal Parent PLUS Loan

The Federal Parent PLUS Loan is a federal loan available to eligible parents of dependent undergraduate students to help pay education expenses not covered by other financial aid. The parent is the borrower and is responsible for repaying the loan. The interest rate is fixed; for the most up-to-date interest rates, fees, and loan information, visit Federal Student Aid’s Federal Parent PLUS Loan information.

The Federal Parent PLUS Loan application requires a credit check and must be completed by the parent who will be borrowing the loan using the parent’s own StudentAid.gov account.

APPLY FOR A FEDERAL PARENT PLUS LOAN — StudentAid.gov Federal Parent PLUS Loan Application

Federal Parent PLUS Loan Limits Beginning July 1, 2026

Note: Starting July 1, 2026, new annual and aggregate loan limits apply to Federal Parent PLUS Loans. Your borrowing limit depends on whether your child qualifies for the limited exception.

• If your child qualifies for the limited exception: You can continue borrowing up to the cost of attendance minus any other financial aid your child receives.
• If your child does not qualify for the limited exception: The maximum amount that can be borrowed by all parents combined is up to $20,000 per academic year and up to $65,000 over the course of the child’s undergraduate study.
• Regardless of the amount you may be eligible to borrow under federal limits, your child’s school may limit the amount you may borrow based on the program of study in which your child is enrolled.

Learn more about the limited exception and Federal Parent PLUS Loan amount limits

OKWU Recommended Borrowing Amount

Although the federal annual Federal Parent PLUS Loan limit may allow parents to borrow up to $20,000 per academic year, OKWU recommends limiting Federal Parent PLUS borrowing to no more than $16,250 per academic year whenever possible. This recommendation is designed to help families manage borrowing over the student’s entire undergraduate education. Borrowing $16,250 per year for four academic years would total $65,000, aligning with the federal aggregate Federal Parent PLUS Loan limit. Parents may request up to the applicable federal annual loan limit of $20,000, subject to the student’s eligibility and other applicable federal and institutional requirements.

Families are encouraged to borrow only what is needed to cover the student’s remaining educational expenses and to consider how borrowing in the current year may affect the amount available in future years.

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.

Self-Certification Form

Learn more