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2009-2010 FAFSA and FAFSA Worksheet

The 09-10 Free Application for Federal Student Assistance can be completed on or after January 1, 2009. A link to access this application can be found on our Application/FAFSA web page.

To prepare for the 09-10 aid process, be sure that you have a Department of Education pin number for yourself and your parent, if you are a dependent student. Renewal applicants can use the pin number from this year. First time FAFSA filers may obtain a DE Pin Number at www.fafsa.ed.gov. Click on applying for a pin number.

The FAFSA worksheet is a helpful tool to prepare for completing the application. The worksheet should be available soon. Be sure the Department of Education worksheet is for the 09-10 program year. The worksheet will be available at the same e-address listed for the pin number.

Financial Football

Expand your financial education while playing Financial Football. This link is designed to develop your money skills and is sponsored by the Illinois Treasurer's Office.

Helpful Instructions for signing a Master Promissory Note (MPN)

View Instructions for Signing a MPN for step-by-step instructions on signing a Master Promissory Note. Viewing the instructions require Adobe Reader, a free download.

Lender Selection

Have you applied for a Federal Stafford Loan? All first time borrowers at Western must select a lender to process a Stafford Loan. Also, some lenders have left the Federal Stafford Loan program, so continuing students with prior loans may need to select a new lender and/or sign a new Master Promissory Note. (Students received an e-mail notification to their WIU e-mail account if a lender was changed.)

The following instructions will provide guidance in the selection process:

  1. Log in to your STARS account.
  2. Select Financial Aid Information from the drop down menu.
    Select Academic Year 2008-09
    Click on the Select Your Lender link (if you are required to select a lender)
  3. Look at the benefits of each lender
  4. Remember to make your lender selection on the STARS page. If you leave STARS to view information on a lender, you must return to the WIU STARS page to select your lender. Do not apply for a Federal Stafford Loan from the lender web site.
  5. E-sign your Master Promissory Note (MPN) (your lender will contact you with instructions)

Veterans Benefits Expanded (Effective August 2009)

Veterans can expect a big increase in educational benefits. A new veterans educational benefits package was just passed by Congress and signed into law by the President. The law appears to provide the following benefits for anyone who has served at least 36 months on active duty since September 11, 2001 and are as follows:

  1. Tuition and fees for 36 months, the equivalent of four academic years, and would be available for up to 15 years after the veteran has completed active duty.
  2. A housing allowance.
  3. A stipend for books and supplies.

There is an arrangement for benefits to be transferred to dependents. There is an additional service commitment required.

Congress Increases Loan Limits

Congress increases unsubsidized loan limits for most borrowers. Effective July 1, 2008, the limits increase by $2,000 for most borrowers. This increase is particularly beneficial for borrowers who had reached their loan limits and still need to borrow additional funds to meet educational expenses.

If additional funds are needed, you may contact us. As in all instances, borrow only the amount needed to meet your educational expenses.

Help for Consumers (CashCourse) - Learn how to manage your money

A new money management web link for college students is now available. The link is sponsored by the National Endowment for Financial Education (NEFE), a nonprofit, financial planning association. The web site is convenient, easy to use, and highlights items of interest by topic. Check out CashCourse today!

Western Announces 2008-2009 Suggested Lenders

I would like to thank each of the twelve lenders who submitted RFIs for suggested lender list consideration. Of that group, four have been selected for the 08-09 program year.

Before announcing the four lenders, allow me to briefly provide an overview of the review process. The applications were reviewed by a committee comprised of both financial aid and non-financial aid members. The Director of Financial Aid did not serve on the committee.

The committee reviewed and rated the RFIs based on the criteria outlined in the RFI request. Committee members rated each application independently. Scores were tallied. Lenders with the four highest total scores were selected.

Why were four lenders selected rather than a minimum of three? There was a tie among the lenders. The committee decided to include all four rather than to use a tie breaking process.

For the School as Lender program, only three lenders were selected. One of the RFIs, represented a lender who is considered an affiliated program. This lender could not be included because of recent legislation.

And, now the suggested lenders for 08-09 are:

Federal Stafford Loans - Undergraduate Students

Federal Stafford Loans - Graduate Students

Federal PLUS Loans (Parent Loans)

Alternative Loans - No lenders were selected. No suggested lender list will be provided. Rather information will be provided to students on the alternative loan process. Borrowers will make contact with lenders on their own.

In addition to the suggested lenders, borrowers will have the opportunity to select a lender of their own choosing. The lenders will remain on the suggested lender list for the 08-09 program year unless their benefits to students are reduced during the year.

Thanks again to lenders for submitting a RFI. We look forward to your involvement in the suggested lender list process for the 09-10 program year.

William Bushaw, Director
Financial Aid Office