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Financial Aid
Loans
Loans
Loans - Funds that must be repaid
Loans are an essential way to finance one's education and are readily available. Before taking a loan, consider all other sources of aid, borrow only what is absolutely necessary, and determine what your monthly repayment amountwill be. Note that loan repayments can be a burden when amounts exceed 8% of monthly adjusted gross income.
- Federal Stafford Loans
These federally guaranteed loans, certified by Western, are processed through an approved lender. The interest rate is 6.0% (fixed effective July 1, 2008) for Stafford subsidized undergraduate loans. The interest rate is 6.8% (fixed) for Stafford unsubsidized undergraduate and subsidized and unsubsidized graduate loans. Students must file a FAFSA.
The loans are of two types:
- Subsidized loans are based on financial eligibility from the FAFSA. Interest and repayments are not due until six months after graduation or enrollment drops to less than six hours.
- Unsubsidized loans do not consider financial need. Interest must be paid or accrues while in school. It is best to pay the interest while in school. Borrowers are only directed to these loans if subsidized loans are not possible.
| Academic Year/Dependent Student | Base Sub/Unsub | Additional Unsub Effective July 2008 |
| 1st year (1-29 hours) | $3,500 | $2,000 |
| 2nd year (30-59 hours) | $4,500 | $2,000 |
| 3rd and 4th years (60 or more hours) | $5,500 | $2,000 |
| *Parent Denied PLUS (parent loan) | $4,000 1st & 2nd year $5,000 3rd & 4th year |
|
| *Preparatory coursework (undergraduate program) | $2,625 | $0 |
- Additional Unsubsidized Stafford Loans:
Independent students and graduate students may borrow additional unsubsidized amounts. Borrow no more than is absolutely necessary.
| Academic Year/Independent Student | Base Sub/Unsub | Additional Unsub |
| 1st year (1-29 hours) | $3,500 | $6,000 |
| 2nd year (30-59 hours) | $4,500 | $6,000 |
| 3rd and 4th years (60 or more hours) | $5,500 | $7,000 |
| Graduate Students | $8,500 | $12,000 |
Cumulative loan limits differ for undergraduate and graduate/professional students.
- For undergraduate students:
Dependent-$31,000 combined subsidized and unsubsidized Stafford loans ($23,000 maximum subsidized)
Independent-$57,500 combined subsidized and unsubsidized Stafford Loans ($23,000 maximum subsidized) - For graduate and professional students:
$138,500 (up to $65,500 may be in subsidized Stafford loans) - First Time Stafford Loan Borrowers - Borrowers at Western must select a lender for their Federal Stafford Loan(s). Lender selection is done on STARS (instructions provided on the award letter). All student borrowers must sign a Master Promissory Note (MPN). Watch your mail for information. Most lenders provide E-signature of the MPN.
- Stafford Loan Information For Graduate Students - First time graduate borrowers at Western must select a lender for their Federal Stafford Loan(s). Lender selection is done on STARS (instructions provided on the award letter). All student borrowers must sign a Master Promissory Note (MPN). Watch your mail for information. Most lenders provide E-signature of the MPN.
Eligibility for Stafford Loan at the graduate level requires admission to WIU in a regular graduate degree program. The following information is applicable to graduate students, students combining graduate study with teacher certification, an approved post baccalaureate certificate and students working on a second baccalaureate degree program:
| Enrollment Status | Loan Limits |
| Six (6) hours for graduate credit. | Subsidized loan - $8,500 Additional unsubsidized loan - $12,000 |
| Six (6) hours prerequisite undergraduate courses alone or combined with less than 6 hours of graduate courses. | Subsidized loan $5,500 May be eligible for additional unsubsidized loan - $7000 Note: Graduate students taking pre-requisite course work are limited to 12 months of course work taken in a single consecutive 12 month period. |
| Six (6) hours of required course work in a teacher certification program or approved post-baccalaureate certificate program. | Subsidized loan - $5,500 May be eligible for additional unsubsidized loan - $7,000 |
| Six (6) hours of required undergraduate course work in a second baccalaureate program. | Subsidized loan - $5,500, $4,500, $3,500 depending on number of hours required to complete the program May be eligible for additional Unsubsidized Stafford loan of $6,000 to $7,000. |
Financial Aid
127 Sherman Hall • 1 University Circle
Macomb, IL 61455
E-mail: Financial-Aid@wiu.edu •
Phone: 309/298-2446 • Fax: 309/298-2353 • TT:309/298-1856
Office is open Monday-Friday from 8:00 a.m. to 4:30 p.m.