Loans to help pay for college expenses are available for both students and parents. Loan funds must be repaid. Applying for most loans requires completion of the FAFSA.
National Student Loan Data System-NSLDS
Students and/or parents who borrow from the federal loan program will have their loan information submitted to NSLDS. This information is accessible by guaranty agencies, lenders, and schools determined to be authorized users of the data system.
Federal Direct Stafford Student and Parent PLUS Loans
William Woods financial aid office determines loan eligibility using results from the FAFSA.
The Financial Aid office will communicate via email students' award letters, updates, and any other documentation requirements.
- Subsidized Loans - the government pays the interest while you are in school.
- Unsubsidized Loans - the student is responsible for the interest, it accrues (gains) or can be paid while a student is attending college.
Please refer to studentaid.gov for student loan rights and responsibilities and in depth information regarding Stafford Student Loans and Parent Plus Loans.
For current originations fees, interest rates, and repayment options for both Parent and Student Federal Stafford Loans please visit studentaid.gov.
Maximum Reward Amounts
The maximum award amount for dependent undergraduate students in an academic year is as follows:
- Freshmen: $5,500 (of which $3,500 could be Subsidized Stafford Loan)
- Sophomores: $6,500 (of which $4,500 could be Subsidized Stafford Loan)
- Juniors & Seniors: $7,500 (of which $5,500 could be Subsidized Stafford Loan)
Independent undergraduate students in additional to the amounts listed above, may receive additional amounts as follows:
- Freshmen & Sophomore: $4,000 Unsubsidized Stafford Loan
- Juniors & Seniors: $5,000 Unsubsidized Stafford Loan
Graduate Students may receive up to $20,500 in an academic year.
First Time and Repeat Borrowers
First-time borrowers at William Woods University:
- Complete Federal Direct Stafford Loan Master Promissory Note.
- Complete Federal Direct Stafford Loan Entrance Loan Counseling.
Repeat borrowers at William Woods University:
- Complete Federal Direct Stafford Loan Master Promissory - Only in you havent completed the Direct Stafford Loan MPN previously.
Federal Plus Loan
Parents of dependent students are eligible to apply for the credit-based Federal Direct PLUS Loan. The loan amount varies, but the maximum parents may borrow is the cost of attendance minus the student's total financial aid. The fixed interest rate and interest begins accruing as soon as the loan is disbursed. Repayment begins within 60 days after the full disbursement of the loan. An Origination Fee will be deducted from the gross loan amount prior to disbursement to the University. In most cases, one disbursement will be made each semester. To apply for the PLUS Loan, follow the instructions on the website. The FAFSA is required to apply for the PLUS Loan.
To apply, please visit studentloans.gov.
Federal Loan Sample Repayment Chart
|Balance*||Number of Payments||Standard Monthly Payment||Estimated Total Repayment|
|Based on a 6.8% interest rate.
Applies to Federal Direct Stafford Student and Parent PLUS Loans and Federal PLUS Loan
Federal Perkins Loan
Eligible students who have demonstrated exceptionally high financial need may receive up to $2,000 per year at William Woods University from this federally funded loan program. Funds are awarded on a first-come, first-served basis. No interest accrues while the student is enrolled at least half-time in college.
The current interest rate, which is applied after repayment begins, may be found at www.studentaid.gov. Repayment begins within nine months after the student ceases to be enrolled at least half-time. Students must complete the FAFSA to be considered.
If awarded the Federal Perkins Loan
Complete the following steps:
- Federal Perkins Loan Interview
- Federal Perkins Loan Master Promissory Note (MPN) and Entrance Loan Counseling
Perkins Loan Sample Repayment Chart
|Amount Borrowed||Number of Payments||Payment per Month|
|This chart is based on a 5% interest rate.|