Financial Aid
FAQ - Loans (General)
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When are loans credited to my student account?
- Loans are credited just before the semester begins.
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What are some reasons why my student loan has not credited to my account?
- There are a number of reasons. Among the reasons are the following:
- Need to register for classes.
- Need to register for 6 or more credit hours.
- Need to pay a past due University bill.
- Need to have transfer hours sent to the University.
- Need to meet Satisfactory Progress Standards.
- There are a number of reasons. Among the reasons are the following:
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Why are the loan amounts applied to my bill different than those listed on my award letter?
- For all federal direct subsidized & unsubsidized loans, a loan fee will be automatically deducted. To see the current schedule of loan fees, see StudentAid.gov's FAQ "Other than interest, is there a charge for this loan?".
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How do I cancel or reduce a loan I don’t need?
- You may reduce or cancel your loan at any time, and you should never borrow more than what you need for educational expenses.
If you wish to cancel your loans, make sure to review your Account Detail on STARS first to see if the funds have already applied your account – canceling loans that have already credited your account will increase your outstanding balance due. You may view an itemized list of student account transactions on STARS under the "Financials" Tab and selecting "Account Detail". Then click the "Account Details" button at the top of the screen. If you have received a refund, you may need to return part or all of your refund in order for loans to be canceled.
Also remember that if you have both subsidized and unsubsidized loans, you should cancel or reduce the less desirable unsubsidized loan first.
If you need to reduce or cancel your loans, please use one of the following options:-
Log into your STARS account and navigate to the "Financials" Tab. Then c lick "Financial Aid Information". After that, c lick on the button for the Academic Year you are cancelling loans for and then click on the " Financial Aid Awards" link. Finally, c lick "Reduce or cancel my loan" and follow the instructions listed.
- You can also email or stop by our office to submit your request to cancel/reduce your loans.
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- You may reduce or cancel your loan at any time, and you should never borrow more than what you need for educational expenses.
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How do I request additional loan funds?
- Your federal student loan eligibility is determined by class level – you can find the most recent eligibility limits on StudentAid.gov's FAQ. WIU students are automatically considered for federal student loan funds when the FAFSA is completed – this eligibility will be listed on your financial aid award letter. If you need to request additional loan funds, you can:
- Call, email, or stop by our office to inquire about any remaining loan eligibility you may have. You can verbally request additional loan funds if you are eligible.
- Your federal student loan eligibility is determined by class level – you can find the most recent eligibility limits on StudentAid.gov's FAQ. WIU students are automatically considered for federal student loan funds when the FAFSA is completed – this eligibility will be listed on your financial aid award letter. If you need to request additional loan funds, you can:
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How do I obtain the additional amount if I need to borrow more money?
- You may contact us by email or by phone. Always remember, however, not to borrow any more than you actually need.
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Which is better paying interest as I go along or capitalizing and repaying the interest when the loan enters repayment?
- If you take out any unsubsidized loans, intrest will accrue while you are in school. Attempt to pay the interest as you go along. Waiting to pay the interest when the loan enters repayment adds to the total amount you must repay. You can review how much in loans you've taken out, how much interest has accrued, and repayment options by logging into StudentAid.gov's Manage Loans Portal.
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What is the average indebtedness for a Western student at graduation?
- The average indebtedness for a May 2020 graduate was $23,200.
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What loan repayment options are available?
- The Direct Loan Program offers a variety of repayment plans. All students are put on a Standard Repayment Plan but you can change to a different payment plan depending on your repayment goals. You can see a full list of student loan repayment options by viewing StudentAid.gov's FAQ.
FAQ index
- Application
- Eligibility
- Common Undergraduate Questions
- Common Graduate Questions
- Costs & Billing
- Department Guide
- Loans (General)
- Loans (Federal Student)
- Loans (Parent PLUS)
- Loans(Private Student)
- Loans (Consolidation)
- Military Programs
- Personal Finance
- Satisfactory Academic Progress
- Scholarships
- Student Employment/Work Study
- Study Abroad
- Summer School
- Teach Grant
- Withdrawals
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