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FAQ - Loans (General)

  • When are loans credited to my student account?
    • Loans are credited just before the semester begins.
  • 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 hours of class.
      • Need to pay a past due University bill.
      • Need to have transfer hours sent to the University.
      • Need to meet Satisfactory Progress Standards.
  • 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 B/R 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. 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:
      • Go to your STARS account – under Financial Aid Information, select the appropriate award year. Click on Financial Aid Awards and select the loan you wish to revise/cancel, or
      • Call or stop by our office to submit your request to cancel/reduce your loans.
  • How do I request additional loan funds?
    • Your federal student loan eligibility is determined by class level – you can find this information in the Loans section of our webpage. 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 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.
      • Or visit our main Financial Aid webpage and click on "Ask Us a Question" located under Frequently Used Links. You may use this feature to submit your request.
  • How do I obtain the additional amount if I need to borrow more money?
    • You may contact us by email or by phone. In addition, you will automatically be considered if you file any type of loan application. Always remember, however, not to borrow any more than you actually need.
  • Which is better paying interest as I go along or capitalizing and repaying the interest when the loan enters repayment?
    • 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.
  • What is the average indebtedness for a Western student at graduation?
    • The average indebtedness for a May '10 graduate was $21,560.
  • What would the average payment be for a loan of $21,560 with the interest at 6.8%?
    • The Direct Loan Program offers a variety of repayment plans - those listed below are optional, while other plans (i.e. Income-Based Repayment) have eligibility requirements. Visit the Direct Loans Calculators & Repayment Planswebsite to learn more.
      • Standard Repayment Plan - over 10 years the monthly payment would be $248.11, with a total repayment amount (interest + principal) of $29,773.20.
      • Extended Repayment Plan - this example would not qualify as debt must exceed $30,000 (payments can be extended up to 25 years).
      • Graduated Repayment Plan - over 10 years the monthly payment would be$170.36 (payments would gradually increase every 2 years up to $372.17), with a total repayment amount (interest + principal) of $31,381.78.