Loans

This is a federally financed student loan made to undergraduate students who meet specific eligibility requirements. You may borrow up to the cost of attendance minus any other financial aid received and may not borrow more than the maximum annual or lifetime amount. Interest is charged throughout the life of the loan. You may choose to pay the interest charged on the loan or allow the interest to be added to the loan principal.

Description

• Federally funded.
• Not based on need.
• The fixed interest rate for loans in the deferment or six-month grace period is as follows:
  
  

  Disbursement date	Undergraduate %	Graduate %	Loan Origination Fee
  July 1, 2024 - June 30, 2025	6.53%	8.08%	1.057%
  July 1, 2023 - June 30, 2024	5.50%	7.05%	1.057%
  July 1, 2022 - June 30, 2023	4.99%	6.54%	1.057%
  July 1, 2021 - June 30, 2022	3.73%	5.28%	1.057%
  July 1, 2020 - June 30, 2021	2.75%	4.3%	1.057%
  July 1, 2019 - June 30, 2020	4.53%	6.08%	1.059%

• Effective July 1, 2013: Interest rates are adjusted yearly based on the 10-year U.S. Treasury note index rate. The interest rate cap for undergraduate federal Direct Subsidized and Unsubsidized Loans is 8.25%. The cap for graduate federal Direct Unsubsidized Loans is 9.5%.
• Interest starts accruing upon disbursement.
• Subject to annual and aggregate loan limits.
• This is a loan you must repay to the U.S. Department of Education.
• Complete the student financial aid adjustment form if you wish to cancel or reduce a loan that has not been disbursed to your WMU account. If the loan has already disbursed, you must complete the student financial aid adjustment form within 30 days of the date of disbursement. Please note: Canceling or reducing a disbursed loan may result in a balance due on your WMU account.
• After you have accepted a federal Direct Subsidized Loan, you will receive a federal Loan Disclosure Statement from the Direct Loan Servicing Center or WMU. The disclosure statement identifies anticipated disbursement dates, gross and net disbursement amounts and loan fee amounts for all your federal loans for the academic year.

Eligibility

• Undergraduate students.
• Completed Federal Master Promissory Note required for first-time borrowers.
• Federal loan entrance counseling required for first-time borrowers at WMU.
• Offer eligibility based upon estimated family contribution, cost of attendance, enrollment and other resources.
• Must be enrolled at least half time. Offer will be canceled if enrolled less than half time.
• Offer may be adjusted or canceled if there is a change to cost of attendance, enrollment, graduating in August or December or if you receive additional resources.
• Must be making satisfactory academic progress.
• U.S. Citizen or eligible non-citizen.
• Not in default on prior educational loans.

Repayment

• Accrued interest is billed quarterly and may be deferred (will be added to principal balance).
• You will begin to repay your loan six months after you cease to be enrolled at least half time. During this six-month grace period, interest will accrue on your loan. Once the grace period expires, you will begin to repay your loan.
• Complete an exit counseling session so you are aware of all the information you will need to know about repaying your loan.
• If you drop to less than half time, withdraw, drop out, graduate or simply do not return to school, this information will be reported to the servicer and they will begin to count your grace period. You are responsible for notifying WMU immediately if your enrollment changes as described above.
• Payments will be made to the U.S. Department of Education.
• To obtain information about consolidating your federal loans, visit studentaid.gov. The interest rate for a consolidation loan is the weighted average of the interest rates on the loans being consolidated and is fixed for the life of the loan.
• It is important that you maintain all important files and keep copies of your offer notices, Master Promissory Note, borrower's rights and responsibilities and the Loan Disclosure Statement in one place as they provide the details of your loans and your rights and responsibilities as a student loan recipient.

This is a federally financed student loan made to undergraduate and graduate students who meet specific eligibility requirements. You may borrow up to the cost of attendance minus any other financial aid received and may not borrow more than the maximum annual or lifetime amount. Interest is charged throughout the life of the loan. You may choose to pay the interest charged on the loan or allow the interest to be added to the loan principal.

Description

• Federally funded.
• Not based on need.
• The fixed interest rate for loans in the deferment or six month grace period is as follows:
  
  

  Disbursement Date	Undergraduate %	Graduate %	Loan Origination Fee
  July 1, 2024 - June 30, 2025	6.53%	8.08%	1.057%
  July 1, 2023 - June 30, 2024	5.50%	7.05%	1.057%
  July 1, 2022 - June 30, 2023	4.99%	6.54%	1.057%
  July 1, 2021 - June 30, 2022	3.73%	5.28%	1.057%
  July 1, 2020 - June 30, 2021	2.75%	4.3%	1.057%
  July 1, 2019 - June 30, 2020	4.53%	6.08%	1.059%

• Effective July 1, 2013: Interest rates are adjusted yearly based on the 10-year U.S. Treasury note index rate. The interest rate cap for undergraduate federal Direct Subsidized and Unsubsidized Loans is 8.25%. The cap for graduate federal Direct Unsubsidized Loans is 9.5%.
• Interest starts accruing upon disbursement.
• Subject to annual and aggregate loan limits.
• This is a loan you must repay to the U.S. Department of Education.
• Complete the student financial aid adjustment form if you wish to cancel or reduce a loan that has not been disbursed to your WMU account. If the loan has already disbursed, you must complete the student financial aid adjustment form within 30 days of the date of disbursement. Please note: Canceling or reducing a disbursed loan may result in a balance due on your WMU account.
• After you have accepted a federal Direct Unsubsidized Loan, you will receive a Federal Loan Disclosure Statement from the Direct Loan Servicing Center or WMU. The disclosure statement identifies anticipated disbursement dates, gross and net disbursement amounts and loan fee amounts for all your federal loans for the academic year.

Eligibility

• Undergraduate and graduate students.
• Completed Federal Master Promissory Note required for first-time borrowers.
• Federal loan entrance counseling required for first-time borrowers at WMU.
• Offer eligibility based upon estimated family contribution, cost of attendance, enrollment and other resources.
• Must be enrolled at least half time. Offer will be canceled if enrolled less than half time.
• Offer may be adjusted or canceled if there is a change to cost of attendance, enrollment, graduating in August or December or if you receive additional resources.
• Must be making satisfactory academic progress.
• U.S. Citizen or eligible non-citizen.
• Not in default on prior educational loans.

Repayment

• Accrued interest is billed quarterly and may be deferred (will be added to principal balance).
• You will begin to repay your loan six months after you cease to be enrolled at least half time. During this six-month grace period, interest will accrue on your loan. Once the grace period expires, you will begin to repay your loan.
• Complete an exit counseling session so you are aware of all the information you will need to know about repaying your loan.
• If you drop to less than half time, withdraw, drop out, graduate or simply do not return to school, this information will be reported to the servicer and they will begin to count your grace period. You are responsible for notifying WMU immediately if your enrollment changes as described above.
• Payments will be made to the U.S. Department of Education.
• To obtain information about consolidating your federal loans, visit studentaid.gov. The interest rate for a consolidation loan is the weighted average of the interest rates on the loans being consolidated and is fixed for the life of the loan.
• It is important that you maintain all important files and keep copies of your offer notices, Master Promissory Note, borrower's rights and responsibilities and the Loan Disclosure Statement in one place as they provide the details of your loans and your rights and responsibilities as a student loan recipient.

Description

• Federally funded.
• Not based on need.
• Graduate student is the borrower.

• The fixed interest rate for loans in the deferment or six month grace period is as follows: 
  
  

  Disbursement Date	Graduate %	Loan Origination Fee
  July 1, 2024 - June 30, 2025	9.08%	4.228%
  July 1, 2023 - June 30, 2024	8.05%	4.228%
  July 1, 2022 - June 30, 2023	7.54%	4.228%
  July 1, 2021 - June 30, 2022	6.28%	4.228%
  July 1, 2020 - June 30, 2021	5.3%	4.228%
  July 1, 2019 - June 30, 2020	7.08%	4.236%

• Effective July 1, 2013: Interest rates are adjusted yearly based on the 10-year U.S. Treasury note index rate. The interest rate cap for Federal Direct Graduate PLUS Loans is 10.5%.
• Offered by WMU as federal Direct Graduate PLUS Loan on offer notice.
• Offered up to cost of attendance minus other financial aid received.
• This is a loan you are responsible to repay to the U.S. Department of Education.
• Complete the student financial aid adjustment form if you wish to cancel or reduce a loan that has not been disbursed to your WMU account. If the loan has already disbursed, you must complete the student financial aid adjustment form within 30 days of the date of disbursement. Please note: Canceling or reducing a disbursed loan may result in a balance due on your WMU account.
• After you have accepted your federal Direct Graduate PLUS Loan, you will receive a Federal Loan Disclosure Statement from the Direct Loan Servicing Center.
• The Disclosure Statement identifies anticipated disbursement dates, gross and net disbursement amounts and loan fee amounts for all your federal Direct Graduate PLUS Loans for the academic year.

Eligibility

• Graduate students only.
• Independent student.
• Must be enrolled at least half time. Offer will be canceled if enrolled less than half time. 
• Completed federal Direct Graduate PLUS Loan application.
  
• Completed federal Direct Graduate PLUS Master Promissory Note required for first-time borrowers.
• First-time borrowers must complete online loan entrance counseling.
• Graduate student borrower must meet credit worthiness standards. If denied credit, the student will be notified by the Direct Loan Servicing Center.
• Borrower may appeal extenuating circumstances or obtain an endorser. See Federal Direct Graduate PLUS Loan information sheet for details.
• Offer eligibility based upon estimated family contribution, cost of attendance, enrollment and other resources.
• Offer may be adjusted or canceled if there is a change to estimated family contribution, cost of attendance, enrollment or additional resources.
• Must be making satisfactory academic progress.

Repayment

• Interest begins accruing upon disbursement.
• Repayment of principal and interest begins 60 days after loan is fully disbursed.
• Payments will be made to the U.S. Department of Education.
• Payments will automatically be deferred if you are enrolled at least half time.
• For detailed information about repayment and loan consolidation, go to studentaid.gov.
• The interest rate for a consolidation loan is the weighted average of the interest rates on the loans being consolidated and is fixed for the life of the loan.
• It is important that you maintain all important files and keep copies of your offer notices, Master Promissory Note, Borrower's Rights and Responsibilities and the Loan Disclosure Statement in one place as they provide the details of your loans and your rights and responsibilities as a student loan borrower.

Description

• Federally funded.
• Not based on need.
• Parent borrows on behalf of student.
• The fixed interest rate for loans in the deferment or six month grace period is as follows:
  
  

  Disbursement Date	Undergraduate %	Loan Origination Fee
  July 1, 2024 - June 30, 2025	9.08%	4.228%
  July 1, 2023 - June 30, 2024	8.05%	4.228%
  July 1, 2022 - June 30, 2023	7.54%	4.228%
  July 1, 2021 - June 30, 2022	6.28%	4.228%
  July 1, 2020 - June 30, 2021	5.3%	4.228%
  July 1, 2019 - June 30, 2020	7.08%	4.236%

• Effective July 1, 2013: Interest rates are adjusted yearly based on the 10-year U.S. Treasury note index rate. The interest rate cap for federal Parent PLUS Loans is 10.5%.
• Offered up to the cost of attendance minus other financial aid received.
• This is a loan your parent must repay to the U.S. Department of Education.

Eligibility

• Undergraduate, dependent students only.
• Must be enrolled at least half time. Offer will be canceled if enrollment falls below half time.
• Offer eligibility based on estimated family contribution, cost of attendance, enrollment and other resources.
• Offer may be adjusted or canceled if there is a change to estimated family contribution, cost of attendance, enrollment or if you receive additional resources.
• Student must be making satisfactory academic progress.

Application process

• A parent (biological, adoptive or step-parent) must complete the federal Parent PLUS Loan application. We suggest beginning this process at least 4 to 6 weeks prior to the start of classes. More information is available on our Parent PLUS Information sheet.
• The financial aid office will verify the student is eligible for the federal Parent PLUS Loan, then submit the application information to the U.S. Department of Education. The student may see the federal Parent PLUS Loan on their financial aid offer as "accepted." This means the federal Parent PLUS Loan application is being processed. Please note: "Accepted" does not mean that the loan is "approved."
• The Department of Education will perform a credit check. Applications may be denied, approved or pending.
  
  • Denials: If denied, the borrower will be notified by the Department of Education and may appeal the credit decision or find an endorser. Or, the student may apply for an additional federal Direct Unsubsidized Loan due to the federal Parent PLUS Loan denial by completing the student financial aid adjustment form. The financial aid office will notify the student by email that we are unable to offer their federal Parent PLUS Loan and advise them of their options. If the parent borrower has not applied for an endorser or submitted an appeal, and the student has not submitted the application for additional unsubsidized loan within 30 days of the denial, our office will cancel the federal Parent PLUS Loan.
  • Approvals: The parent borrower will receive the Federal Loan Disclosure Statement from the Direct Loan Servicing Center. The disclosure statement identifies anticipated disbursement dates, gross and net disbursement amounts and loan fee amounts.
  • Pending: The application may be delayed if there is an error on the application or if a credit agency requests additional verification. If additional information is needed, the borrower will be notified via mail.
• Parent borrowers must complete the federal Parent PLUS Master Promissory Note required for first-time borrowers. The MPN will be sent to WMU automatically once it's completed. If the parent borrower completed the MPN for a federal Parent PLUS Loan without an endorser but then secured one, the borrower will need to submit a new MPN.
• Once all requirements have been met, the federal Parent PLUS Loan is ready to pay toward the student's account. Disbursement usually begins 10 days before the start of classes. Students will be notified via email anytime there is activity on their accounts.
• If there is an excess of funds once the loan pays to the student's WMU account, a refund will be issued to whomever the borrower selected on the federal Parent PLUS Loan application.
  
  • Borrower: If the parent selected "borrower," a refund check will be mailed to the parent.
  • Student: If the parent selected "student," a refund may be issued to the student electronically or through the mail depending on whether the student has signed up for e-refunds.
• Borrowers have the option to setup eRefunds when having a PLUS Loan refunded to them. More information is available through Accounts Receivable. 

Changes to the Parent PLUS Loan

• The parent borrower may complete the Parent PLUS Loan adjustment form if he or she wishes to cancel or reduce a loan that has not been disbursed to the student's WMU account.
• If the loan has already disbursed, the borrower must complete the parent financial aid adjustment form within 30 days of the date of disbursement. Please note: Canceling or reducing a disbursed loan may result in a balance due on the student's WMU account.

Repayment

• Federal Parent PLUS Loans first disbursed on or after July 1, 2008, can be deferred if the student is enrolled at least half time or during the six month period after the student ceases to be enrolled at least half time. For more information, you can request a deferment based on the student's enrollment status. Interest will accrue during the deferment period.
• Interest begins accruing upon disbursement.
• Repayment of principal and interest begins 60 days after loan is fully disbursed.
• The parent borrower will make payments to the loan servicer.
• The interest rate for a direct consolidation loan is the weighted average of the interest rates on the loans being consolidated and is fixed for the life of the loan.
• It is important that borrowers maintain important files and keep copies of the Master Promissory Note, borrower's rights and responsibilities and the Loan Disclosure Statement in one place as they provide loan details and a borrower's rights and responsibilities.

Private alternative loans typically have less favorable rates and terms than federal direct loans, and each private student loan program varies. To assist students to make informed decisions about private alternative loans, WMU Student Financial Aid has created an alternative loan worksheet. In addition, we encourage students to complete the short tutorial titled Financial Fundamentals that is provided by ELM on their website prior to viewing lender options. The Financial Fundamentals provides more information on the private loan process including:

• Estimating cost of attendance
• Creating a budget
• Exploring funding options
• The application process
• Loan disclosures for terms and conditions
• Student self-certification requirements

WMU will certify private alternative loans from any lender that a student chooses. Since WMU works with a variety of private loan lenders, we utilize the lender sending any required loan disclosures to notify borrowers of the terms and conditions of their chosen private loans. 

Private student loan borrowers must complete the Private Education Loan Application Self-Certification Form when applying for a new loan. The form helps to ensure the borrower understands how financing their education using loans may affect eligibility for other financial aid.  The form is required by the Department of Education for all private student loans when a borrower uses loans for post-secondary educational expenses while attending a higher education institution. It is not required for federal student loans. The lender will let the borrower know if they need to complete the form during the application process.

When determining how much to borrow, plan to borrow as little as possible. The long-term cost is an important factor. If you have questions regarding financial aid, please contact Bronco Express. For more information about a particular private alternative loan, please contact the lender.

Preferred lender list

WMU has identified private lenders to appear on our preferred lender list through ELMSelect. By visiting ELMSelect, you will be able to compare various loan options from these lenders and apply for loans utilizing the ELMSelect website. WMU will work with any other lender of your choice, but you will need to contact them directly.

Lender selection policy disclosure

The lenders and loan options presented in ELMSelect were selected based on the excellent terms and benefits they offer to borrowers. We evaluate each lender’s interest rates and fees, borrower benefits, loan options available to students, loan volume, customer service standards and commitment to financial education.

All information on the Loan Options page is reviewed every three years to ensure that each lender continues to meet our criteria. Lenders that no longer meet the standards are removed and new options may be added.

At least two lenders will always be presented. You are free to choose any lender, including those not listed. Choosing an unlisted lender will not cause unnecessary delays in processing your loan application.

Our staff are prohibited from receiving any financial or other benefits in exchange for displaying lenders or loan options in ELMSelect. Prohibited conduct includes receiving compensation for serving on lender advisory boards, accepting gifts or entertainment, allowing lender presence in the financial aid office, use of institutional branding by lenders or ownership of lender stock by decision-making officials.