Financial Aid (Student Loan Programs)

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Policy title:

Financial Aid (Student Loan Programs)

Category:
Admissions
Financial Aid
Graduate/Adult/Transfer
Registrar
Owner:
Director of Financial Aid and Scholarships
Approved by:
Vice President for Enrollment Management
Purpose of this policy

To provide information about student loans. 

Policy statement

Loans

Nebraska Wesleyan University participates in the Federal Direct Loan program.

Subsidized Federal Direct Loans
A student with financial need may borrow up to $3,500 as a freshman, $4,500 as a sophomore, and $5,500 as a junior and as a senior. While the student is attending school at least halftime, the interest is paid by the federal government. An origination fee may reduce the net loan proceeds available to the student borrowers. Repayment begins six months after graduating, withdrawing, or dropping below halftime status if the student has not consolidated his or her loans. Repayment may extend up to 10 or more years.

Unsubsidized Federal Direct Loans
A student who is not eligible for a Subsidized Federal Stafford Loan may borrow similar amounts each year through the Unsubsidized Federal Stafford Loan program. An origination and federal default fee may be deducted from the proceeds of the loan. The student borrower is responsible for interest on the loan during in-school, grace, and deferment periods. Interest may be paid quarterly by the borrower or capitalized and added to the principal balance at the time of repayment. Repayment begins six months after graduating, withdrawing or dropping below half-time status. Additional amounts of Unsubsidized Federal Stafford Loans are available for independent students or students whose Parent Loan for Undergraduate Students (PLUS) have been denied. Due to Federal legislation in 2008, all students who file a FAFSA are eligible for an additional $2,000 in Unsubsidized Federal Direct Loan funds each year as well.

Federal Direct Parent (PLUS) Loans
Parents of an undergraduate, dependent student may apply for a parent’s loan for an amount up to the cost of the education minus other financial aid. An origination and federal default fee may be deducted from the proceeds of the PLUS Loan. A credit check is required for each loan application. Contact the Financial Aid Office for PLUS forms.

Compliance with this policy

State Authorization

Nebraska Wesleyan University is authorized by the State of Nebraska to operate educational programs.  Approval from the State of Nebraska is maintained by the Coordinating Commission for Postsecondary Education. If a student has a complaint about Nebraska Wesleyan University they may contact:

Coordinating Commission for Postsecondary Education
140 N. 8th Street, Suite 300
PO Box 95005
Lincoln, NE 68509-5005
Phone: 402-471-2847
Fax: 402-471-2886
Web: https://ccpe.nebraska.gov/student-complaints-against-postsecondary-inst…

 

Last revised: