To qualify, a student must complete the Free Application for Federal Student Aid (FAFSA), enroll at least half time at an eligible institution, and meet the requirements for federal financial aid.
For loans made on or after January 1, 1990, for periods of enrollment beginning on or after that date, loan proceeds must be issued in two or more payments.
Stafford/PLUS first year undergraduate students who are borrowing for the first time cannot receive payment until 30 days after the first day of the program of study. Students must be enrolled at least half time.
Entrance and Exit Interviews
An entrance interview is required before receiving a loan. Each student borrower is required to have an exit interview before graduating or dropping below half-time attendance. To complete this log on to:
TYPES OF LOANS
The Direct Loan Program offers the following types of loans:
- Subsidized: for students with demonstrated financial need, as determined by federal regulations. No interest is charged while a student is in school at least half-time, during the grace period, and during deferment periods.
- Unsubsidized: not based on financial need; interest is charged during all periods, even during the time a student is in school and during grace and deferment periods.
- PLUS: unsubsidized loans for the parents of dependent students and for graduate/professional students. PLUS loans help pay for education expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods.
- Consolidation: Eligible federal student loans can be combined into one Direct Consolidation Loan.
Private Education Loans
Western Oklahoma State College does not recommend, promote, or endorse any lenders and does not have any preferred lender lists. The federal government is the sole lender for the Federal Direct Student Loans: Federal Direct Subsidized Stafford, Federal Direct Unsubsidized Stafford, and Federal Direct Parent loans.
Students should only consider obtaining private education loans after maxing out all eligibility for federal aid: Federal Pell Grant, Federal SEOG Grant, Federal Work-study, and Federal Direct Student Loans.
To determine federal aid eligibility, students should complete the Free Application for Federal Aid (FAFSA). Federal student loans often have more favorable terms than private loans.
National Student Loan Data System
Studentaid.gov is the U.S. Department of Education’s (ED’s) central database for student aid. Studentaid.gov receives data from schools, guaranty agencies, the Direct Loan program, and other Department of ED programs. Studentaid.gov provides a centralized, integrated view of Title IV loans and grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data. Western will submit information for any student who enters into agreement for a Direct Loan to Studentaid.gov and that information will then be available to authorized persons. Enrollment information is also submitted to studentaid.gov on a regular basis. Please use the link to studentaid.gov to review your own information at any time.
Log on to ReadySetRepay.org. This website is a good resource for any repayment questions you may have. You can estimate your loan payment, find out how to contact your lender, or learn how to consolidate.