Federal Loans for Undergraduate Students

Accepting Your Student Loans

If you have received your financial aid offer and would like to accept the federal student loan(s) you are eligible for, follow the steps below. Please note that you do not need to borrow the full amount that is offered to you. Loan amounts can be adjusted directly in your Financial Aid Notification letter.

Step 1: Review your Financial Aid Notification online and accept the loan(s) you would like to borrow.

Step 2: Fill out the Master Promissory Note on the Federal Student Aid website. 

Step 3: Complete your Entrance Loan Counseling on the Federal Student Aid website.

Please review the information about Subsidized and Unsubsidized loans below.

Federal Subsidized Student Loan

• Only available to undergraduate students who demonstrate financial need.
• You must submit the FAFSA application to determine eligibility.
• Current information on Interest Rates and Origination Fees is available on the FSA website.
• No payments are required while the student is enrolled in college at least half-time.
• Interest does not accrue while the student is enrolled in college at least half-time and during grace period. Interest begins to accrue at the end of the six-month grace period upon either graduation or withdrawal from the University and is added to the loan principal at the end of the grace period.
• Repayment begins six months (grace period) after graduation or withdrawal from W&L.
• Students borrowing a Federal Subsidized Student Loan should familiarize themselves with their Borrower’s Rights and Responsibilities.

Federal Unsubsidized Student Loan

• All students meeting federal eligibility requirements qualify for the Unsubsidized Stafford Loan regardless of demonstrated need.
• You must submit the FAFSA application to determine eligibility.
• Current information on Interest Rates and Origination Fees is available on the FSA website.
• No payments are required while the student is enrolled in college at least half-time.
• Interest begins accruing as soon as the loan is disbursed. You are not required to make payments on the interest, but doing so will save you money over the life of the loan.  If you choose not to pay the interest while in school, the interest will be added to the principal balance when the loan enters repayment.
• Repayment begins six months (grace period) after graduation or withdrawal from W&L.
• Students borrowing a Federal Unsubsidized Student Loan should familiarize themselves with their Borrower’s Rights and Responsibilities.

Exit Counseling and NSLDS Reporting

Students who take out federal loans are required to complete Exit Counseling when they leave W&L. This process outlines your student loan responsibilities and what to expect during repayment.

Information about your federal student loans will be reported to the National Student Loan Data System (NSLDS). The information submitted will be accessible to authorized users, including federal and state agencies, lenders, and guaranty agencies, for purposes related to the administration of federal student aid programs.

For more information about Federal Student Loans, please reach out to the Office of Financial Aid at financialaid@wlu.edu or 540-458-8717.