How to Apply for Loans

Federal Stafford Loan

• The Stafford loan is a federally sponsored education loan that offers a low, fixed interest rate.  For Subsidized Stafford Loans (based on need) the interest rate will be 6.0% for the 2008-2009 academic year.  The interest rate for Unsubsidized Stafford Loans (not based on need) is at 6.8 percent.
• Stafford loans are secured through banks, credit unions, and other lending agencies which you chose when you complete the on line application.
• Ohio Wesleyan will recommend an amount to be borrowed based on your financial aid need.
• The maximum you may borrow through this program in the first year is $3,500.
• Stafford loans must be repaid within ten years but there is no penalty for early payoff.
• In order to receive a Stafford loan, you will need to complete an on-line Master Promissory Note and the Entrance Counseling session.

Click here to complete the Stafford loan application and promissory note process.

Federal Perkins Loan

• The Financial Aid Office will initiate the Federal Perkins Loan.
• The student will receive information from OWU in early August.
• The student will receive direction for completing the promissory note and the entrance interview online.