Indiana Wesleyan University
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    About

    Indiana Wesleyan University is a Christian comprehensive university of The Wesleyan Church. The University was founded in 1920 as Marion College and is committed to liberal arts and professional education.

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    Academics

    Indiana Wesleyan University offers over 280 academic programs, certificates and endorsements in business, technology, education, science, ministry, nursing and more. We offer program options online, on campus in Marion, IN, and at our onsite regional centers in Indiana, Ohio and Kentucky.

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    God has gifted you with a unique set of gifts—on purpose, and for the purpose of changing the world in a way that only you can. We are here to help you discover, clarify or develop that calling. The world is waiting.

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    Online & Regional

    Whether your intent is to complete an associate degree, finish your bachelor's degree, prepare for special education licensure, enter the world of higher learning with a master's degree, pursue a doctoral degree, or earn one of our many certificates, our education programs are designed specifically for your busy lifestyle.

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FAFSA CODE 001822

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  • Applying For Loans

Federal Direct Loans

A Federal Direct Subsidized Loan is awarded to students to meet financial need after other resources are subtracted or to the annual maximum loan limit, whichever is lower. It is the U.S. Department of Education's major form of self-help aid. For undergraduate students, Federal Direct Subsidized loans offered beginning July 1, 2019 have a fixed interest rate of 4.53%. The federal government pays interest on the loan until you graduate or drop to less than half-time (6 credit hours) enrollment.

A Federal Direct Unsubsidized Loan is not based on your financial need. If your Estimated Cost of Attendance (COA) is greater than your financial aid and you have not reached your annual maximum loan limit through the Federal Direct Subsidized Loan Program, you can be eligible for unsubsidized loans as well. The interest rate for Federal Direct Unsubsidized Loans offered beginning July 1, 2019 is fixed at 4.53% (6.08% for graduate students). A loan fee of 1.059% is deducted from your loan before it is applied to your student account, for loans with first disbursements on or after 10/1/19 through 9/30/20. You are charged interest on this loan from the time the loan is disbursed until it is paid in full. If the interest is allowed to accumulate, it will be added to the principal amount of the loan and increase the amount to be repaid.

To be eligible for a Federal Direct Loan, you must be enrolled for at least six credit hours per semester. If you are eligible for this loan, it will be included on your Financial Aid Offer Letter.

To apply for this loan, follow the steps below:

  • File the Free Application for Federal Student Aid (FAFSA). All requested documents must be submitted to the Financial Aid Office.
  • Complete the Federal Direct Loan Entrance Counseling Session. This process requires the borrower's FSA ID.
  • Complete the Federal Direct Loan Master Promissory Note (MPN). This will require your FSA ID. If you don't have this yet or have forgotten it, you can get one.

To find more answers to frequently asked questions and to learn more about repayment options before receiving a Direct Loan, you may visit the Federal Direct Loan website or contact the Federal Student Aid Information Center at 800-4-FED-AID (800-433-3243).

You can complete Loan Exit Counseling through the Federal Student Loan Servicing website. 

Federal Direct Parent Plus Loan Information

Parents may borrow a Federal Direct Parent PLUS Loan to help defer the education expenses of their dependent undergraduate student enrolled at least half-time in an eligible program at IWU. When you apply for a Federal Direct PLUS Loan, the Department of Education will check your credit.

The interest rate for Federal Direct Parent PLUS Loans is fixed at 7.08% with a loan fee of 4.236%, for loans disbursed after July 1, 2019; the loan fee is deducted before the loan is applied to the student's account. A parent may borrow up to the student's cost of attendance minus any financial aid (e.g., grants, scholarships, work-study, federal student loans) the student is already receiving for the school year.

If a Federal Direct Parent PLUS Loan Application is denied, it may be possible for the student to borrow an additional amount of unsubsidized loan. If the application is denied, the student should contact the Financial Aid Office for more information.

To apply for this loan, follow the steps below:

  1. File the Free Application for Federal Student Aid (FAFSA). All requested documents must be submitted to the Financial Aid Office.
  2. Complete the "Request a Direct PLUS Loan" Process.
  3. Complete the Federal Direct Loan Master Promissory Note (MPN).

You will receive notification directly from the U.S. Department of Education on your approval/denial. If you are denied a PLUS Loan, you have the following options:

  • Parent may be approved with an endorser (co-signer).
  • Student may apply for an Unsubsidized Direct Loan based on student's eligibility. This will require the submission of a new Federal Direct Loan Request Form along with proof of PLUS denial.

To find more answers to frequently asked questions and to learn more about repayment options before receiving a Direct Loan, you may visit the Federal Direct Loan website or contact the Federal Student Aid Information Center at 800-4-FED-AID (800-433-3243).

Federal Direct Graduate Plus Loan Information

Graduate and professional degree students are now eligible to borrow under the PLUS Loan Program up to their cost of attendance minus other estimated financial assistance. Repayment begins on the date of the last disbursement of the loan, and the interest rate for loans disbursed after July 1, 2018 has been set at 7.595% with a loan fee of 4.264%. Borrowers must also apply for their annual loan maximum eligibility under the Federal Unsubsidized Direct Loan Program before applying for a Graduate/Professional PLUS loan.

To be eligible for a Federal Direct Graduate PLUS Loan, you must be enrolled for at least six hours per semester. You must also submit to a credit check by the U.S. Department of Education. You authorize the credit check when you agree to the Award Letter Financial Aid Terms and Conditions.

To apply for this loan, follow the steps below:

  1. File the Free Application for Federal Student Aid (FAFSA). All requested documents must be submitted to the Financial Aid office.
  2. Complete the "Request a Direct PLUS Loan" Process.
  3. Complete the Federal Direct Graduate PLUS Entrance Counseling Session. This process requires the borrower's FSA ID. The session for a Graduate PLUS Loan is different from that of a Direct Loan (subsidized/unsubsidized), but may be completed at the same time by completing the Combination - Direct and PLUS Loans option.
  4. Complete the Federal Direct Loan Master Promissory Note (MPN).

You will receive notification directly from the U.S. Department of Education on your approval/denial.

To find more answers to frequently asked questions and to learn more about repayment options before receiving a Direct Loan, you may visit the Federal Direct Loan website or contact the Federal Student Aid Information Center at 800-4-FED-AID (800-433-3243).

Private/Alternative Educational Loans

Alternative educational loans are available from private lenders and offer additional financial assistance if you have exhausted all other sources of funding for your education. These programs are meant to supplement federal and state aid when the Cost of Attendance (COA) is not fully covered by these programs. Information about the alternative loan process and interest rate calculations should be reviewed carefully.

The IWU Financial Aid Office will process the alternative loan requested by the student; however, we will not certify alternative loans for an amount that exceeds the Cost of Attendance (COA) minus other financial aid. We are unable to provide guidance as to which alternative loan might best meet your needs.

Alternative educational loans require a credit check; therefore most lenders require a co-signer for the loan. IWU will process your educational loan from any lender you choose even if they do not appear on one of the links below.

LENDER CHOICES

Begin the Lender Choice process on FASTChoice.

THE LENDER I PREFER IS NOT LISTED

You must complete the loan counseling process on FASTChoice before selecting a lender that is not listed. When that process is completed, either call or go to the website of the lender you'd like to use and follow their instructions for completing an application.

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Indiana Wesleyan University is a Christ-centered academic community committed to changing the world by developing students in character, scholarship, and leadership.

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Indiana Wesleyan University
4201 S Washington Street
Marion, IN 46953

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866-468-6498

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