West Texas A&M University participates in various educational loan programs offered by the federal government, the state of Texas and alternative loans by various lenders.
Beginning with the 2010 summer term, West Texas A&M will become a participant in the William D. Ford Federal Direct Loan Program (FDLP). With legislation still pending in Congress and the departure of more and more lenders from the FFELP (Federal Family Education Loan Program), this move is being made to best serve our student borrowers and their families.
Federal Direct Stafford Loan
The Federal Direct Stafford Loan is a government-provided, low interest loan that helps students pay
for their education beyond high school.
You must complete and file the FAFSA to apply. If you do not, you will not be eligible for the Federal
Direct Stafford Loan. Participation in the FFELP will no longer be possible.
Types of Federal Direct Stafford Loans
Subsidized - a need based loan, for which the government pays the interest both while the student is enrolled in school at least half-time and during grace and deferment periods.
Unsubsidized - the borrower is responsible for interest from the time the loan is disbursed until the loan is paid in full.
Financial Aid Process
Applying for the Loan
For the question on the FAFSA asking for types of aid you are interested in, select either “loans” or
“both work study and loans”. If one of these choices is not selected you will need to fill out the WTAMU
Federal Stafford Loan Request Form and submit it to Financial Aid at WTAMU.
WTAMU will determine your eligibility and whether or not you qualify for subsidized loans. Federal Stafford Loan eligibility requires that you:
- Be a U.S citizen or eligible non-citizen
- Be enrolled or accepted for enrollment at least half time at WTAMU
- Be in a degree program or a program required for certification as an elementary or secondary teacher
- Meet the satisfactory academic progress standards at WTAMU
- Have no unresolved defaults on federal education loans and no refunds owed on federal educational grants
- Not be incarcerated
Completing the Master Promissory Note
All loan applicants must complete a Direct Loan Master Promissory Note. Students who have previously borrowed in the FFELP (i.e. chose a lender) will need to complete this step. Only students who are transfers and previously borrowed in the Federal Direct Loan Program may omit this step. DL Master Promissory Notes may be completed as soon as you determine you wish to borrow. The link to complete the MPN is https://dlenote.ed.gov/empn/index.jsp. When the MPN has been completed and WTAMU has completed the loan certification, the loan(s) will be scheduled for disbursement.
Federal Direct PLUS Loan and Federal Direct Graduate PLUS
The Federal Direct PLUS Loan is designed for parents of undergraduate dependent students to borrow funds in the parent’s name on the student’s behalf to assist with their college student’s educational expenses.
All parents may apply for a PLUS Loan as eligibility is not based on financial need. However, creditworthiness is used in determining eligibility. The parent borrower’s credit bureau report will be reviewed and must meet the lender’s established borrowing guidelines. A borrower cannot have an adverse credit history.
Repayment of principle and interest begins 60 days after the PLUS loan is fully disbursed.
The Federal Direct Graduate PLUS Loan is designed for graduate students who need to borrow funds in addition to their subsidized and unsubsidized Stafford eligibility.
Graduate PLUS Loans may be deferred while the student is in school but unlike Stafford loans,
there is no grace period before payment begins.
For more information concerning Federal Direct Student and Parent Loans,
go to the official U.S. Department of Education website at :