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Loans

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.

Federal Stafford Loan

The Federal Stafford Loan is a government-sponsored, low interest loan that helps students pay for their education beyond high school. This loan is part of the Federal Family Education Loan Program (FFELP).

You must complete and file the FAFSA in order to qualify. If you do not, you will not be eligible for the Federal Stafford Loan. It is important that this form be completed and filed as soon as possible to avoid delays in processing.

Types of Federal Stafford Loans
Subsidized - a need based loan, for which the government pays the interest both while the student is in school 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
Apply for the Loan
Check "Yes" on the FAFSA question which asks if you are interested in student loans. If "No" is checked on this, then fill out the WTAMU Federal Stafford Loan Request Form and submit it to Financial Aid at WTAMU.

Determining Eligibility
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

Select a Lender
It is your responsibility to select a lender who participates in the federal student loan program. You have several options in locating a lender:

  • Choose one from the list of lenders used most often by our students
  • If you have previous education loans, try to use your previous lender.
Complete Application
Follow Loans By Web instructions to complete the loan application process.

School Releases Loan
When we receive the loan we verify that you are still enrolled at least half-time and that you are making satisfactory progress. If a credit balance occurs, and your school debt is paid, the Business Office will issue a refund check for the balance.

Loans by Web
If you have previously borrowed at WTAMU or another Loans By Web school and signed a Master Promissory Note (MPN), you may not need to make a lender selection. Loans By Web will indicate if you have a signed MPN on file.

If you are eligible for a Federal Stafford Loan and have not borrowed before, instructions on how to complete a Federal Stafford Loan application on-line may be viewed by clicking on this link:

Federal PLUS Loan

The Federal PLUS Loan is designed for parents of undergraduate dependent students to borrow funds in the parent’s name to assist with their college student’s college 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 adverse credit history.

Repayment of principal and interest begins 60 days after the final disbursement of the PLUS loan.

Financial Aid Process

  • Apply for a PLUS Loan from a lender who participates in the FFELP program. A parent may choose one from the list of lenders used most often by our students and parents or if a parent has had previous education loans, try to use your previous lender.
  • Lender sends PLUS Loan pre-approval or denial to West Texas A&M University Financial Aid Office.
  • PLUS Loan eligibility is determined after Stafford Loan eligibility is determined.
  • Complete Application/Master Promissory Note – Follow Loans by Web instructions to complete the loan application process.
  • School releases loan - When we receive the loan we verify that you are still enrolled at least half-time and that you are making satisfactory progress. If a credit balance occurs, and your school debt is paid, the Business Office will issue a refund check for the balance. If a balance is owed, the Business Office will contact the parent regarding the procedure for payment.
Loans by Web
If you have previously borrowed at WTAMU or another Loans By Web school and signed a Master Promissory Note (MPN), you may not need to make a lender selection. Loans By Web will indicate if you have a signed MPN on file.