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Loan Application Instructions

2014-15 Loan Processing (this includes summer 2015)
Note:  There are two sets of instructions, one for new borrowers and one for returning borrowers.  If you have not borrowed Direct Loans before, please follow the new borrower instructions completely.  If you are a returning borrower, please follow the steps at the bottom of the page.

Instructions for New Borrowers

Direct Subsidized/Direct Unsubsidized

1.  Accept (or decline) your loans in Banner Self Service at http://my.wm.edu.
2.  Go to http://studentloans.gov and under the "Manage My Direct Loan" section, sign in using your PIN (FAFSA PIN).
3.  Complete Entrance Counseling.
4.  Complete Master Promissory Note for Subsidized/Unsubsidized.  Be prepared to provide contact information for two references.

 

Direct Grad PLUS Loan (Graduate Students)

1.  Accept (or decline) your Grad PLUS Loan in Banner Self Service at http://my.wm.edu.
2.  Go to http://studentloans.gov and under the "Manage My Direct Loan" section, sign in using your PIN (FAFSA PIN).
3.  Complete Entrance Counseling (All students must complete entrance counseling, even if you have borrowed loans in the past).
4.  Go to "Start PLUS Application Process" and complete the application information that is required for the PLUS credit approval.  The Department of Education will perform your credit check and will provide you with the results.  If your PLUS loan is denied, you may have the option to appeal the credit decision or to add an endorser on your PLUS loan.  You can select either of these options by going to http://studentloans.gov, sign in, and select the option from the list under "PLUS Loan Process" on the left side of the page.
5.  Complete the Master Promissory Note for Grad PLUS.

 

Direct Parent PLUS Loan (Undergraduates) 

1.  It is the student's responsibility to communicate with the parent the amount of PLUS Loan eligibility.  This amount can be found in the award information in Banner Self Service at http://my.wm.edu.   This amount is the student's cost of attendance minus other aid awarded.
2.  Complete the Parent PLUS Loan Request Form and submit to the Office of Student Financial Aid.  For summer PLUS loans, please use this form to indicate the loan amount desired.
3.  Go to http://studentloans.gov and under the "Manage My Direct Loan" section, sign in using the parent's PIN (This is the same PIN used to sign the FAFSA electronically).
4.  Go to "Start PLUS Application Process" and complete the application information that is required for the PLUS credit approval.  The Department of Education will perform your credit check and will provide you with the results.  If your PLUS loan is denied, you may have the option to appeal the credit decision or to add an endorser on your PLUS loan.  You can select either of these options by going to http://studentloans.gov, sign in, and select the option from the list under "PLUS Loan Process" on the left side of the page.  If credit appeal or an endorser is not an option, please have your child contact the Office of Student Financial Aid at 757-221-2420 or finaid@wm.edu to discuss the possibility of an extended unsubsidized loan.
5.  Complete Master Promissory Note for the Parent PLUS Loan.

  

Perkins Loan Application Instructions

NOTE:  You will need your FAFSA PIN to complete the Perkins Loan process

1. Accept your Perkins Loan in Banner Self-Service.
2. Complete your Perkins Entrance Interview (which includes the promissory note) online through the iPROMise Campus Partners System.  You will need the following information available before you get started: your FAFSA PIN, SSN, and contact information for two (2) relatives other than your parents and two (2) persons not related to you as references.
3. Allow sufficient time for Perkins Loan processing. Please note that Banner will NOT reflect satisfied requirements immediately after you have completed them on the Campus Partners System. This is a manual process for our office, so please allow 2-3 business days for processing time after the first day of classes.

If you have any questions regarding the Perkins Entrance Interview, please contact Renee Schofield, Perkins Loan Coordinator at 757-221-1225.

Private Loan Application Instructions

Private loans should be considered only after you have exhausted your federal loan options, or if you are ineligible for federal financial aid.  You can apply for a private loan by carefully selecting between the lenders on our list.  We recommend that you compare the lenders' borrower benefits and incentives information when making your selection.  Most students will need to apply with a credit-worthy co-signer.  Once you have decided on your lender choice, click on that lender's name and you will be redirected to their site to apply.

Private Loan Lender Options


Instructions for Returning Borrowers

1.  Accept (or decline) your Subsidized, Unsubsidized and/or Grad PLUS loans in Banner Self Service at http://my.wm.edu.
2.  For parent PLUS Loan borrowers, please complete the PLUS Loan Request Form.  It is not necessary to sign a new promissory note if you have borrowed a Direct parent PLUS loan in the past.  The only exception to this is for those with an endorser on their PLUS loan.  If you have an endorser, or have had one on a previous PLUS loan, you will need to sign a new promissory note for any new PLUS loans applied for.  If you need to sign a new promissory note, please do so at http://studentloans.gov.  
3.  For Graduate PLUS Loan borrowers, you must sign a new promissory note for this loan ONLY if you have an endorser or have had an endorser on your previous Grad PLUS loan.  To sign a new promissory note, please go to http://studentloans.gov.