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FAQs about Loans

Direct Loan
Direct Parent PLUS Loan

Can I borrow less on my Direct Loan than the amount listed on the award letter?

Yes. You can borrow any amount, up to the amount listed on your award in Banner Self Service.

What are the interest rates on the Direct Subsidized and Direct Unsubsidized Loans?

For undergraduate subsidized and unsubsidized loans originating after July 1, 2022, the interest rate is fixed at 4.99%.  For graduate student unsubsidized loans originating after July 1, 2022, the interest rate is fixed at 6.54%.  For Parent Plus loans (unsubsidized) originating after July 1, 2022, the interest rate is fixed at 7.54%

What is the difference between subsidized and unsubsidized Direct loans?

The government pays all the interest on subsidized loans while you are in school and during the six-month grace period following graduation. Unsubsidized loans begin to accumulate interest as soon as they are disbursed. We recommend that you pay your interest quarterly.

What is the process for applying for my loans for the 2022-23 academic year?

Please refer to the loan application page for instructions.

I applied for a Direct Loan, but I haven't gotten my money yet. Where is it?

The only way that you will receive your Direct Loan is to accept the loan on your award screen in Banner Self Service on myWM -  You must also complete entrance counseling and a master promissory note.  These steps are completed at We will send you information on how to complete these items to your W&M email account.  If all of these requirements have been fulfilled and you still have not received your loan, contact our office.

What is the interest rate on the Direct Parent PLUS loan?

It is a fixed interest rate of 7.54% for loans originating after July 1, 2022.

How do I apply for a Direct Parent PLUS loan?

Parents of undergraduate students will apply for a PLUS loan at The parent borrower does not have to be the parent of record on the student's FAFSA filing, but the parent must have an FSA User ID and password to apply.

Why do I have to file a FAFSA for a Parent PLUS loan?

William & Mary must determine that a PLUS loan application is for an eligible dependent student. By requiring the FAFSA, we are able to determine if a student is eligible. For example, the FAFSA process checks dependency, citizen status, selective service registration, etc. We will not process a PLUS loan without a FAFSA on file.

When do I start making loan payments?

Students do not have to make payments to their Federal Student loans until after graduation or if they fall below half-time credit enrollment. However, we do recommend that students with unsubsidized loans pay the interest quarterly, rather than capitalizing it. Direct Parent PLUS loans will enter repayment 60 days after the second disbursement. There are no early repayment penalties.

When will I receive my student loan refund check?

After all the paperwork has been completed for your student loans, two things need to happen before you will receive your refund check.  First, the Financial Aid Office must disburse the funds to your student account on the first day of classes.  These funds are credited to your student account and will pay off any outstanding charges.  If you have a credit remaining, a refund check will be issued to you from the Bursar's Office within 14 days, per federal requirements.

Where can I find information on my past loans?

To find the most up-to-date information about your loans, please log on to to review your borrowing history.  It receives data from schools, agencies that guarantee loans, the Direct Loan program, the Pell Grant program, and other U.S. Department of Education programs. You will need your FSA User ID and Password to log into

Am I eligible for a Perkins Loan?

The Perkins loan program was phased out as of 10/01/2017. Even though the awarding of Perkins loan funds has been discontinued all disbursed loans are subject to repayment.  Perkins Loans are administered through Receivables & Collections. Information about the exit interview and loan servicing can be reviewed the information on the Receivables & Collections page.

I just accepted my loans on Banner Self-Service, but I didn't receive confirmation. How do I know if I did the right thing?

Go back to and follow the links to "Accept all Awards." You should see that the loans are now marked "Accepted."