Loan Application Instructions
NOTE: Loan processing for the 2023-24 academic year will be available in early summer. Check your W&M email for updates.
2022-23 Loan Processing (Fall 2022, Spring 2023, and Summer 2023)
Title IV Authorizations: All students pursuing federal loans will be prompted to answer two questions after logging into MyWM in reference to Title IV aid authorizations. For more information on Title IV Authorizations, click here.
Origination Fee: All Direct Federal loans are accessed with an origination fee before loans are disbursed. We have created this interactive fee calculator worksheet to help you understand the funds you are borrowing and in creating your personal budgets.
New Borrowers Returning Borrowers Private Loans
Instructions for New Borrowers
Direct Subsidized/Direct Unsubsidized
1. Log into Banner Self Service at http://my.wm.edu.
2. Click on the "Resources/Additional Information" tab to answer the Title IV Authorization questions as described above.
3. Accept (or decline) your loans through the "Accept Award Offer" tab.
4. Go to https://studentaid.gov and log in using your FSA ID.
5. Complete Entrance Counseling.
6. Complete Master Promissory Note for Subsidized/Unsubsidized. Be prepared to provide contact information for two references.
Direct Grad PLUS Loan (Graduate Students)
1. If offered on your award screen, accept (or decline) your Grad PLUS Loan in Banner Self Service at http://my.wm.edu.
2. If not offered on your award screen and you wish to borrow this loan as a supplement to the Direct Unsubsidized Loan, you will see an "Additional Eligibility" message on your award screen that will indicate the maximum eligibility amount for this loan.
3. Go to https://studentaid.gov and log in using your FSA ID.
4. Complete Entrance Counseling (All students must complete entrance counseling, even if they have borrowed loans in the past).
5. Select "Apply for a Grad PLUS Loan" 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 to your PLUS loan. You can select either of these options by going to https://studentaid.gov, sign in, and select the option from the list on the Home Page.
6. Complete the Master Promissory Note for the Grad PLUS Loan.
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. It is best to consider borrowing the amount needed for the full academic year upfront, as opposed to one semester at a time.
2. Go to https://studentaid.gov and log in using the parent's FSA ID (This is the same ID used to sign the FAFSA electronically).
3. Select "Apply for a PLUS Loan" 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 to your PLUS loan. You can select either of these options by going to https://studentaid.gov, sign in, and select the option from the list on the Home Page. If credit appeal or an endorser is not an option, please have your student contact the Office of Student Financial Aid at 757-221-2420 or aid@wm.edu to discuss the possibility of an extended unsubsidized loan.
4. Complete Master Promissory Note for the Parent PLUS Loan.
Instructions for Returning Borrowers
Direct Subsidized/Direct Unsubsidized
1. Log into Banner Self Service at http://my.wm.edu.
2. Click on the "Resources/Additional Information" tab to answer the Title IV Authorization questions as described above.
3. Accept (or decline) your loans through the "Accept Award Offer" tab.
Parent PLUS Loan
Please log in to https://studentaid.gov and complete the PLUS Loan Application by selecting "Apply for a PLUS Loan." 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 https://studentaid.gov.
Graduate PLUS Loan
Please log in to https://studentaid.gov and complete the Grad PLUS Loan Application by selecting "Apply for a Grad PLUS Loan" if you wish to borrow this loan type and it is not automatically offered on your award screen in Banner Self-Service. 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 https://studentaid.gov.
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.
If you have been awarded federal loans in your financial aid package, you will need to accept or decline your loan offers before W&M can certify your private loan.
