Federal Stafford Loans
Direct Loan Program
Through the Direct Loan Program, the Department of Education acts as the lender on behalf of the student. The Stafford loan is processed through Wabash College. Wabash will originate the loan and then the student will be notified via email to sign their Master Promissory Note (MPN).The Stafford loan eligibility amount will vary based upon the student's year in school. Principal payments are deferred until six months after the student is no longer enrolled. There are two types of Stafford loan, subsidized and unsubsidized. The current interest rate for new subsidized Stafford loans is fixed at 3.4%. Unsubsidized Stafford loan rates are 6.8%. There is a 1% origination fee charged for all Stafford loans.
This type of Stafford loan is need-based. The government pays the interest on this type of loan while the student is in school, during the six-month grace period, and during eligible deferment periods.
This type of Stafford loan is not need-based. The student is responsible for all of the interest that accrues on the loan, including when the student is in school.
STAFFORD LOAN APPLICATION INSTRUCTIONS:
Step 1 - Entrance Interview
(Select "Entrance and Exit Counseling GO" button at top of page)
Step 2 - Stafford Loan Request Form
Step 3 - ONCE YOU RECEIVE YOUR CONFIRMATION EMAIL FROM WABASH, SIGN your Master Promissory Note
*Before leaving Wabash (graduation or withdrawal), you must complete EXIT COUNSELING
To check the status of your FAFSA, go to: www.fafsa.ed.gov and select "Check Status of a Submitted FAFSA or Print Signature Page"
To check the status of your CSS/PROFILE, go to: https://profileonline. collegeboard.com and Log In
To review and complete the IDOC (verification) process, go to:
Missing paperwork? Check "My Documents" on Ask Wally for items that have not been received by the Financial Aid Office.