Ibrahim Gardner
Indiana Wesleyan University offers a range of financial aid resources to help students make informed decisions about their education. Students can apply for federal loans, such as Direct Loans, Direct PLUS Loans, and Federal Nursing Loans, by completing the Free Application for Federal Student Aid (FAFSA). Private loans are also available from banks and private lending institutions, but these are credit-based with varying terms. IWU partners with ACI to offer semester payment plans, allowing students to pay tuition and fees in monthly instalments without interest charges. Understanding the options available is crucial for students to manage their financial journey effectively.
| Characteristics | Values |
|---|---|
| Student loan options | Federal Direct Loans (Stafford and PLUS), Federal Direct Parent Loan for Undergraduate Students (PLUS), Private Education Loans, Parent PLUS Loan, Federal Nursing Loan, Illinois Wesleyan Loan |
| Requirements/Eligibility | Completion of the Free Application for Federal Student Aid (FAFSA) every academic year; determination of eligibility based on year in school and financial need |
| Application process | Students must accept, decline, or adjust offered aid online through their MyIWU account; additional documents may be required to finalize the loan process; a master promissory note must be completed each academic year for certain loans |
| Payment options | Monthly payment plans over the semester offered through IWU's partnership with ACI (a third-party payment processor); no interest charged on payment plans |
| Withdrawal and refund policy | Refunds may be provided if a student withdraws, depending on the time elapsed in the semester; review the Student Accounts Brochure or contact Student Account Services for specific refund rates |
| Overpayments | Grant overpayments of $50 or less do not need to be repaid; for larger overpayments, arrangements must be made with IWU or the U.S. Department of Education to return unearned funds |
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What You'll Learn
Federal Direct Loans
Students with Federal Direct Stafford Loans can choose to make interest-only payments or pay off a portion (or all) of their loan obligation while still pursuing their education, without incurring any prepayment penalties. Upon graduation or termination of studies, there is a six-month grace period during which no interest or principal payments are due. After this grace period, interest begins to accrue, and the first payment will be due approximately 30-45 days later.
The Federal Direct Parent PLUS Loan is available for parents to apply for and help finance their child's education. To apply, parents must complete a Master Promissory Note through the government's website. If the PLUS Loan application is declined, the student becomes eligible for an increased amount of the Federal Direct Unsubsidized Loan.
In addition to Federal Direct Loans, IWU offers semester payment plans through its partnership with ACI, a third-party payment processor. These plans allow students to pay their tuition and fees in monthly instalments over the semester, rather than all at once. There is a $25 set-up fee for these plans, but no interest is charged.
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Private Loans
Students can apply for private loans for up to the Cost of Attendance minus other aid already awarded. Private educational loans are typically in the student's name and require a creditworthy co-signer. IWU will process any loan through any lender of the student's choosing. IWU does not recommend lenders to students to allow them the flexibility of using the lender that best fits their needs. Students are encouraged to shop for the right loan for them and to read all terms and conditions before applying.
To complete a private education loan application, students should either apply online or contact the lender directly. Students have obtained loans from various lenders over the past three years, but this list is not exhaustive, and students are encouraged to find their best option when using financing.
IWU also offers a payment plan option through ACI, a third-party payment processor that IWU partners with to offer semester payment plans. This is not a loan program but a contracted agreement to pay off the balance in increments before the end of the semester. There is a $25 set-up fee, but no interest is charged on the payment plan. Students must enroll in a new plan each semester.
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Payment plans
Indiana Wesleyan University (IWU) offers a range of payment plans and financial aid options to help students cover the cost of their education. Here is some information about the payment plans available:
IWU partners with ACI, a third-party payment processor, to offer semester payment plans. These plans allow students to pay their tuition and fees in monthly instalments over the semester instead of paying the full amount upfront. There is a $25 setup fee for the ACI payment plan, but no interest is charged. It is important to note that this is not a loan program but a contracted agreement to pay off the balance in increments before the end of the semester.
Students must enrol in a new plan each semester, choosing from 4, 5, or 6-month plans. ACI divides the contract amount into equal monthly payments that are automatically withdrawn on the 10th of each month, although this date can be changed if necessary. Enrolling in a payment plan through ACI will show a zero balance with IWU, but failure to complete the plan due to missed payments will result in charges being added back to the student's IWU account.
Financial Aid and Loans
In addition to payment plans, IWU offers various financial aid options, including federal student loans, private loans, and grants. To be considered for federal student loans, such as Federal Direct Loans (Stafford and PLUS) or Direct PLUS Loans, students must complete the Free Application for Federal Student Aid (FAFSA) each academic year. The Financial Aid Office will then determine eligibility based on the student's year in school and financial need.
Private loans are also an option, funded by banks and private lending institutions, with terms varying by lender. Private Education Loans are available for May Term travel courses. Additionally, IWU offers Parent PLUS loans, which are federal loans in the parent's name, requiring application at https://studentaid.gov/.
It is important to carefully consider all payment options and financial aid opportunities to make informed decisions about financing your education. For specific questions or more detailed information, it is recommended to contact the Financial Aid Office at IWU or refer to their website.
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Withdrawal refunds
If a student withdraws from Indiana Wesleyan University, a refund may be given depending on the period of time that has elapsed from the beginning of the semester. Students who withdraw during the 100% refund period of the term will receive a 100% refund on tuition and fees, and all aid received will be cancelled and returned to its source. After the 100% drop date, there is no refund on tuition and fees, and students who have received Title IV funding may be subject to a further reduction in aid funds.
The IWU refund policy is separate from any refund policy mandated by Title IV programs. Therefore, students may still owe funds to IWU to cover unpaid institutional charges. IWU may also charge for any Title IV program funds that they are required to return. The amount of Title IV program assistance that has been earned up to the withdrawal date is determined by a specific formula: Number of days attended / Total days in the semester = % of aid “earned”. Any aid above this amount must be returned to its source.
If a student has completed more than 60% of the payment period or term, they earn all the assistance that was scheduled for that period. If they did not receive all the funds that were earned, they may be due a post-withdrawal disbursement. If the post-withdrawal disbursement includes loan funds, IWU must get the student's permission before they can disburse it. Students may choose to decline some or all of the loan funds so that they do not incur additional debt.
Students who withdraw and have received financial assistance must complete an exit counselling session. Students who received an institutional loan such as Perkins, Ralston, Nursing, or Faculty Nursing, and are not planning on attending the forthcoming semester or are planning to graduate, are required to complete an electronic exit interview at MyLoanCounseling.com.
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Student Account Services
Indiana Wesleyan University (IWU) offers a range of options for students to pay off their student loans. The Student Account Services office at IWU can be contacted for queries related to student payment options, withdrawals, and outstanding balances.
Students can opt for federal loans, private loans, or payment plans to finance their education. Federal loans include Direct Loans (Stafford and PLUS), Federal Nursing Loans, Illinois Wesleyan Loans, Federal Perkins Loans, and Parent PLUS Loans. To be eligible for federal loans, students must complete the Free Application for Federal Student Aid (FAFSA) each academic year. The Financial Aid Office determines eligibility based on the student's year in school and financial need.
Private loans, on the other hand, are funded by banks and private lending institutions and are credit-based. IWU also offers payment plans through its partnership with ACI, a third-party payment processor. These plans allow students to pay their tuition and fees in monthly instalments over the semester, with no interest charged.
It is important to note that if a student withdraws from IWU, the amount of financial aid earned up to that point is calculated using a specific formula, and refunds may be provided depending on the time of withdrawal. Students can refer to the Student Accounts Brochure or the university catalog for information on refunds and outstanding balances.
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Frequently asked questions
ACI is a third-party payment processor that IWU partners with to offer semester payment plans. These plans allow students to pay their tuition and fees balance in monthly instalments over the semester, instead of paying a lump sum upfront.
To apply for a loan from any of the available funds, you must first complete the Free Application for Federal Student Aid (FAFSA) to establish need.
Federal Direct Loans (Stafford and PLUS) are available, as well as Parent PLUS loans, which are federal loans in the parent's name. Private loans are also an option, but these are credit-based and the terms will vary depending on the lender.
Yes, you can pay a portion (or all) of your Stafford Loan obligation with no prepayment penalties while you are still pursuing your education.
If you withdraw during your payment period or term, the amount of assistance you have earned up to that point is determined by a specific formula. You may be eligible for a refund, depending on the time elapsed since the beginning of the semester. You may also be due a post-withdrawal disbursement.
