Iowa Wesleyan College

Federal Direct Stafford Loan Process

1. Student completes the Student Loan Information Form sent with the Financial Aid Award letter.  If the student does not want loans, enter “0” in amount.
2. Return the Loan Information Form  to the Financial Aid Office for processing.
3. Student completes Stafford Loan Entrance Counseling at studentloans.gov
4. Student signs a Master Promissory Note with Direct Lending.  This can be done online with an electronic signature at studentloans.gov. You will need your FAFSA PIN number to sign electronically.  You may request a duplicate PIN at www.pin.ed.gov.
5. First time students at Iowa Wesleyan College are required by Federal Regulations to have their first loan disbursement delayed 30 days.
6. Federal regulations require two equal disbursements within a loan period. If you have a loan for the full year,  the two disbursements will  be fall and spring semester.  If you are enrolled for only one semester your loan will be split into two equal payments within the semester.
7. An origination fee of 1% is deducted from your loan.
8. When IWC receives your loan disbursements, they are applied to your student account.Tuition, authorized book charges, and other charges will be paid first. If a credit balance occurs on your account, the Business Office will issue you are fund check after the drop/add period. See IWC catalog and website for more information.