Topics

Question of the Week

When are loans credited to my student account?

Loans are credited just before the semester begins.

Previous Questions

Application (FAFSA)

How will I be notified of my award notification?

First time students will notified by an award letter and by e-mail. Any follow-up contacts will be by e-mail. Continuing students are notified by e-mail.

What happens after the school receives by Student Aid Report?

The school will review and verify the information and then provide an award notification listing the types of financial aid available.

What should I do when I receive my Student Aid Report?

Review the information for mistakes or errors. If you find an error, contact the school. The school will help make the corrections for you.

How is the Expected Family Contribution (EFC) calculated?

The Department of Education uses the Federal Methodology (FM) to do a calculation which helps schools determine financial aid eligibility. The calculation takes into account your family's income, the number of family members, and value of assets, among other factors.

What is the Expected Family Contribution?

The Expected Family Contribution is the amount your family will be expected to pay based on the information you provided on the Free Application for Federal Student Aid.

How do I request a Federal Stafford loan if I did not ask for a loan when I completed the Free Application for Federal Student Aid (FAFSA)?

You may request a loan by email at Financial-Aid@wiu.edu. Be sure to include your student ID number with the request.

When are FAFSA on the Web Worksheets available for the new processing Year?

The worksheets for the next processing year are usually available in mid to late November.

What is the best way to keep up to date on my financial aid status during breaks and over the summer?

The best way is to check your WIU e-mail and STARS account regularly. The Financial Aid Office will send e-mail notices to your WIU e-mail and update your financial aid status on STARS when information is needed or changes are made.

When can I apply for financial aid?

The Free Federal Application for Financial Aid (FAFSA) can be filed beginning January 1 for the up-coming academic year. Applicants are encouraged to obtain a Federal PIN and complete a FAFSA worksheet before beginning the FAFSA on the Web.

How often do I need to file the Free Federal Application for Student Aid (FAFSA)?

Applying for Federal Financial Aid is an annual process. Applicants are encouraged to file early.

What are the criteria to be independent?

Independent status is determined by meeting one of the following:

Who decides if a student is dependent or independent

Currently, Congress sets the criteria for determining independent status.

Why is financial aid based on my parents information.

Congress requires that a parent, with rare exception, has the primary responsibility of providing for educational expenses until the student reaches 24 years of age.

Is it possible to sign my FAFSA electronically?

Yes, a PIN number may be obtained from the Department of Education.

What is the Student Aid Report (SAR)?

The Student Aid Report is a summary of the information you entered on the Free Application for Federal Student Aid (FAFSA). The information is used by the school to analyze, verify, and package financial aid.

Billing and Disbursement of Funds

Is it possible to use current federal and state financial aid to pay a previous term's bill?

No. However, some private lenders allow funds from alternative loans to be used for a previous term's bill. Remember that the terms and conditions for alternative loans are less favorable than those for federal student loans.

Is it possible to use current federal and state financial aid to pay a previous term's bill?

No. However, some private lenders allow funds from alternative loans to be used for a previous term's bill. Remember that the terms and conditions for alternative loans are less favorable than those for federal student loans.

Does the University offer any payment plans for tuition and room and board charges?

Yes, payment options are available through the Billings and Receivables Office.

When can I expect a financial aid refund?

The earliest refunds are processed for the semester by the Billings & Receivables Office is the weekend before the start of the semester, if the financial aid credited to your university account is greater than your tuition, fees, room and board charges. Refunds are deposited into your checking account. Refunds are processed daily during the semester. Direct Deposit Authorization Information

Books

Is it possible to obtain a short-term loan for books?

It is possible under limited circumstances. The Scholarship Office has funds available for students whose refunds (aid greater than University charges) are not available when the semester begins. Please note that supplemental request for financial aid must be submitted a month before school begins. Requests received two weeks prior to and during the start-up of each semester will be processed after the semester is underway.

Am I able to charge books?

No, Western currently does not have a mechanism for charging books. However, the Scholarship Office does provide short term loans to those who have excess financial aid (aid greater than tuition, fees, room, and board charges) that is unable to be disbursed at the beginning of the semester.

Consortium Agreement

How are funds disbursed to students in a Consortium Agreement?

It depends on the program. Let's look at the three primary programs - Loans, Pell Grants, and MAP:

General Information

Q. How do I activate my e-mail if I am a new student.

As soon as you are admitted to Western, instructions for activating your e-mail will be mailed to you. If you need additional assistance, contact http://sac.wiu.edu/students-and-families.asp for help.

How will I be notified of my award notification?

First time students will notified by an award letter and by e-mail. Any follow-up contacts will be by e-mail. Continuing students are notified by e-mail.

Where may I find assistance in signing-on to my Western STARS account?

You may find assistance at 309/298-STAR(7827).

Where may I find assistance with my Western e-mail account?

You may call 309/298-2092 for assistance.

Do I have a Financial Aid Advisor?

Financial Aid Advisors are assigned by letter of the alphabet. The following are the advisors and their alphabetical assignments:

Troy Bates A, B, Q
Georgia Cassidy H-J, RJ-RO
Rachel Sutton PA, RP-RZ ,S
Mary Lawson C, D, PB-PF
Rita King E-G, O, RB-RE
Teri Waugh T-Z
Cindy Ewalt M-N, RF-RI
Pam Griswold K-L, PG-PZ, RA

Graduate Students

Why can't I get a MAP grant for grad school?

MAP (Monetary Award Program) is authorized by the State of Illinois only for undergraduate students. Graduate students seeking assistance may look to other sources of aid like loans from the Financial Aid Office or graduate assistantships through University departments.

Grants

Can a disbursement of a TEACH grant ever be returned?

Yes, if the funds are returned within 120 days of disbursement. However, remember that the return of one disbursement doesn't lessen your service commitment if you have any other TEACH grants. The service commitment is the same regardless of whether you have received $1 or $4,000 from the TEACH grant program.

What is the downside of receiving a TEACH grant?

The grant converts to a Federal unsubsidized loan with interest accruing from the disbursement of each grant received if the service commitment is not completed. Once the grant converts to a loan, it cannot be changed back to a grant.

Are graduate students eligible to receive TEACH grants

Yes graduate students may also be considered for TEACH grants.

How much is a TEACH grant?

TEACH grants are $4,000 annually for full-time students taking the appropriate courses. Students enrolled half-time have awards pro-rated.

What are the eligibility criteria for the TEACH grant?

TEACH grant recipients must meet the following criteria:

What is a low income school?

Any school listed in the Department of Education's Annual Directory of Designated Low-Income Schools for Teacher Cancellation Benefits.

What qualifies as a high need field?

High need fields are the specific areas identified as follows:
Bilingual Education
Foreign Language
Mathematics
Reading Specialist
Science
Special Education
Any other designated shortage field listed in the Department of Education's annual listing.

What is a TEACH grant?

A TEACH grant is a federal grant program to students who plan to teach in a high need field at a low income school for at least four years within eight years of completing an approved teaching program.

Are the Academic Competitiveness (ACG) and the SMART grant programs open to half-time students and eligible non-citizens?

Yes, as of July 1, 2009, both half-time students and eligible non-citizens may participate in both programs. (Revised under Reauthorization)

Loans (Federal Stafford)

Where can I find out more about loan consolidation now that many lenders are no longer consolidating loans?

Always check with your lender first. If your lender no longer is consolidating student loans, contact the Department of Education (DE). DE can consolidate all student loans under the Federal Direct Loan Consolidation program.

Are there new unsubsidized Federal loan limits?

Yes. For loans disbursed on or after July 1, 2008, most borrowers will be eligible to receive $2,000 more in unsubsidized Federal student loans.

What is the process for obtaining a Stafford loan for the academic year?

The following are the steps to obtain a Stafford loan:

Is it possible for me to select a home town Federal Stafford lender?

Yes, you may select any lender who participates in the Federal Stafford Loan Program by letting us know, through STARS, the bank's Department of Education lender code.

What is the difference between subsidized and unsubsidized Stafford loans?

The differences between the two loans is who pays the interest while the borrower is in school. Interest on subsidized loans is paid by the federal government; whereas, interest on unsubsidized loans is paid by the borrower. Eligibility for the interest subsidy is determined by financial information provided on the Free Application for Federal Student Aid (FAFSA).

What is an Additional Unsubsidized Stafford loan?

This is the name given the additional unsubsidized loan amount that independent students may borrow. Dependent students whose parents cannot borrow PLUS (parent) loan also qualify for an additional amount.

Loans (General)

When are loans credited to my student account?

Loans are credited just before the semester begins.

How many loan choices will I have?

Each new borrower will have a minimum of three choices. In addition, you will be able to select a lender of your own choosing.
Note: Individual selections may require a paper application. Also, you should compare the benefits of an individual selection to the benefits of those listed on the web site.

How will a new borrower select a lender?

The borrower will be directed to his/her STARS account when the award notification is sent.

What is the loan selection process for new borrowers?

Every new borrower will need to select a lender before the loan can be transmitted.

Where can I find the listing of lender benefits?

There will be a link on the selection web site for those listed. For a lender of your own choosing, please check with that lender's web site.

How many loan choices will I have?

Each new borrower will have a minimum of three choices. In addition, you will be able to select a lender of your own choosing.

Note individual selections may require a paper application. Also, you should compare the benefits of an individual selection to the benefits of those listed on the web site.

How will a new borrower select a lender?

The borrower will be directed to his/her STARS account when the award notification is sent.

What is the loan selection process for new borrowers?

Every new borrower will need to select a lender before the loan can be transmitted.

What is the average indebtedness for a Western student at graduation?

The average indebtedness for a May '09 graduate is $19,805.

How do I obtain the additional amount if I need to borrow more money?

You may contact us by e-mail or by phone. In addition, you will automatically be considered if you file any type of loan application. Always remember, however, not to borrow any more than you actually need.

Which is better paying interest as I go along or capitalizing and repaying the interest when the loan enters repayment?

Attempt to pay the interest as you go along. Waiting to pay the interest when the loan enters repayment adds to the total amount you must repay.

What do you think of peer-to-peer lending?

It is an intriguing concept but not the best way to obtain student loans. As always, one should utilize all federally backed student loans before seeking alternative sources.

What are peer-to-peer lenders?

They are lenders who facilitate personal loans for students. The lenders are usually friends, relatives, or even strangers intent on seeking alternative means of investing funds.

What is the Department of Education link for loan consolidation?

One should check with your lender first. However, if your lender does not consolidate student loans, you may contact the Department of Education at the following link: http://loanconsolidation.ed.gov

Is a new Master Promissory Note (MPN) required if I have a new lender?

Yes, a new Master Promissory Note is necessary. The new note can usually be signed electronically.

What should I do if my lender drops out of the student loan business.

You won't have to do anything except sign a new promissory note with another lender. Western will help you find a new lender with the same loan benefits and with the same service agency. If you should want to switch to another lender of your own choosing, let us know, and we'll make the arrangements.

Has the reduction in the number of lenders endangered my ability to obtain a Federal Stafford Loan?

No. The reduction in lenders is not expected to prevent WIU students from receiving student loans.

Have any of Western's lenders left the Federal Stafford Loan Program?

Yes, a few have dropped from the student loan program. Those who have dropped are small to medium sized lenders.

Why are some lenders leaving the Federal Stafford Loan Program?

Congressional changes to the student loan program have driven a number of lenders out of the federal student loan program. The recent credit crisis has also added to their departure.

May I reduce or cancel my loan?

Yes, do not borrow any more than you absolutely need to meet educational expenses. Remember you may reduce or cancel your loan at any time.

How can I cancel all or part of a loan that I have received?

Go to your STARS account. Under Financial Aid Information, select the appropriate award year, click on Financial Aid Awards, and select the loan you wish to revise. Please remember that if you have both subsidized and unsubsidized loans, you should cancel or reduce the less desirable unsubsidized loan first.

How do I request a loan or ask for additional loan funds if I have already received an award letter?

You may do so by going to www.fa.wiu.edu, clicking on Ask a Question, and making your request.

What would the average payment be for a loan of $19,805 with the interest at 6.8%?

The monthly payment would be $227.92. To calculate the monthly payment for your loan amount, go to the ISAC Monthly Payment Estimate Calculator.

How do I request a Federal Stafford loan?

You will automatically be considered for a Federal Stafford loan if you checked that you would like to be considered for loans on the Free Application for Federal Student Aid (FAFSA).

Loans (PLUS- Federal Parent Loan)

Is it possible to obtain a delayed repayment date for parent PLUS loans?

Yes, you may delay repayment until six months after the student is no longer enrolled at least half-time. You, however, have to contact the lender to make this request. Please remember that interest may be paid as you go along or have it capitalized upon the loan entering repayment.

How can a dependent student borrow an Additional Unsubsidized Stafford Loan?

A dependent student may borrow the additional amount by providing a copy of the parent's PLUS rejection letter and indicating to the Financial Aid Office that the student would like the unsubsidized loan.

What is a PLUS loan?

PLUS stands for Parents Loan for Undergraduate Students. It's a federal loan designed to pay for educational expenses after grant and Stafford loan eligibility have been used. Interest is paid by the borrower. Repayment of the loan principle begins 60 days after the full disbursement of the loan. Here are some facts about the PLUS loan:

Loans (Private Alternative)

Will applying for an alternative (private) loan affect my credit score?

Yes, each application for an alternative loan affects a credit score by approximately 5 points. When considering an alternative loan, do your research and make sure that is the lender you wish to use before submitting an application.

Military Programs

If I am eligible for both the Illinois Veterans Grant (IVG) and the Illinois National Guard grant (ING), which one should I use first?

Normally, you would want to use the Illinois Veterans Grant (IVG) because IVG covers more educational expenses (tuition and all mandatory fees), whereas, the ING program covers tuition and one fee (activity). However, if you plan to attend an Illinois public university for graduate school and will not be in the National Guard at that time, you may wish to save IVG for later use since the grant is limited to 4-years of full-time attendance.

Are the Veterans Grant and the GI Bill Benefits (Veterans Educational Benefits) two separate programs?

Yes. The Illinois Veterans Grant (IVG) is a state program. The application is submitted to the Illinois Student Assistance Commission (ISAC). Once approved, the credit will be applied to your University account for tuition and mandatory fees. The GI Bill Benefits is a federal program. The application is submitted to the Department of Veterans Affairs. Once approved, you will self-certify on STARS each semester after which you will receive a monthly check directly.

Is it possible to have an Illinois Veterans Grant (IVG), the G.I. Bill (federal Veterans Educational Benefits), and student financial aid at the same time?

Yes, it is possible. However, all are separate programs and each program requires a separate application. The applications may be found at the following web sites:

Which educational costs does my Illinois National Guard (ING) grant cover?

The Illinois National Guard grant covers tuition and one fee (activity).

Why would my Illinois National Guard (ING) grant not be credited to my student account?

The ING grant requires an annual application. If you have already applied, have received confirmation of eligibility from the Illinois Student Assistance Commission, and are a registered student, please contact us.

Personal Finance

How can I protect my credit?

Look at CashCourse, Protecting My Credit.

What is the best way to improve my credit score?

There are two ways. First is to make payments on time. The second is to pay down debt.

What factors affect my credit score?

The factors which affect your credit score in approximate order of importance are:

What is the difference between a credit report and a credit score?

A credit report describes ones financial history. The report covers account information, account balances, and information on any late or missed payments. A credit score is a numeric designation and is calculated from your credit history and reflects how well credit has been handled in the past.

Why does good credit matter?

Good credit affects the terms and conditions offered to you when you apply for loans. Generally, the better the credit, the lower the interest rate. This will save you money on such items as alternative loans for your education, car loans, and later even a loan on a house.

How can I find out where my money goes each month?

The best way is to track your spending each week for a month. One method of doing that is to take four 3X5 index cards, label each by week, and write down everything purchased each week. Don't forget to list everything purchased, including the latte. At the end of the month, tally the results. You will find it helpful and revealing!

What should I do if I have been offered a great interest rate on a credit card?

Read the fine print carefully. There is a tendency to change rates at some point. Look for "teaser" rates. This can be particularly true of credit card interest rates, cell phone contracts, car loans, and home mortgages.

Financial Tips

Can you provide a good financial tip?

Try not to borrow money any time a depreciating asset is purchased.

Why shouldn't I borrow money to purchase a depreciating asset?

Borrowing money costs you and usually limits your ability to save and to be financially successful.

Can you provide a second financial tip?

Never borrow more than you can repay. This also goes for student loans.

Is there another financial tip?

Attempt to always pay off your highest cost debt first.

How can I prevent identity theft.

Check out CashCourse, Preventing Identity Theft.

Where can I learn more about credit and debit cards?

More can be learned at CashCourse, Dealing with Debit and Credit Cards.

What is CashCourse?

CashCourse is a personal financial planning and money management web site for college students

What is a FICO score?

It is a scoring system with a range from 300 to 850. The higher the number, the less risk there is for the lender. To provide an idea of the distribution of scores nationally, the median score is 723.

What is the most commonly used credit score?

The FICO score. FICO is an acronym for its developer, the Fair Isaac Corporation.

What is a credit rating or score?

It is the numerical rating that lenders use to determine the risk associated with a borrower.

Why is creditworthiness important when I apply for an alternative educational loan?

It is important because the interest rate and fees are determined by your credit rating.

If I owe $3,000 on a credit card that charges 18% interest, how long will it take me to be debt free by making monthly payments of $75?

It will take 263 months (almost 22 years). During that time, you will pay $4,115.44 in interest.

Is there a web site that I can go to and learn more about opting out of credit card and loan solicitations?

Yes, go to the Federal Trade Commission Then, to actually opt out of some of the solicitations visit Opt Out Prescreen

Where can I find helpful information on money management, credit cards, and personal finance?

As a start, check "Hot News" each week. The "Financial Tip of the Week" links to the award winning service at the University of Missouri Office for Financial Success. Additional information may be found at the Financial Aid Office's "Frequently Used Links(left side). Click on "Tools and Links"(right side).

Is creditworthiness important for me as a student?

Yes. It is particularly important for anyone that needs an alternative educational loan.

Scholarships

Is there a separate application for scholarships?

Yes, most scholarships have separate applications.

When should a new student apply for scholarships?

Many scholarships have a February 1 deadline. New students should apply before that date.

Where can I find information on Scholarships?

On our website under Scholarship information (Information is available on Western Scholarships as well as other outside scholarships and scholarship search programs).

SMART Grants

Is there a course requirement for SMART recipients?

Yes, students must be enrolled in at least one course each term in the student's major or if not in the major, one course that meets specific requirements for the major.

More information on SMART Grant eligible majors and requirements.

STARS/E-mail

What financial aid information is found on STARS?

1. Application status.
2. Award letter.
3. Financial aid awards.
4. Ability to select a lender.
5. Ability to reduce or cancel loans.
6. Billings and Receivables Account Detail - to determine if your financial aid awards have applied to your account.

What if I need help signing on to my STARS account?

For assistance in accessing your STARS account, contact the Student Assistance and Parent Service Center (309-298-2092) or the STARS Help Desk (309-298-7827).

What is STARS?

STARS is the Student/Alumni Records System.

What information does STARS provide?

STARS provides students access to their University Records from 3 a.m. to midnight (CT) daily.

Should I use my WIU e-mail account when e-mailing the Financial Aid Office?

Yes. Many times other e-mail accounts have virus protection that rejects the WIU response. To insure that you receive a response from the Financial Aid Office, the WIU e-mail account should always be used.

Should I check my WIU E-mail or STARS account over the summer?

Yes. You should check both regularly, even over the summer, particularly if you are applying for financial aid. Your STARS or E-mail accounts will contain the most recent information regarding your financial aid as well as other University information.

Student Aid Report

What happens after the school receives by Student Aid Report?

The school will review and verify the information and then provide an award notification listing the types of financial aid available.

What should I do when I receive my Student Aid Report?

Review the information for mistakes or errors. If you find an error, contact the school. The school will help make the corrections for you.

How is the Expected Family Contribution (EFC) calculated?

The Department of Education uses the Federal Methodology (FM) to do a calculation which helps schools determine financial aid eligibility. The calculation takes into account your family's income, the number of family members, and value of assets, among other factors.

What is the Expected Family Contribution?

The Expected Family Contribution is the amount your family will be expected to pay based on the information you provided on the Free Application for Federal Student Aid.

What is the Student Aid Report (SAR)?

The Student Aid Report is a summary of the information you entered on the Free Application for Federal Student Aid (FAFSA). The information is used by the school to analyze, verify, and package financial aid.

Summer School

What financial aid is available for summer school?

Normally, loans are the only federal aid available during the summer. The one exception is the Pell Grant program. If the full grant is not used during the previous academic year, one would be available for summer school.

When will summer financial aid applications be available?

Look for the application on the financial aid website around mid-term of the spring semester.

When are summer loans disbursed?

Summer loans will be disbursed the first day of summer school in June for those with an 8-week or a first 4-week registration. For those with only a second 4-week registration, disbursement will be made at the start of that session in July.

Work Study

What can I do if an employer says they will hire me under Work Study after all Work Study funds have been awarded?

Ask the employer to call the Work Study office to request consideration if funds become available later. You will be contacted by email at a later date, if funds become available