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The cost of college can add up and unfortunately, sometimes scholarships and
grants cannot cover everything. Wayland Baptist University offers a few other alternatives to help cover the cost of higher education with the following programs:

Federal Direct Loan Program (FDLP)

Alternative Loan Program
College Loans


Federal Direct Loan Program (FDLP):

Another form of self-help is student loans, and under the current government, all student loans are considered Federal Direct Loans. Students who indicate interest in the FDLP will be awarded loans upon completion of the student financial aid file. WBU prorates federal financial aid funds based upon terms of enrollment. A student's loan eligibility will be adjusted according to hours of enrollment, Expected Family Contribution (EFC) determined by the FAFSA, cost of attendance, and other federal aid received such as grants, scholarships, TA, employer tuition assistance, vocational rehab benefits, etc...

Once a student is notified of loan eligibility through the award notification, the student will need to complete the loan award online by completing Loan Entrance Counseling and signing the Master Promissory Note (MPN) at Federal financial aid funds will not be disbursed until all documentation to complete the student's file is received.

There are two types of Federal Loans: Direct Subsidized and Direct Unsubsidized.

Direct Subsidized Loans—Direct Subsidized Loans are for students with financial need. Your school will review the results of your Free Application for Federal Student Aid (FAFSA) and determine the amount you can borrow. You are not charged interest while you are in school at least half-time and during grace periods and deferment periods.

Direct Unsubsidized Loans—You are not required to demonstrate financial need to receive a Direct Unsubsidized Loan. Like subsidized loans, your school will determine the amount you can borrow. Interest accrues (accumulates) on an unsubsidized loan from the time it is first paid out. You can pay the interest while you are in school and during grace periods and deferment or forbearance periods, or you can allow it to accrue and be capitalized (that is, added to the principal amount of your loan). If you choose not to pay the interest as it accrues, this will increase the total amount you have to repay because you will be charged interest on a higher principal amount.


Other Aid:

Wayland Baptist University also participates in the Direct PLUS loan program
A Parent PLUS loan can be applied for by parents of dependent students
(determined by FAFSA) to help cover educational expenses. Parents may complete the pre-approval process at to determine federal financial aid eligibility based upon credit history.

Yearly limit is determined by cost of attendance minus all other awarded aid. First payment for the PLUS loan is generally due within 60 days after the loan is fully disbursed. Under certain circumstances, parents can receive deferment on the loans by contacting the lender. Denial of a PLUS loan may result in additional Unsubsidized Stafford loan eligibility for the student.


Alternative Loans:

Alternative Educational Loans should only be considered once a borrower has explored the options available through Federal Loan programs. Alternative Educational Loans provide funding options but may have higher, variable interest rates, as well as different repayment terms and options. Potential borrowers should carefully compare all loan terms and conditions.

To view a historical lender list (lenders that have been used by WBU students in previous years), please click here.

A student borrower may select any lender and is NOT restricted to the lenders presented on the historical lender list provided.

The cost of higher education can add up quickly. For tips on Federal Student Loan limits and borrowing responsibly, please visit the following sites:

Tips to Borrowing Responsibly
Federal Student Loan Limits
Borrower Responsibilities & Rights