College tuition and fees quickly add up and unfortunately, sometimes scholarships and grants do not cover everything. Wayland Baptist University supports a few payment alternatives to help cover the cost of higher education with student loan programs, such as:


Current Cohort Default Rate is 8.6%.  The national average among 4 year private colleges/universities is 7.0%.  The overall national average default rate is 11.5%

Learn about the Federal Direct Loan Program (FDLP).

One form of student aid is student loans, and under the current government, all student loans are considered Federal Direct Loans. Students who indicate interest in the FDLP are 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 is 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 needs 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.

Information about your loan(s) will be reported to the National Student Loan Data System (NSLDS).  Information in NSLDS is accessible to schools, lenders, and guarantors for specific purposes as authorized by the Department.

Department of Education will report information about your loan(s) to national consumer reporting agencies.  This information will include the disbursement dates, amount, and repayment status of your loan (for example, whether you are current or delinquent in making payments).  Your loan(s) will be identified as an educational loan.

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 reviews the results of your Free Application for Federal Student Aid (FAFSA) and determines the amount you can borrow. You are not charged interest while you are in school at least part-time and during grace periods and deferment periods.

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

Other Aid

Wayland Baptist University also participates in the Direct PLUS loan program.

Parents of dependent students (which is determined by FAFSA) can apply for a Parent PLUS loan 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 of monies paid 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. If a parent is denied or unable to qualify for a PLUS loan, students may be eligible for other Unsubsidized Stafford loans.

Alternative Loans

Alternative Educational Loans should only be considered once a borrower has explored all other 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 before making a final decision.

To view a historical lender list (lenders 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.

Additional Information

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

Wayland Baptist University encourages our students to borrow wisely.  We requires our student borrowers to complete loan entrance counseling on an annual basis ( 

We encourage all student borrowers to use the National Student Loan Data System (NSLDS) ( to review their student loan history.  The student loan history provides a listing for each of their federal student loans (Subsidized, Unsubsidized, Perkins, TEACH), the loan servicer name and contact information, and the balance of those loans.

When a student ceases to be enrolled at least ½ time (below 6 hours for undergraduate and 3 hours for graduate students), we require our student borrowers to complete loan exit counseling (  Loan exit counseling will provide information regarding budgeting scenarios, various repayment options, forbearance, and deferment details.   A hold is placed on the student’s academic transcript until they have complete the exit counseling process.