Getting a Loan
On this page:
- Required Steps
- Federal Direct Loans
- Campus-Based Loans
- Alternative (Private) Loans
- Federal Direct Parent PLUS Loans
- Disbursement
- Right to Cancel a Loan
Required Steps
Often, after a student accepts a loan on their Award Notice, additional steps are required to secure the loan. These additional steps or requirements can be found in WINGS. When accepting a student loan, it is extremely important that you follow all of the instructions carefully on your Award Notice. Timing is crucial to loan processing, so be sure you complete all of the required steps as soon as possible. Delays could result in the cancelation of your award.
The steps needed to complete loan processing depend upon the type of loan accepted.
Federal Direct Loans
Federal Direct Loans are federal student loans whose funding comes directly from the federal government. To be eligible for Federal Direct Loans, you must first file your FAFSA and complete all outstanding requirements to receive a financial aid offer. Visit our Apply for Financial Aid page for more information on how to get a financial aid offer.
Federal Direct Loans that can be accepted by students include:
- Federal Direct Subsidized/Unsubsidized Loans
- Federal Direct Graduate PLUS Loan (This loan is for graduate students who do not have adverse credit history).
Once you accept your aid offer in WINGS Express, the following requirements will appear. Students must complete these requirements in order to receive Federal Direct Loan funds. Failure to complete these requirements can result in the cancelation of your loan.
Complete Enrollment Plans Selection. You must indicate your expected enrollment plans for the academic year (full-time, three-quarter-time, or half-time). Loan funds will be evenly distributed over all terms in the academic year up to your cost of attendance. If you plan to enroll less than full-time, your loan amounts may change. You must be enrolled at least half-time to be eligible for a Federal Direct Loan and/or Federal Direct Graduate PLUS Loan.
Campus-Based Loans
Campus-based loans are student loans for which Wright State University is the lender. Examples include, but are not limited to:
Campus-based loans are offered to students who meet specified criteria determined by their student record and FAFSA. After accepting a campus-based loan on WINGS Express, additional requirements will appear with additional instructions. The student must complete these requirements to receive campus-based loan funds.
Alternative (Private) Loans
Students must initiate loan processing by contacting the alternative loan lender and applying for the loan. If approved for the loan, several steps must occur to receive alternative loan funds. Learn more about Alternate (Private) Student Loans.
Federal Direct Parent PLUS Loans
The Federal Direct Parent PLUS Loan is a loan whose funding comes directly from the federal government. To be eligible, your student must first file the FAFSA and complete all outstanding requirements to receive a financial aid offer. Visit our Apply for Financial Aidpage for more information on how to get a financial aid offer.
Parents must initiate Federal Direct Parent PLUS Loan processing by completing the following requirements:
The student files their Free Application for Federal Student Aid (FAFSA).
Once the student receives an Award Notice, the parent applies for the Federal Direct Parent PLUS Loan by ONE of the following methods.
PAPER: Return the completed application on Page 2 to Enrollment Services by mail, fax, or the Upload Financial Aid Document link located on the Enrollment Services Forms and Resources page
ONLINE: Complete the Online Direct Parent PLUS Loan Application. Online applications for the 2023-24 aid year will be available in late April.
The parent applicant completes a Federal Direct Parent PLUS Loan Master Promissory Note (MPN). If the parent applicant does not have an FSA ID, they can obtain one by clicking “Log In To Start” and then “Create an Account”.
Disbursement
Visit the Important Dates page for Disbursement Dates. For Alternative Loans, the lender determines the disbursement date for your loan. Funds are applied directly to the student’s account. If the student’s account is paid in full and financial aid funds remain, the Office of the Bursar will issue the remaining funds to the student (or parent in the case of a Parent PLUS Loan) in the form of a refund.
Right to Cancel a Loan
You are not required to accept the full amount of the loan offered to you. When accepting a loan on WINGS Express, you have the ability to accept all or a portion of the loan funds offered to you. Once you accept a loan online, you have the right to cancel or reduce the amount that you accepted. If you want to cancel or reduce the amount of loan funds accepted, contact Enrollment Services.
Wright State University will honor your request to cancel or reduce the loan if we receive your request (1) prior to you receiving a refund check from the Office of the Bursar or (2) after receiving your refund check, you request to return the entire loan disbursement. Otherwise, any portion of the loan that was refunded to you is your responsibility to return to your loan servicer. For assistance in returning loan funds refunded to you, please contact Enrollment Services.
