Williams Baptist University participates in the Williams D Ford Federal Direct Loan Program. Direct federal loans are fixed-rate student loans for undergraduate and graduate students attending college at least half-time and are available to all students who submit a FAFSA.
Student loans are monies that you borrow and must pay back with interest.

The US Department of Education has four types of loans available:

  • Direct Subsidized Loans – loans made to eligible undergraduate students who demonstrate financial need to help cover the costs of higher education at a college or career school.
  • Direct Unsubsidized Loans – loans made to eligible undergraduate, graduate, and professional students, but in this case, the student does not have to demonstrate financial need to be eligible for the loan.
  • Direct PLUS Loans – loans made to graduate or professional students and parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid.
  • Direct Consolidation Loans – loans which allow you to combine all of your eligible federal student loans into a single loan with a single loan servicer.

How much can I borrow?

Federal student loans are an investment in your future. You should not be afraid to take out federal student loans, but you should be smart about it.

Federal student loans offer many benefits compared to other options you may consider when paying for college:

  • The interest rate of federal student loans is always lower than rates on private loans – and much lower than rates on credit cards
  • You don’t need a credit check or co-signer to get most federal student loans
  • You don’t have to begin repaying your federal student loans until you graduate or drop below half-time enrollment status
  • If you have demonstrated financial need, you can qualify to have the government pay your interest while you are enrolled in school
  • Federal student loans offer flexible payment plans and options to postpone your loan payments if you’re having trouble making payments
  • If you work in certain jobs, you may qualify to have a portion of your federal loans forgiven if you meet certain conditions

Direct Loan Instructions

Students are required to sign a Master Promissory Note (MPN) and complete online Entrance Counseling before receiving a Direct Loan.

First-time borrowers must complete the following steps:

Step 1: Complete a Master Promissory Note (MPN)

  • Go to http://www.studentloans.gov and log in using your Federal Student Aid PIN
  • Select Complete “MPN” or “Complete Master Promissory Note”
  • Select the “Subsidized/Unsubsidized” link
  • Enter your personal information and references, review the terms and conditions, and then sign and submit the form
  • Williams will receive notification within 48 hours that this has been completed

Step 2: Complete Entrance Counseling

  • Go to http://www.studentloans.gov and log in using your Federal Student Aid PIN
  • Select “Complete Entrance Counseling”
  • Start the entrance counseling – It should take about 30 minutes to complete
  • Select “I am an undergraduate student”
  • Read the “Guidelines” and enter the “School Information”
  • Complete the “Counseling Session and Quiz”

Additional Information

What’s the difference between Subsidized and Unsubsidized Loans?

Subsidized loans are awarded based on financial need. With subsidized loans, the government pays the interest on the loan while the student is in school, during the six month grace period and during any periods of deferment.

Unsubsidized Loans are awarded to students who aren’t required to demonstrate financial need. The borrower is responsible for the interest from the date the loan is disbursed, even while the student is still in school. Students may avoid paying the interest while they are in school by capitalizing the interest, which increases the payoff amount of the loan.