Loans
Types of Loans
Federal Direct Subsidized and Unsubsidized Loan
- Federal loans in the student's name that do not require a credit check.
- Repayment begins six months after leaving school or dropping below half-time status for longer than six months.
- Information from the U.S. Department of Education.
- Federal loan in the parent's name that requires a credit check for approval.
- Repayment begins once loan is fully disbursed, but parent borrowers can request deferment while student is in school.
- Only parents of dependent undergraduate students are eligible.
- Federal loan in the student's name that requires a credit check for approval.
- Repayment begins once loan is fully disbursed, but student borrowers can request deferment while in school.
- Only graduate students are eligible.
- These are consumer loans offered by lending institutions to offset the cost of education.
- FAFSA filing is not required.
- Applications are generally available online and must be filed each year.
- Interest rates vary from lender to lender.
National Student Loan Data System (NSLDS) Disclosure
HEOA Sec. 489 amended HEA Sec. 485B(d)(4) (20 U.S.C. 1092b)
Institutions that enter into an agreement with a potential student, student, or parent of a student regarding a Title IV, HEA loan are required to inform the student or parent that the loan will be submitted to the National Student Loan Data System (NSLDS), and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system.
Loan Repayment Information
The best resource for information on repayment plans, loan forgiveness programs and other debt management options is the Federal Student Aid website. Important items to review:
- Federal Repayment Plans - The U.S. Department of Education offers a variety of repayment options, including Standard Repayment, Graduated Repayment, Extended Repayment, REPAYE, PAYE, IBR and ICR plans. For additional information, the federal site offers detailed descriptions of each plan and helps identify which plan might be right for you, or BW offers a summary chart on our direct loans page, that allows for an easy comparison of each.
- Online Exit Counseling - Student loan borrowers should complete exit counseling during their last semester enrolled at BW.
- Consolidation Loans - This is for borrowers who have graduated with multiple federal student loans and wish to combine them into one loan.
- Public Service Loan Forgiveness (PSLF) - If you are employed by a U.S. federal, state, local, or tribal government or not-for-profit organization, you might be eligible for the Public Service Loan Forgiveness Program.
Rights and Responsibilities of Student Loan Borrowers
The Borrower's Rights and Responsibilities Statement included on the Direct Subsidized Loan and Direct Unsubsidized Loan Master Promissory Note (MPN) provides terms and conditions of the Direct Subsidized Loans and Direct Unsubsidized Loans. Preview a read-only version of the Federal Direct Loan MPN at the student aid website.
Your Rights and Responsibilities as a Borrower
I have the right to:
- Written information on my loan obligations and information on my rights and responsibilities as a borrower.
- A copy of my MPN either before or at the time my loan is disbursed.
- A grace period and an explanation of what this means.
- Notification, if the Department transfers your loan to another servicer without your consent.
- A disclosure statement, received before I begin to repay my loan, that includes information about interest rates, fees, the balance I owe, and a loan repayment schedule.
- Deferment or forbearance of repayment for certain defined periods, if I qualify and if I request it.
- Prepay my loan in whole or in part anytime without an early-repayment penalty.
- Documentation when my loan is paid in full.
I am responsible for:
- Completing exit counseling before I leave school or drop below half-time enrollment.
- Repaying my loan according to my repayment schedule even if I do not complete my academic program, I am dissatisfied with the education I received, or I am unable to find employment after I graduate.
- Notifying my lender or loan servicer if I:
- Move or change my address.
- Change my telephone number.
- Change my name.
- Change my Social Security number.
- Change employers or my employer's address or telephone number changes.
- Making monthly payments on my loan after my grace period ends, unless I have a deferment or forbearance.
- Notifying my lender or loan servicer of anything that might alter my eligibility for an existing deferment or forbearance.
Baldwin Wallace University Office of Financial Aid Code of Conduct Policy
The Higher Education Opportunity Act sets conditions for educational institutions to participate in Title IV programs and requires the development of and compliance with a code of conduct prohibiting conflicts of interest for its financial aid personnel [HEOA - 487(a)(25)]. Baldwin Wallace University's officers, employees and agents are required to comply with this code of conduct.
Federal ID Code
BW's Federal ID Code: 003014
The Office of the Ombudsman
The U.S. Department of Education's Ombudsman helps resolve disputes and solve other problems with federal student loans. If you have done all you can to resolve an issue and haven't been able to reach a solution, the Ombudsman is there to assist you.