Types of Loans
To help pay for your college education, students may borrow through one or more of the following loan programs.
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Direct Subsidized and Unsubsidized Loans (Stafford)
A Direct Subsidized or Unsubsidized Loan is a student loan in the student’s name for educational purposes. The loan funds come from the government and are categorized as either “subsidized” or “unsubsidized". Loan repayment is deferred while the student is enrolled in school at least half-time and during the 6-month grace period after the student either graduates or drops below half-time. When the grace period is finished, the student starts repayment on the loan. However, if the student decides to go to graduate school, the loan will go back into deferment.
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Supplemental Loans
Supplemental loans are education loan funds that can be obtained in addition to the financial aid package offered by Wheaton College. The Student Financial Services Office works with the student and family to determine the best options for their particular situation. The two main types of supplemental loans are Direct PLUS Loans, which are federal funds borrowed by the parent, and private “alternative” loans. Please contact the Student Financial Services Office if you have additional questions.
