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University of Wyoming

Loans


Loans are a type of financial aid that must be repaid (usually with interest) to the lender. Most lenders will give you a grace period and several different options for repayment of your loan. If you have several loans, you may want to consolidate them together for repayment. Below are the loans that the University offers along with information on other loans that you may be interested in.

Your choice of lender is fully your responsibility.  For your information, the University of Wyoming does not have contractual agreements with any educational lender nor accepts gifts, payments, assistance with staffing, equipment or donations of anything more than nominal value from any lender.  The Office of Student Financial Aid will process a loan application from any lender a student desires to pursue.

While the basic terms for the Federal Stafford Loan and the Federal PLUS loans are the same, there may well be differences in benefits offered to borrowers.  Those benefits may include:

  •     Guaranty fee and interest payment (s) or reductions
  •     Lender ombudsman to assist borrowers with processing or repayment problems
  •     Reasonableness of repayment deadlines that trigger cancellations of benefits
  •     Information provided to borrowers regarding benefits and benefit cancellation provisions
  •     Easy account access
  •     Repayment options
  •     Easy communication with the lender via phone, web and email

Borrowers should do their own investigation regarding the differences between lenders being considered.  A review of websites and brochures should greatly assist prospective borrowers in making their decision.

While the Office of Student Financial Aid may not recommend a particular lender, borrowers needing guidance as to the types of benefits offered or questions to ask, may contact a loan counselor with the office.

Also, the selection of a guaranty agency is part of the process in receiving your loan funding.  Depending on your lender, the Office of Student Financial Aid will match your loans with either the Educational Assistance Corporation (EAC) or EdFund.  As with the decision on which lender to use, you have the right to choose the guaranty agency of your choice.  If you do not wish to use either EAC or EdFund, please contact a loan counselor in the Office of Student Financial Aid.