Loans

Standard Repayment - 120 month maximum
Monthly loan repayment chart for most borrowers
Stafford, PLUS, or Perkins

LOAN COMPARISON CHART
FOR VARIOUS TYPES OF REPAYMENT PLANS

The Alaska Commission on Postsecondary Education (ACPE) offers loans designed to provide Alaskans attending WSU with low-cost financial aid through its AlaskAdvantage™ Higher Education Financial Education Programs. Alaska Alternative loan programs include:

• Alaska Supplemental Education Loan (Alternative)
• Alaska Family Education Loan (Alternative)

For further information, including borrower benefits, eligibility requirements, repayment options, interest rates and annual loan limits, please visit the AlaskAdvantage™ website or call toll-free, 800.441.2962.

General Information

The Short-Term Loan (STL) program is funded by Washington State University funds. Since it is a "revolving" fund, the amounts available to be lent will vary depending on the payments and interest collected previous borrowers.

• STLs are available to assist with a student's immediate needs, such as book/rent/food, but not to pay tuition, mandatory fees, or other charges.
• WSU faculty/staff members who are enrolled in classes are not eligible for STLs.
• These loans may be available for students who have emergency situations such as when financial aid is not available to cover costs in a timely manner or when unexpected costs occur.
• Short-Term Loans are not an additional source of aid. They are mainly used to bridge a gap until other resources arrive.
• You must be enrolled to request short-term loan.
• You must be able document a guaranteed source of repayment to be eligible to borrow. (A Stafford Loan that has been processed but has not arrived yet is one example of a guaranteed source of repayment.)
• In some cases, you will be required to get a co-borrower (a.k.a. co-signer) on your application.
  • A co-borrower is a person who is equally responsible to repay the loan if the borrower (you) does not make the scheduled payments.
  • Parents are the most usual choice for a co-borrower.
  • Co-borrowers cannot be other students or spouses of the borrower.
  • Co-borrowers must have been employed for at least at the same position unless they are a parent of the borrower.
• Short-Term Loans are usually repaid within the same term they are borrowed.
• Interest is charged on the loan at a rate of 6%.

Loan Process

• Prospective borrowers must obtain the STL packet to begin the process.
  • Contact the Office of Financial Aid and Scholarships or your local WSU campus Student Service Coordinator for Short-Term Loan Counseling and applications.
  • If a co-borrower is required, the co-borrower part of the packet may be faxed to and from the co-borrower.
• Loan applications should not be submitted until all sections have been completed.
  • Completed applications are submitted to the Student Loan Office at University Receivables Office, not to the Financial Aid.
  • Loan approval and processing may take 24-48 hours, depending on the current volume of loans.
• The amount approved for books and other expenses will be delivered to you either by check or direct deposit, depending on your prior arrangements with Student Accounts.
• Short-Term Loans must be repaid on time or you will accrue late charges.
• Failure to repay a short-term loan on time can impact your future ability to borrow.
• Repayment is usually automatic, occurring when your financial aid is credited to your student account. (If your soruce of repayment was not financial aid or you canceled the aid or you did not receive the amount of aid you expected, you must still repay the loan as scheduled.)

Graduate or professional students can borrow up to the total annual cost of their education, less any other aid they may be receiving, including any federal Stafford Loans. This loan is not based on the income or asset information you provided on the FAFSA. The interest rate for this loan is currently 8.5%.

What are the requirements?

• Complete a FAFSA.
• You must meet your lender’s credit eligibility requirements.
• Your eligibility for a federal subsidized and an unsubsidized Stafford Loan must be determined before you can apply.
• You must be enrolled at least half time.
• Complete loan counseling requirement.

For additional information, link here to the EdFund web site and here to the Federal Student Aid web site.

At Washington State University, low interest Health Professions Loans may be offered to qualifying students with exceptional financial need. Students must have completed their FAFSA on or before the WSU priority deadline and they must be enrolled full-time in a course of study leading to a Doctor of Pharmacy or Doctor of Veterinary Medicine degree.

• Limited funding. The maximum annual award amount per qualified student varies from year to year depending on the total available funding.
• At WSU students must be enrolled at least half-time.
• A Health Professions Loan is campus-based with the school serving as the lender. The entrance counseling for this loan and the required Master Promissory Note (MPN) are available through the WSU University Receivables Office.
• Students have up to nine months after leaving school, or dropping below half-time to begin repayment. The interest rate is 5% and there are no loan origination fees. Payments are submitted to WSU, not to the federal government.
  

Additional general information may be viewed here.

For specific information contact:
WSU Student Accounts Office
342 French Ad Bldg
PO Box 641039
Pullman WA 99164-1039
Telephone: (509) 335-9651
univ-receivables@wsu.edu

At Washington State University, low interest Nursing Student Loans may be offered to qualifying students with exceptional financial need. Students must have completed their FAFSA on or before the WSU priority deadline and they must be enrolled full-time in a course of study leading to a baccalaureate or graduate degree in nursing.

• Limited funding. The maximum annual award amount per qualified student varies from year to year depending on the total available funding.
• At WSU students must be enrolled at least half-time.
• A Nursing Student Loan is campus-based with the school serving as the lender. The entrance counseling for this loan and the required Master Promissory Note (MPN) are available through the WSU University Receivables Office.
• Students have up to nine months after leaving school, or dropping below half-time to begin repayment. The interest rate is 5% and there are no loan origination fees. Payments are submitted to WSU, not to the federal government.

Additional general information may be viewed here.

For specific information contact:
WSU Student Accounts Office
342 French Ad Bldg
PO Box 641039
Pullman WA 99164-1039
Telephone: (509) 335-9651
univ-receivables@wsu.edu

If you are a dependent undergraduate student, a PLUS loan enables your parents or stepparents (but not your legal guardians or grandparents) to borrow up to the total annual cost of your undergraduate education, minus any other aid you may be receiving. This loan is not based on your family’s income or asset information provided on the FAFSA. The interest rate for this loan is currently 8.5%.
Parent PLUS requirements:

• You must be a dependent student.
• You and your parents must complete the FAFSA.
• Your parents must meet their lender’s credit eligibility requirements.
• You must be enrolled at least half time.

For additional information, link here to the EdFund web site and here to the Federal Student Aid web site.

At Washington State University, low interest Perkins Loans may be offered to qualifying students with exceptional financial need if their FAFSA was completed on or before the WSU priority deadline.

• Limited funding. The maximum annual award amount per qualified student varies from year to year depending on the total available funding.
• At WSU students must be enrolled at least half-time.
• A Perkins loan is campus-based with the school serving as the lender. The entrance counseling for this loan and the required Master Promissory Note (MPN) are available through the WSU University Receivables Office.
• Students have up to nine months after leaving school, or dropping below half-time to begin repayment. The interest rate is 5% and there are no loan origination fees. Payments are submitted to WSU, not to the federal government.

For further information contact:
WSU Student Accounts Office
342 French Ad Bldg
PO Box 641039
Pullman WA 99164-1039
Telephone: (509) 335-9651
univ-receivables@wsu.edu

A college education is more important than ever before, yet paying for one can be a challenge for many students and their families. Private loans can help you pay for college expenses that may not be covered by federal loan programs or other financial aid. These loans are one way to provide additional funds to close the gap between your financial aid resources and college costs.
Although you do not need to apply for federal, state or school financial aid before applying for a private loan, you should. Private loans typically carry higher interest rates and fees than federal loans and less attractive repayment terms. They are based on your credit rating and debt-to-income ratio (not financial need) and usually require a co-signer.
Private loans are offered by a variety of lenders and carry a range of terms, conditions and benefits. Students are encouraged to very carefully compare the terms of several loans before considering which one best meets their needs.

To facilitate your comparison shopping, here are some great questions to ask your lender.

Important Information about Loan Periods

Loan periods must match WSU’s regular academic terms. If you are, or will be, enrolling for the fall and spring semesters, complete your loan application for an academic year loan. If you enroll only for the fall or spring semester, you may request a loan for that period. Summer is always applied for as a separate term. WSU can not certify a loan for a calendar year (January to December) or for a 12-month period of any combination.

Stafford Loans are the most common type of loan for students who complete the FAFSA. There are two types of Stafford Loans: the subsidized and the unsubsidized, both of which require at least half time enrollment. Loan limits vary based on dependency status and the total number of completed credits. Before students may receive their Stafford Loan awards they must complete the required loan counseling and Master Promissory Note (MPN).

Subsidized Stafford Loans

• Federal government pays the interest while you’re in college and during the six-month grace period after you graduate, leave school or enroll less than half time—you are not required to make loan payments until your grace period ends.
• Based solely on financial need.
• 5.6% interest rate for undergraduates borrowing after July 1, 2009.
• 6.8% interest rate for graduate student borrowers.

Unsubsidized Stafford Loans

• For all eligible students, regardless of income or assets.
• Must meet the same requirements as those for the subsidized Stafford Loan, except for demonstrating financial need.
• You’re responsible for paying all the interest on the loan. You may choose to defer interest and principle payments while in school at least half time. If you do, the interest will be capitalized and added to the initial amount you borrowed. Future interest costs will be based on that higher loan amount.
• 6.8% interest rate for undergraduate and graduate student borrowers.

For additional information, link here to the EdFund web site and here to the Federal Student Aid web site.

By Federal law, entrance counseling for Stafford Loans is required before WSU can deliver those funds to you.  You'll need to complete this counseling only once while attending WSU; if you've previously completed the counseling at another institution, you will not need to complete it again. You can link to the Stafford entrance counseling online by clicking here. Graduate students can complete the entrance counseling requirement for both Stafford and Graduate PLUS Loans through a combined entrance counseling here.

Exit counseling for Stafford Loans is required when you withdraw, drop below half-time status, or graduate; in each of these instances, you are expected to begin repayment of your Stafford Loan.  Details are sent, via myWSU portal notices, to all WSU students who have applied for graduation.  As a customer service to Pullman campus students, the Office of Financial Aid and Scholarships offers on-campus, workshop-style Stafford counseling near the end of fall and spring semesters.  To ensure that all your questions are answered, you are strongly encouraged to attend.  If you do not attend one of these sessions, if your campus is not Pullman, or if you are a Distance Degree student, you may complete the exit counseling online by clicking here. Graduate students can complete the exit counseling requirement for both Stafford and Graduate PLUS Loans through a combined exit counseling process here. Alternatively, the exit information also can be mailed to you at your request.

Graduate PLUS Loans are available only to eligible graduate and professional students.   Federal Law requires entrance counseling before WSU can deliver these loan funds to you.  You'll need to complete this counseling only once.  If you've previously completed the counseling at another institution, you are not required to complete it again.  Note that Grad PLUS entrance counseling requirement is in addition to other entrance counseling requirements and you can complete it online here. Graduate students can complete the entrance counseling requirement for both Stafford and Graduate PLUS Loans through a combined entrance counseling process here.

Exit counseling for Graduate PLUS Loans is required when you withdraw, drop below half-time status, or graduate; in each of these instances, you are expected to begin repayment of your Grad PLUS Loan. You can complete the Grad PLUS exit counseling online. Note that this exit counseling requirement is in addition to the Stafford exit requirement, however, students can complete the exit counseling requirement for both Stafford and Graduate PLUS Loans through a combined exit counseling process here.

These three federal programs, administered through Washington State University, provide low-interest loans for students who meet the specific eligibility criteria.  The loan entrance counseling for these loans, and the required Master Promissory Note (MPN) is available through the WSU University Receivables Office.  For questions regarding any of these three loans, please contact University Receivables at univ-receivables@wsu.edu or at 509-335-9651.

Exit counseling for Perkins, Nursing and Health Professions Loans is completed online.  Note that these exits are in addition to the Stafford exit requirement.  For questions regarding your Perkins Loan, Nursing Loan or Health Professions Loan exit counseling, please contact University Receivables at univ-receivables@wsu.edu or 509-335-9651.

1. Accept your Stafford Loan by using one of the following methods:

   1. Return a copy of your award letter to the Office of Financial Aid and Scholarships.

   2. Accept your loan online.

      1. Go to myWSU.

      2. Click on "Finances" on left-hand side of window.

      3. Click on "Student Aid."

      4. Click on the loan to accept. Please note that the amount entered here will be split between fall and spring semesters. If you must accept for one semester only, please contact our office directly.

   3. In-person at the financial aid window (Lighty 380 on the Pullman campus).

   4. Over the telephone with a financial aid counselor (509-335-9711).

2. Complete your Entrance Counseling requirement at Mapping-Your-Future here.

3. Complete your Master Promissory Note after 12:00pm the following business day on our loan guarantor's web site.

   1. Start by clicking on this link here to go to the Loan Portal.

   2. Select a lender from the list. Click on the "Apply" button next to the lender of your choice.

      1. If you want to use a different lender, please contact our office directly. Please note that it can take a few extra business days if you choose to use a lender not listed.

   3. Input your Social Security Number and your date of birth.

   4. Click "Complete This Application."

   5. Verify your lender choice again.

   6. Verify the loan amount.

   7. Complete your application by signing with your 4-digit FAFSA PIN or printing and signing the signature page and mailing to EdFund. The preferred option is signing electronically as mailing and processing the printed form will takes longer.

   8. Your funds will deliver 3-5 business days after the process has been completed if you have chosen the electronic signature option, longer if you choose to mail your MPN.

1. Accept your loan by using one of the following methods:

   1. Return a copy of your award letter to the Office of Financial Aid and Scholarships.

   2. Accept your loan online.

      1. Go to myWSU.

      2. Click on "Finances" on left-hand side of window.

      3. Click on "Student Aid."

      4. Click on the loan to accept. Please note that the amount entered here will be split between fall and spring semesters. If you must accept for one semester only, please contact our office directly.

   3. In-person at the financial aid window (Lighty 380 on the Pullman campus).

   4. Over the telephone with a financial aid counselor (509-335-9711).

2. Complete your Master Promissory Note (MPN).

   1. During the early summer a MPN will be sent to the student's mailing address once the loan has been accepted. If you do not complete, sign and return your loan documents by mid August of the new academic year, Pullman students must pick up their MPN at the University Receivables Office (French Ad 342). DDP and Urban campus students will continue to receive a mailed MPN.

   2. The completed MPN must be returned to the University Receivables Office with original signatures. Mail MPNs to:
      University Receivables Office
      PO BOX 641039
      Washington State University
      Pullman, WA 99164

3. Your funds will be delivered on the first day of the semester or approximately 1-2 business days after completing the process, which ever comes later.

1. Accept your Graduate PLUS Loan by using one the following methods:

   1. Return a copy of your award letter to the Office of Financial Aid and Scholarships.

   2. Accept your loan online.

      1. Go to myWSU.

      2. Click on "Finances" on left-hand side of window.

      3. Click on "Student Aid."

      4. Click on the loan to accept. Please note that the amount entered here will be split between fall and spring semesters. If you must accept for one semester only, please contact our office directly.

   3. In-person at the financial aid window (Lighty 380 on the Pullman campus).

   4. Over the telephone with a financial aid counselor (509-335-9711).

2. Complete your Entrance Counseling requirement at Mapping-Your-Future here.

3. Complete your Master Promissory Note after 12:00pm the following business day on our loan guarantor's web site.

   1. Start by clicking on this link here to go to the Loan Portal.

   2. Select a lender from the list. You can choose any that you like, there is little difference between them. Click on the "Apply" button next to the lender of your choice. (If you must use a different lender, please contact our office directly. Please note that it can take a few extra business days if you choose to use a lender not listed).

   3. Input your Social Security Number and your date of birth.

   4. Click "Complete This Application."

   5. Verify your lender choice again.

   6. Verify your the loan amount.

   7. Complete your application by signing with your 4-digit FAFSA PIN or printing and signing the signature page and mailing the MPN to EdFund. The preferred option is signing electronically as mailing and processing the printed form most often takes longer.

4. The time for receiving aid is depends on your lender's processing procedures. You should contact them for an estimate time frame for delivery.

The process for obtaining a private or alternative loan varies from lender to lender. Here a few tips to ensure a smooth transaction.

• Students can check myWSU to determine eligibility. Compare the amount of Total Assistance listed against your Cost of Attendance. If your Total Assistance is less than your Cost of Attendance, you have eligibility that can be made up in the form of a private loan.

• Students may also contact the Office of Financial Aid and Scholarships to determine their eligibility for additional private loan funding.

• Students may apply for a private loan through the lender of their choice. Student must be the primary borrower on the loan, although many lenders will require a co-borrower.

• Once the credit check for the student and co-signer (if applicable) is approved, the lender will send a request for certification to our office. The Office of Financial Aid and Scholarships will certify the private loan for an amount no more than the unmet cost of attendance.

• For more information regarding private loans, please consult the Types of Aid section of our web site.

1. Accept your Parent PLUS Loan

   1. The Parent borrower must complete a G8 Parent PLUS Loan Application Request form (for Fall and/or Spring semesters). Summer term requires a G9 Parent PLUS Loan Application Request form. These forms must be completed every semester that you wish to have a Parent PLUS Loan.

   2. Return this form via mail, fax, or in-person to the Financial Aid Office.

2. Complete your Master Promissory Note our loan guarantor's web site. Please note that the parent borrower must wait until they receive an email from EdFund indicating that the MPN is available for completion.

1. Visit EdFund's loan portal at this web site.

2. Select a lender from the list. You can choose any that you like, there is little difference between them. Click on the "Apply" button next to the lender of your choice. (If you must use a different lender than those listed, you must contact our office directly. Please note that it can take a few extra business days if you choose to use a lender not listed).

3. Input your Social Security Number and your date of birth.

4. Click "Complete This Application."

5. Verify your lender choice again.

6. Verify your the loan amount.

7. Complete your electronic application by signing with your 4-digit FAFSA PIN. Alternatively, you may print the signature page, sign and mail to EdFund but please keep in mind that processing the electronic signature is much faster than the paper signature page and that the student will receive their funds much sooner.

8. Pending successful completion of the credit check and the loan process, the funds will deliver to the student's WSU student account. If you are denied, please submit a copy of the denial notice to our office with the student's WSU ID number on the letter and we may be able to increase the student's Stafford eligibility.

3. The timeframe for delivery is dependent upon your lender. You should contact them with questions regarding loan processing delays and estimates.

One of the most confusing aspects of the loan acceptance process is choosing a lender. For each of the loans described above, the applicant will be asked to choose a lender to take their loan through. For the most part, this choice matters little to our office - applicants should choose lenders that they will feel comfortable having a relationship with. Some lenders offer promotions on their loans - forgiving a certain amount of interest or not charging an origination fee. Students should investigate these offers by contacting the banks in question.

If applicants wish to use another lender, we are more than happy to assist you with the process. Please keep in mind that lenders outside of those listed may take significantly longer to process and deliver your financial aid.