Washington State University

Student Financial Services

Loans

While every student would love to have a financial aid award package full of scholarships and grants, the reality is that most students will have at least some loans. To make informed decisions in their best interest, students must understand the available options. Toward that end, WSU Student Financial Services provides important information and links to additional resources. Please click on a tab below to get started.

Borrowing Responsibly

  • Know your rights and responsibilities.
  • Create a personal budget. Then borrow only what is absolutely necessary.
  • Avoid capitalization of interest on unsubsidized loans by initiating interest payments immediately following disbursement.
  • Organize all loan information in one secure location. Keep detailed records of how much you borrowed and from whom.
  • Always inform your lender of your contact information changes (e.g. change of name, mailing address, email address, phone number, etc.), and always respond to lender-initiated communication.
  • After borrowing your first federal student loan, and until all are repaid completely, regularly verify the accuracy of your loan information at the National Student Loan Data System.
Subsidized/Unsubsidized Direct Loans

Subsidized/Unsubsidized Direct Loans are the most common type of loan for students who complete the FAFSA. There are two types of Subsidized/Unsubsidized Direct 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 Subsidized/Unsubsidized Direct Loans awards they must complete the required loan counseling and Master Promissory Note (MPN).

Subsidized Direct 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.
  • 3.86% fixed interest rate for undergraduates borrowing between July 1, 2013 and June 30, 2014.
  • 4.66% fixed interest rate for undergraduates borrowing between July 1, 2014 and June 30, 2015.

Unsubsidized Direct Loans

  • For all eligible students, regardless of income or assets.
  • Must meet the same requirements as those for the Unsubsidized Direct Loans, 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.
  • 4.66% fixed interest rate for undergraduates borrowing between July 1, 2014 and June 30, 2015.

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

Perkins Loans

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 University Receivables Office website under "student loans."
  • Students have up to nine months after leaving school, or dropping below half-time to begin repayment. The interest rate is 5% fixed and there are no loan origination fees. Payments are submitted to WSU via www.heartlandecsi.com, a loan service provider.

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

Parent PLUS Loans

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, effective from July 1, 2013 to June 30, 2014, is fixed at 6.41%. The interest rate, effective from Jly 1, 2014 to June 30, 2015, is fixed at 7.21%.

Parent PLUS requirements:

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

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

 

Graduate PLUS Loan

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, effective from July 1, 2013 to June 30, 2014, is fixed at 6.41%. The interest rate, effective from July 1, 2014 to June 30, 2015, is 7.21%.

What are the requirements?

  • Complete a FAFSA.
  • You must meet the 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 Direct Loan web site and here to the Federal Student Aid web site.

Nursing Student Loans

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.
  • This loan is administered through Washington State University, provides low-interest loans for students who meet the specific eligibility criteria. Students that have one of these loans need to complete a master promissory (MPN) at www.heartlandecsi.com for their loan funds to be delivered to their WSU account. Students have up to nine months after leaving school, or dropping below half-time to begin repayment. The interest rate is 5% fixed 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

Health Professions Loans for Pharmacy and Veterinary Medicine Students

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 a campus-based loan, and is administered through Washington State University, providing low-interest loans for students who meet the specific eligibility criteria. Students who have one of these loans need to complete a master promissory (MPN) at www.ecsi.net for their loan funds to be delivered to their WSU account. 
  • Students have up to nine months after leaving school, or dropping below half-time to begin repayment. The interest rate is 5% fixed 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

Emergency Short-Term Loans (STL)

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 a year 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 WSU Student Financial Services 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 Student Financial Services.
    • 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 direct deposit, or mailed check 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 source 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.)

 

AlaskAdvantage™ Alternative Loan Program

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.

Completing your Loan Counseling Requirements

As a borrower, you have rights and responsibilities; be sure you understand both. For your convenience, this information is summarized here

Before applying for a loan, determine how much you’ll be able to afford to repay by estimating:

  • What you can expect to earn after graduation,
  • What your monthly loan payments will be, and
  • How much you must have for other living expenses.
  • Borrow only what you need and that you can comfortably repay within that budget.

 It usually costs money to borrow money.  Know the true cost of your loans by keeping track of how much you borrow as well as the additional amount you owe in interest and other fees.  If possible, pay the interest on unsubsidized loans to avoid capitalization. Also, keep in mind that the longer you take to repay your loans the more interest you'll pay.  

Some of the loans you may receive while attending Washington State University require entrance and exit counseling.   The purpose of entrance counseling is to be certain the borrower completely understands the terms and conditions of the loan prior to completing the transaction.  Exit counseling serves as a reminder of repayment responsibilities and ensures that the borrower has the necessary information for successful repayment.

Subsidized/Unsubsidized Direct Loans Exit Counseling

Exit counseling for Subsidized / Unsubsidized Direct 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 Subsidized / Unsubsidized Direct Loans.  Details will be sent, via mail and email, to all WSU students who have applied for graduation. You may complete the exit counseling online by clicking here. Graduate students can complete the exit counseling requirement for both Subsidized / Unsubsidized Direct Loansand 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 Loan Exit Counseling

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.

Perkins, Nursing, Health Professions Loans Exit Counseling

These three federal programs, administered through Washington State University, provide low-interest loans for students who meet the specific eligibility criteria. Students that have these loans need to complete a master promissory (MPN) at www.heartlandecsi.com for their loan funds to be delivered to their WSU account. For questions regarding any of these three loans, please contact Student Financial Services. For questions about the MPN please contact the University Receivables / Student Accounts at univ-receivables@wsu.edu or at 509-335-9651.

Subsidized/Unsubsidized Direct Loans Entrance Counseling

By Federal law, entrance loan counseling for Subsidized/Unsubsidized Direct Loans is required before WSU can deliver those funds to you.  You'll need to complete this counseling only once while attending WSU. You can link to the Subsidized/Unsubsidized Direct Loans entrance counseling online by clicking here

Graduate PLUS Loan Entrance Counseling

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.

Parent PLUS Loans

Parents have no federally mandated Parent PLUS Loan entrance/exit loan counseling requirements.  However parents are strongly encouraged to research the terms of this loan before applying.  Excellent resources are available on this web sites: Department of Education.

To process the Parent PLUS Loan in a timely manner, parents need to understand the financial aid process unique to WSU:

  1. It starts with the student and parent completing the Federal Application for Federal Student Aid (FAFSA).

  2. Additional documentation may, or may not, be requested for processing.

  3. Washington State University will send an award notification to the student, offering the financial aid for which the student is eligible and for which the parent may apply. 

  4. Once you have submitted the Parent PLUS application, WSU notifies the Direct Loan Program who creates an electronic Master Promissory Note (MPN) for completion on the Direct Loan website, or, if the parent has previously completed a PLUS MPN on the Direct Loan website, it will be "linked" to the notification sent by WSU to the Direct Loan Program for that loan.

Parents: You are encouraged to go to the Direct Loan website to complete the PLUS MPN at your convenience if you plan to borrow a PLUS loan for your student(s). However, please remember that the process will not move forward until you have first submitted the 2014-2015 Parent PLUS Application. Failure to complete these steps will result in needless delays and confusion.

The Process

For first-time WSU student loan borrowers, there are a few steps that you'll need to complete to ensure that your loans arrive in a timely fashion. This is one of the most commonly misunderstood steps of the entire financial aid process. The WSU Student Financial Services is committed to ensuring that students new to this process have all the necessary information to complete these requirements. Students attending the regular academic year (Fall Spring terms) will be awarded their maximum loan eligibility in even halves. Loan eligibility for graduating students attending only one term will be calculated based on the actual number of credits they are enrolled in for that term.  

Please click on a tab below for more information.

Students

Completing the Subsidized and Unsubsidized Direct Loan process

1. Accept your loan online

1.  Go to zzusis

    • Click on "My Student Center" in the middle of the screen
    • Click on "View Financial Aid" under finances
    • Click on the aid year
    • Click on Accept/Decline Awards
    • Select the loans you wish to accept (or click 'accept all')
    • Enter the amount you wish to accept
    • Click submit, and then click yes to accept

2. Accept your loan in-person at the financial aid window, Lighty 380 on the Pullman campus

3. Accept your loan over the phone with a financial aid counselor (509)-335-9711

2. Complete your Entrance Counseling requirement at the Direct Loan website here

3. Complete your Master Promissory Note

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

2. Under "Manage My Direct Loan", sign in with your federal PIN

3. Click on "Sign Master Promisory Note" and select the "Subsidized/Unsubsidized" link to complete the MPN electronically

4. Complete your application by signing with your 4-digit FAFSA PIN

Completing the Perkins/Nursing/Health Professions Loan process

1. Accept your loan online.

  • Go to zzusis.
  • Click on "My Student Center" in the middle of the screen.
  • Click on "View Financial Aid" under finances
  • Click on the aid year
  • Click on Accept/Decline Awards
  • Select the loans you wish to accept (or click 'accept all')
  • Enter the amount you wish to accept
  • Click submit, and then click yes to accept

2. Accept your loan in-person at the financial aid window (Lighty 380 on the Pullman campus).

3. Accept your loan over the telephone with a financial aid counselor (509-335-9711).

4. Complete your Master Promissory Note (MPN).Borrowers of  the Perkins/Nursing/ or Health Professions loans will have to complete a MPN online with Educational Computer Systems Inc. (ECSI) www.heartlandecsi.com.  ECSI will send instructions to borrowers WSU email address within 48 hours of accepting the loan.   

5. For more information please visit ECSI at www.heartlandecsi.com  or contact the University Receivables Office at www.wsu.edu/studacct/

6. Your funds will be delivered on the first day of the semester or approximately 48 hours after completing the MPN, which ever comes later.

Completing the Graduate PLUS Loan process

1. Accept your loan online.Go to zzusis.

  • Click on "My Student Center" in the middle of the screen.
  • Click on "View Financial Aid" under finances
  • Click on the aid year
  • Click on Accept/Decline Awards
  • Select the loans you wish to accept (or click 'accept all')
  • Enter the amount you wish to accept
  • Click submit, and then click yes to accept
  • Accept your loan in-person at the financial aid window (Lighty 380 on the Pullman campus).
  • Accept your loan over the telephone with a financial aid counselor (509-335-9711).

2. Complete your Entrance Counseling requirement at the Direct Loan website here.

3. Complete your Master Promissory Note. Start by clicking on this link here go to the Direct Loan website. The Master Promissory Note is good for 10 years with approved credit. Students with an endorser (co-signer) must complete this process each year.

4. Under "Manage My Direct Loan", sign in with your federal PIN.

5. Click on "Sign Master Promisory Note" and select the "Graduate PLUS" link to complete the MPN electronically.

6. Complete your application by signing with your 4-digit FAFSA PIN.

Parents

Completing the Parent PLUS Loan process

To learn more about Parent PLUS loans, click here

Step #1 The student gives the parent borrower third party access to the form.

  1. Log in to zzusis.wsu.edu with your WSU student Network ID and password

  2. Click on Main Menu Click on Self Service Click on Third Party Access Click on Third Party Access (yes, again) Click “Share My Information”

  3. You will see any authorizations you currently have on your account, or you can add authorizations from this screen
    • You will be asked to provide an email for the person you want to share your information with. This is important, as we will communicate action steps to your parent borrower through this email. You will also be sent the same communications to your WSU email address.
    • If your parent has a Friend Account (FID) with WSU already, select “Yes”, or if you are unsure, select “No.” This may occur if you have an older sibling who has attended WSU.
    • If you selected “Yes” insert your parents email address and click “continue”; if your parent does have a Friend Account a notification will be sent to their email notifying them of the authorized access.
    • If you selected “No” You will be taken to a screen where you will be asked to provide First Name, Middle Name or Initial (optional), Last Name and a valid email. This information will also be verified in the WSU system, and a notification will be sent to your Third Party notifying them of the authorization.
  4. Now you will choose the information you wish to share. In this case you will want to grant access to the Parent PLUS Loan application.

Step #2 The parent fills out the PLUS Loan Application.

  1. Log in to the WSU portal at zzusis.wsu.edu with your Friend ID and password.

  2. Click on Main Menu Click on Self Service Click on Third Party Access Click on Third Party Access again

  3. On this screen select the "View Info" box of the student you want to review. If you have multiple students at WSU who have authorized Third Party Access, you will see them listed on this screen.

  4. Upon selecting the student, the parent or third party will see the areas they are authorized to view. The user can then select the option to view. Select the Parent PLUS Loan Application.

  5. Fill out the application with your demographic information. The form will be asking you some questions about history or ties you may have with the school. This is so we don’t create duplicate records for you in our system.

  6. Click “Submit.” A confirmation page will pop up once the form has been submitted and a confirmation email with further instructions will be sent to the student and the parent.

Step #3 First time Parent PLUS Loan borrowers must complete a Master Promissory Note. The parent who completed step two must also complete step three.

  1. Visit the Direct Loan website at studentloans.gov

  2. Under "Manage My Direct Loan", sign in with your federal PIN.

  3. Click on "Sign Master Promissory Note" and select the "Parent PLUS" link to complete the MPN electronically.

  4. Complete your application by signing it with your 4-digit FAFSA PIN.

  5. Pending the successful completion and approval of the credit check and the loan process, the funds will deliver to the student's WSU student account.

A parent borrower who is denied a Direct Parent PLUS Loan because of adverse credit information has certain rights and options. If you have any questions about your Parent PLUS Decline Notification and/or the options listed below, the Federal Direct Loan (FDL) Applicant Services is available to assist you from 8:00 AM to 8:00 PM, Eastern Time, Monday through Friday, toll-free, at 1-800-557-7394

A parent who has been denied a Direct PLUS Loan may take the following actions to see if the loan may still be approved:

  • Appeal the credit decision: You must appeal directly to FDL program, who can be contacted at 1-800-557-7394 for more information.
  • Add an endorser (co-signer) to the loan: Obtain an endorser (co-signer) who does not have an adverse credit history. An endorser is someone who does not have an adverse credit history and agrees to repay the loan if you do not repay it. The endorser may not be the student on whose behalf you are requesting the PLUS loan. An Endorser Addendum must be completed by the endorser, and submitted to the FDL program for processing. For instructions, please contact Direct Loan Applicant Services at 1-800-557-7394. Parent with an endorser (co-signer) must complete the Master Promissory Note each year.
  • Additional Unsubsidized Stafford Loan for Student

If the options above are not successful, or you choose to not proceed with either option, the student may request to borrow additional funds through the Federal Direct Unsubsidized Stafford Loan program. Only students whose parent(s) have been denied a PLUS Loan may request the additional Unsubsidized Stafford Loan. If the Parent PLUS Loan is later approved, the student will no longer be eligible for the additional Unsubsidized Stafford Loan.

The PLUS Loan denial must be on file with WSU before an increase to the Unsubsidized Stafford Loan can be processed. To make a request to borrow additional funds through the Federal Direct Unsubsidized Stafford Loan program, the student will need to complete WSU’s “Parent PLUS Loan Decline Form” at http://finaid.wsu.edu/Forms.

Once WSU is advised that you are not pursuing the PLUS loan, and you’d like the Stafford Loan funding offered to your student, the PLUS loan will be cancelled and a supplemental unsubsidized Stafford loan will be offered to your student. The maximum additional amount a student may request is $4,000/year for freshman and sophomores, and $5,000/year for juniors and seniors. Your student will then need to accept the additional loan on their ZZUSIS account to receive the funds.

Other Options to Consider

In many cases, the amount a student may increase the Unsubsidized Stafford Loan will not be enough to cover the remaining cost of attending WSU. A student and/or parent may want to consider the following as alternatives: 

Private Education Loans

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. You should borrow any Federal Stafford or Perkins loans offered to you, and accept all gift (grant) financial aid prior to borrowing a private loan. Federal regulations require that a school attempt to advise student borrowers of their potential Federal, State and institutional financial aid eligibility, and to encourage students to file the Free Application for Federal Student Aid (FAFSA) to determine that eligibility, before borrowing a private loan. 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.


To provide greater transparency, improve available consumer information, and ensure that students are aware of federal loan options, a new federal law became effective February 14, 2010. It requires that private lenders obtain a completed and signed Self-Certification Form from each private loan borrower. This form, available from all private education loan lenders, or here from WSU, requires the student to provide:

  1. The student’s *Cost of Attendance (COA) for the enrollment period covered by the loan
  2. Any *Estimated Financial Assistance (EFA) for the period of enrollment covered by the loan, and
  3. The difference between the COA and the EFA

*WSU students can easily locate this information by logging onto zzusis and selecting “finances” in the left-hand sidebar, then “student aid.” For accurate information, students are advised to be certain they are viewing the current academic term budget.

The new law also requires lenders to provide student borrowers with three specific disclosure forms:

  1. Application Disclosure: Provides general information about the range of rates, fees and other terms that apply; includes information on federal loan options.
  2. Approval Disclosure: Presented when a lender is prepared to make an approved or conditionally-approved offer; states the acceptance date deadline (of at least 30 days) and describes how the borrower may accept the terms of the loan; with few exceptions, prohibits lenders from changing the terms of the loan during the acceptance period.
  3. Final Disclosure: is presented to the borrower after the loan has been accepted and three business days before the loan can be disbursed; must clearly provide a borrower’s Right to Cancel Notice and state both the cancellation deadline and the acceptable method of cancellation.

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 private loans before considering which one best meets their particular needs. To facilitate your comparison shopping. Students should also read this important information about private student loans provided by the Federal Trade Commission.

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 ZZUSIS 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 Student Financial Services 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. Student Financial Services will certify the private loan for an amount no more than the unmet cost of attendance.

Private loans can not be certified for amounts in excess of a student’s *cost of attendance” (COA) or budget. Therefore, applicants must be certain there is sufficient room in their student budget to allow for an additional loan. For some students this may mean cancelling a Graduate or Parent PLUS Loan in advance of applying for the alternative loan. Failure to do so could delay the alternative loan process, because there is no eligibility for the private loan until the existing PLUS loan is canceled or rejected.


Private Education Loan Products

The following list reflects lenders with competitive private education loan products that have previously been utilized by former and current WSU students to help pay for college expenses that may not be covered by federal loan programs or other financial aid.

These loan products generally offer borrower benefits and rates that could potentially lower the total cost of the loan for the borrower, and the technological ability to process loans in the most efficient, accurate and timely manner. Several of these lenders have participated in the student loan program for many years, and over time have established a long history of exceptional customer service, prompt issue resolution, along with a sincere commitment to continue to participate in the private student loan program to insure continued access to higher education.

Borrowers are strongly encouraged to conduct their own consumer research on the various private loan products. Students and parents also have the right to select the lender of their choice and are not required to use the lenders on this list.  Please be aware, however, that if your lender of choice does not participate in, or is not familiar with, WSU’s loan process, the disbursement of the loan funds could be delayed as a result of that lender’s process.

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.

Summer 2014

05/12/14

to

08/01/14

Academic Year

08/25/14

to

05/08/15

Fall Only

08/24/14

to

12/19/14

Spring Only

01/12/15

to

05/08/15

Summer 2014

05/11/15

to

07/31/15

 

Private Education Loan Products List

 

Loan

Web site

Telephone

Sallie Mae Smart Option Loan
888-272-5543
Wells Fargo Collegiate Loan
800-658-3567
BECU
800-723-2210
Discover Student Loans
877-728-3030
CU Student Loans
888-549-9050

Each of these loan products has an online application with an electronic signature option. Each loan has unique qualification requirements, including enrollment, allowable costs, and co-signer criteria. Note also that the interest rates and terms of these loans may change at any time. Therefore, to compare and contrast, borrowers must refer to each lender’s web site for up-to date information.

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

Announcements

 

 

Office Hours:
8:00 a.m.-5:00 p.m.
Monday-Friday

Summer Counselor Hours: 
11:00 a.m. - 3:00 p.m
Monday-Friday


Student Financial Services, Lighty Building Room 380, Washington State University, PO Box 641068, Pullman WA 99164-1068, 509-335-9711.