Summary

Washington State University participates in the Federal Family Education Loan (FFEL) Program in which private lenders provide federally guaranteed funds under the Stafford loan program, the Graduate/Professional PLUS and Parent PLUS loan programs. Washington State University also institutionally funds an Emergency or Short Term Loan Program and additionally works with private lenders to allow students access to supplemental loan funds called Private (Alternative) Educational Loans. 

• You (the student) must have a current year Free Application for Federal Student Aid (FAFSA) form  on-file with our office in order to be considered for any of these loans, except the Short Term Loans (see below).
• You will automatically be considered for the Stafford, PLUS, and/or specialized loans listed on this page.  How much you (and/or your parents) may be eligible to borrow is determined through the results of the FAFSA.
• Emergency/Short-term loans require a separate application available at our office or at your local campus from the student services personnel.
• A private/alternative loan will also require a separate application which usually can be completed on the internet at the lender's web site.

Loans are borrowed money that must be repaid with interest.  

Student Loan programs are funds that are the responsibility of the student to repay.

• Student loans are repaid after the student graduates or leaves school for other reasons. (Emergency/Short Term Loans are repaid within the same term the funds were borrowed.)

• The loans are usually low interest with the possibility of interest  being deferred while the student is in school depending on financial need and type of loan.

Parent PLUS Loans are the responsibility of the parent to repay.

• Parent PLUS loans enable parents who do not have an adverse credit history to borrow to pay the education expenses of an eligible dependent undergraduate student.

• Parents may borrow up to the cost of attendance minus all other financial aid including student loans.

For more information on:

• the Stafford Subsidized/Unsubsidized Loan Program 
  • Frequently Asked Questions About Stafford Loans
• the Graduate/Professional PLUS Loan Program
  • Frequently Asked Questions About Graduate PLUS Loans
• the Parent PLUS Loan Program - Parent Loans for Undergraduate Study
  • Frequently Asked Questions About Parent PLUS Loans
• Federal Lenders for Stafford/Graduate or Parent PLUS Loans

There are several specialized loans that are only available to students enrolled in certain majors:

• For more information on:
  • the Federal Nursing Student Loan
  • the Health Professions Loan for Pharmacy
  • the Veterinary Medicine Loan. 

For more information on:

• the Emergency or Short Term Loan Program  
• the Private/Alternative Educational Loans.  
  • Frequently Asked Questions About Private/Alternative Loans
  • Private Loan Lenders

Other Loan-Related Resources:

• Estimate Loan Payments
  This link to the EdWise calculator allows you to enter an exact amount to estimate what your payments on the loan would be when you are in your repayment period.
• Sample Repayment Schedules
  This page shows several different repayment schedules at different interest rates, including one to estimate in-school payments of interest for a Stafford Unsubsidized Loan or payments on a Parent PLUS Loan. 
• Loan Consolidation
  Many students are using the loan consolidation option to help reduce their loan payments for the period immediately after graduation.  This page contains more information on the process and some tips to keep in mind.
• Loan Rights and Responsibilities
  All loan borrowers have certain things expected of them (responsibilities) and can expect certain rights under their loan.  This page helps to outline some of most important points.
• Responsible Borrowing Strategies
  This is a list of borrowing strategies that may help prevent future financial difficulties