Office of Financial Aid and Scholarships

Loans

Welcome

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, the Office of Financial Aid and Scholarships provides important information and links to additional resources. Please click on a tab below to get started.

  • Borrowing Responsibly
  • Types of Loans
  • Loan Counseling
  • Loan Process
  • Private Education Loans

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.

Loan Repayment Calculator

This loan calculator allows students to compare personalized repayment plans allowing them to see the advantages and disadvantages of each, compares loan indebtedness to real world earnings, and assists students budget well after they have left college.  The Office of Financial Aid and Scholarships recommends this resource to all students.

Sample Loan Repayment Tables
Monthly Interest Only Loan Payment Plans
(as for Unsubsidized Stafford Loans during in-school periods)
Principal 2.82% 3.42% 4.22% 5.00% 6.00% 7.00% 8.25% 9.00%
$1,000 $2.35 $2.85 $3.52 $4.17 $5.00 $5.83 $6.88 $7.50
2,000 4.70 5.70 7.03 8.33 10.00 11.67 13.75 15.00
2,625 6.17 7.48 9.23 10.94 13.13 15.31 18.05 19.69
3,500 8.23 9.98 12.31 14.58 17.50 20.42 24.06 26.25
5,000 11.75 14.25 17.58 20.83 25.00 29.17 34.38 37.50
5,500 12.93 15.68 19.34 22.92 27.50 32.08 37.81 41.25
6,125 14.39 17.46 21.54 25.52 30.63 35.73 42.11 45.94
6,625 15.57 18.88 23.30 27.60 33.13 38.65 45.55 46.69
7,000 16.45 19.95 24.62 29.17 35.00 40.83 48.13 52.50
10,000 23.50 28.50 35.17 41.67 50.00 58.33 68.75 75.00
11,625 27.32 33.13 40.88 48.44 58.13 67.81 79.92 87.19
14,125 33.19 40.26 49.67 58.85 70.63 82.40 97.11 105.94
15,000 35.25 42.75 52.75 62.50 75.00 87.50 103.13 112.50
17,125 40.24 48.81 60.22 71.35 85.63 99.90 117.73 128.44
20,000 47.00 57.00 70.33 83.33 100.00 116.67 137.50 150.00
23,000 54.05 65.55 80.88 95.83 115.00 134.17 158.13 172.50
24,625 57.87 70.18 86.60 102.60 123.13 143.65 169.30 184.69
30,000 70.50 85.50 105.50 125.00 150.00 175.00 206.25 225.00
35,125 82.54 100.11 123.52 146.35 175.63 204.90 241.48 263.44
40,000 94.00 114.00 140.67 166.67 200.00 233.33 275.00 300.00
46,000 108.10 131.10 161.77 191.67 230.00 268.33 316.25 345.00
65,500 153.93 186.68 230.34 272.92 327.50 382.08 450.31 491.25
138,500 325.48 394.73 487.06 577.08 692.50 807.92 952.19 1038.75

 

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

Principal

 # of Payments 2.82% 3.42% 4.22% 5.00% 6.00% 7.00% 8.25% 9.00%
$1,000 21 $50.00* $50.00* $50.00* $50.00* $50.28 $50.73 $51.30 $51.65
2,000 36 58.00 58.53 59.24 59.94 60.84 61.75 62.90 63.90
2,625 57 50.00* 50.00* 50.90 51.83 53.04 54.27 55.82 56.77
3,500 78 50.00* 50.11 51.39 52.65 54.30 55.98 58.12 59.43
5,000 118 50.00* 50.00* 51.84 53.73 56.20 58.73 62.00 64.00
5,500 120 52.65 54.18 56.26 58.34 61.06 63.86 67.46 69.67
6,125 120 58.64 60.34 62.66 64.97 68.00 71.12 75.12 77.59
6,625 120 63.42 65.26 67.77 70.27 73.55 76.92 81.26 83.92
7,000 120 67.01 68.96 71.61 74.25 77.71 81.28 85.86 88.67
10,000 120 95.73 98.51 102.29 106.07 111.02 116.11 122.65 126.68
11,625 120 111.29 114.52 118.92 123.30 129.06 134.98 142.58 147.26
14,125 120 135.22 139.15 144.49 149.82 156.82 164.00 173.25 178.93
15,000 120 143.60 147.77 153.44 159.10 166.53 174.16 183.98 190.01
17,125 120 163.94 168.70 175.18 181.64 190.12 198.84 210.04 216.93
20,000 120 191.46 197.02 204.59 212.13 222.04 232.22 245.31 253.35
23,000 120 220.18 226.58 235.28 243.95 255.35 267.05 282.10 291.35
24,625 120 235.74 242.58 251.90 261.19 273.39 285.92 302.03 311.94
30,000 120 287.20 295.53 306.88 318.20 333.06 348.33 367.96 380.03
35,125 120 336.26 346.02 359.31 372.56 389.96 407.83 430.82 444.95
40,000 120 382.93 394.05 409.18 424.26 444.08 464.43 490.61 506.70
46,000 120 440.37 453.15 470.55 487.90 510.69 534.10 564.20 582.71
65,000 120 627.05 645.25 670.03 694.73 727.18 760.51 803.37 829.73
138,500 120 1325.89 1364.38 1416.77 1469.01 1537.63 1608.10 1698.74 1754.46

* Federal loan regulations require a minimum monthly payment of $50.00; The final payment may be larger or smaller than the amount indicated above.  To determine the total amount repaid, multiply the payment amount by the number of payments.

 

LOAN COMPARISON CHART
FOR VARIOUS TYPES OF REPAYMENT PLANS

Debt Level

 Standard Repayment Plan Graduated Repayment
 Plan		 Income-Sensitive Repayment Plan (Estimated)
$18,000
Income		 $25,000
 Income		 $45,000
Income
Pymt
$		 Total $ Repaid Initial Pymt $ Total $ Repaid Initial Pymt $ Total $ Repaid Initial Pymt $ Total $ Repaid Initial Pymt $ Total $
 Repaid
$2,500 50 3,264 22 4,068 60 3,900 83 2,935 150 2,779
$4,000 50 5,817 34 6,941 60 5,213 83 4,773 150 4,390
$5,000 61 7,360 42 7,748 60 7,260 83 6,308 150 7,644
$7,500 92 11,039 63 11,621 60 13,321 83 12,121 150 9,021
$10,000 123 14,718 84 15,495 69 18,787 83 17,590 150 13,619
$12,500 153 18,398 105 19,368 86 23,106 86 23,106 150 19,630
$15,000 184 22,078 126 23,324 103 28,265 103 28,265 150 25,099
$25,000 307 36,796 210 38,737 172 47,108 172 47,108 172 48,108
$30,000 368 44,155 252 46,485 206 56,530 206 56,530 206 56,530
$35,000 429 51,514 294 54,233 241 65,951 241 65,951 241 69,951
$40,000 491 58,873 337 61,980 275 75,373 275 75,373 275 75,373
$45,000 552 66233 379 69727 309 84,796 309 84,796 309 84,796
$50,000 613 73,591 421 77,475 344 94,216 344 94,216 344 94,216
$60,000 736 88,310 505 92,970 413 113,060 413 113,060 413 113,060

All payments and total amounts repaid are calculated using an 8.25% interest rate and are rounded to the nearest dollar.

Loan Repayment Calculator: This loan calculator allows students to compare personalized repayment plans allowing them to see the advantages and disadvantages of each, compares loan indebtedness to real world earnings, and assists students budget well after they have left college. The Office of Financial Aid and Scholarships recommends this resource to all students.
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.

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 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 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 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 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 is currently 6.8%.

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.

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 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

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.
  • 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

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 for this loan is currently 7.9%.
Parent PLUS requirements:

  • You must be a dependent student.
  • You and your parents 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.

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% and there are no loan origination fees. Payments are submitted to WSU via ecsi.net, 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

Private Education Loans

Please see information under the Private Education Loans bullet above.

Stafford Loans

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.
  • 3.4% interest rate for undergraduates borrowing after July 1, 2011.
  • 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 Direct Loan web site and here to the Federal Student Aid web site.

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.

Stafford Entrance

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.

Stafford Exit

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 zzusis portal notices, 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 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 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.

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 Loan, Nursing Loan, Health Professions Loan Entrance Counseling

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.

Perkins Loan, Nursing Loan, Health Profession Loan Exit Counseling

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.

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 told WSU that you would like to apply (by returning the Parent PLUS Loan Acceptance Form), 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 Parent PLUS Acceptance Form to the WSU Financial Aid Office. 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 Office of Financial Aid and Scholarships 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.  

Returning Students

Please note that for any Summer 2010 loan made after July 1, 2010 and beyond loans, all schools are required to switch to the William D. Ford Federal Direct Loan Progam as a result of new legislation.

Students

Please click on a tab below for more information.

Completing the Subsidized and Unsubsidized Stafford Loan process
  1. Accept your Stafford Loan by using one of the following methods:
    1. Accept your loan by returning a signed copy of your award letter to the Office of Financial Aid and Scholarships.
    2. Accept your loan online.
      • Go to zzusis.
      • Click on "Finances" on left-hand side of window.
      • Click on "Student Aid."
      • 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. Accept your loan in-person at the financial aid window (Lighty 380 on the Pullman campus).
    4. 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.
    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 by using one of the following methods:
    1. Accept your loan by returning a signed copy of your award letter to the Office of Financial Aid and Scholarships.
    2. Accept your loan online.
      • Go to zzusis.
      • Click on "Finances" on left-hand side of window.
      • Click on "Student Aid."
      • 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. Accept your loan in-person at the financial aid window (Lighty 380 on the Pullman campus).
    4. Accept your loan over the telephone with a financial aid counselor (509-335-9711).
  2. Complete your Master Promissory Note (MPN).
    • Beginning Summer 2011 borrowers of  the Perkins/Nursing/ or Health Professions loans will have to complete a MPN online with Educational Computer Systems Inc. (ECSI).  ECSI will send instructions to borrowers WSU email address within 48 hours of accepting the loan.   
    • For more information please visit ECSI at www.ecsi.net or contact the University Receivables Office at www.wsu.edu/studacct/
  3. Your funds will be delivered on the first day of the semester or approximately 48 hours after completing the process, which ever comes later.
Completing the Graduate PLUS Loan process
  1. Accept your Graduate PLUS Loan by using one the following methods:
    1. Accept your loan by returning a signed copy of your award letter to the Office of Financial Aid and Scholarships.
    2. Accept your loan online.
      • Go to zzusis.
      • Click on "Finances" on left-hand side of window.
      • Click on "Student Aid."
      • 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. Accept your loan in-person at the financial aid window (Lighty 380 on the Pullman campus).
    4. 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.
    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 "Graduate PLUS" link to complete the MPN electronically.
    4. Complete your application by signing with your 4-digit FAFSA PIN.
Private Education Loans

Please see information under the Private Education Loans bullet above.

Parents

Completing the Parent PLUS Loan process

  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. These forms may be downloaded from our forms page here.

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

  2. 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 Promissory Note" and select the "Parent PLUS" link to complete the MPN electronically.
    4. Complete your application by signing with your 4-digit FAFSA PIN.
    5. 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, WSU will be notified by the Department Of Education/Direct Loan Program.
      • You may appeal the credit decision or have a credit-worthy endorser co-sign on the loan.
      • If you are denied and have no endorser, we may be able to increase the student's Stafford eligibility.

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, here are some great questions to ask your lender. 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 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.

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.

Academic Year

08/22/11

to

05/04/12
Fall Only

08/22/11

to

12/16/11
Spring Only

01/09/12

 to

05/04/12
Summer

05/07/12

 to

07/27/12

 

Private Education Loan Products List

 

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.

Office of Financial Aid and Scholarships, PO Box 641068, Washington State University, Pullman WA 99164-1068, 509-335-9711, Contact Us