{"id":103,"date":"2016-06-13T23:25:16","date_gmt":"2016-06-13T23:25:16","guid":{"rendered":"http:\/\/wpnetwork.financialaid.wsu.edu\/stage-wds\/?page_id=103"},"modified":"2023-08-04T15:05:09","modified_gmt":"2023-08-04T22:05:09","slug":"student-loans","status":"publish","type":"page","link":"https:\/\/wpnetwork.financialaid.wsu.edu\/stage-wds\/student-loans\/","title":{"rendered":"Student Loans"},"content":{"rendered":"\n

Federal student loans<\/h2>\n\n\n
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Also called federal direct loans, federal student loans are the most commonly used to pay for college. The money is loaned directly to you, and you are solely responsible for repaying the money after dropping below a part-time credit load or leaving WSU.<\/p>\n

To apply for federal student loans, you must first complete the FAFSA at fafsa.gov<\/a>. There are 2 types of federal student loans: subsidized<\/strong> and unsubsidized<\/strong>.<\/p>\n

WSU also offers short-term loans for students who are facing financial emergencies.<\/p>\n

Next steps<\/h3>\n

Aid Estimator<\/a><\/p>\n

Complete the FAFSA<\/a><\/p>\n

Accept a Loan<\/a><\/p>\n**Please Note:<\/span> Effective for the 23-24 academic year \u2013 Accepting\/Declining of offered loans will open in mid-July! Visit our Accepting Loans page<\/a> for more information and details about that process.**<\/span><\/strong>\n\n<\/div>\r\n\n\n

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Federal Vs. Private Education Loans<\/a><\/p>\n

WSU’s 3-year Cohort Default Rate:<\/h4>\n

0.5%<\/strong><\/span><\/h2>\n

Every 3 years, the US Department of Education informs institutions of the loans that have gone into default and provides them with their Cohort Default Rate – the percentage of student loans in default during the 3 years. All Family Education Loans (FFEL) and\/or William D. Ford Federal Direct Loans are used as part of this rate calculation.<\/em><\/p>\n<\/p>\n\n<\/div>\r\n\n<\/div>\n\n

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Subsidized loans<\/h2>\n

Eligibility for subsidized loans is based on financial need as determined by the FAFSA.<\/p>\n

The federal government pays the interest while you are in college and during the six-month grace period after you leave school or enroll less than half time\u2014you are not required to make loan payments until your grace period ends.<\/p>\n

Subsidized loans are available only to undergraduate students. See graduate and professional student options<\/a>.<\/p>\n\n<\/div>\r\n\n\n

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Unsubsidized loans<\/h2>\n

Unsubsidized loans are offered regardless of income or assets.<\/p>\n

You are responsible for paying all the interest on the loan.<\/em> You may choose to defer interest and principal payments while in school at least half time. If you do, the interest will be capitalized\u2014that is, added to the initial amount you borrowed. Future interest costs will be based on that higher loan amount.<\/p>\n\n<\/div>\r\n\n<\/div>\n\n\n

Loan amounts and limits<\/h2>\n\n\n
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There are limits on the amount of loans that you can receive each academic year (annual loan limits) and on the total amounts that you may borrow for undergraduate and graduate study (aggregate loan limits).<\/p>\n

The actual loan amount you’re eligible to receive each academic year may be less than the annual loan limit.<\/p>\n

Lifetime Aid Summary<\/h3>\n

The lifetime aid summary tool is available for current students and alumni of WSU. The lifetime aid summary will allow students to view their current loan amounts, their federal loan limit, remaining loan eligibility, estimated monthly payments and their current Pell usage.<\/p>\n

How to view your Lifetime Aid Summary:<\/h3>\n
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  1. Log into myWSU<\/a>.<\/li>\n
  2. Click on the financial aid tile.<\/li>\n
  3. Once you have selected a Federal Aid Year, click on the drop-down menu on the right side of display.<\/li>\n
  4. Click on “Lifetime Aid Summary”<\/li>\n<\/ol>\n

    Note<\/em><\/strong>: In order to generate your lifetime aid summary, you must select a Federal Aid Year that you received financial aid.<\/em><\/p>\n

    Undergraduate students<\/h4>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t
    Type of loan<\/th>Freshman Annual Limit<\/th>Sophomore Annual Limit<\/th> Junior Annual Limit<\/th>Senior Annual Limit<\/th>Lifetime Limit<\/th>\n<\/tr>\n<\/thead>\n
    Subsidized loan: dependent student<\/td>$3,500<\/td>$4,500<\/td>$5,500<\/td>$5,500<\/td>$23,000<\/td>\n<\/tr>\n
    Subsidized loan: independent student<\/td>$3,500<\/td>$4,500<\/td>$5,500<\/td>$5,500<\/td>$23,000<\/td>\n<\/tr>\n
    Unsubsidized loan: Dependent student<\/td>$2,000<\/td>$2,000<\/td>$2,000<\/td>$2,000<\/td>$8,000<\/td>\n<\/tr>\n
    Unsubsidized loan: Independent student<\/td>$6,000<\/td>$6,000
    \n<\/td>    		$7,000<\/td>$7,000<\/td>$34,500<\/td>\n<\/tr>\n
    Direct PLUS Parent Loan<\/td>The loan amount varies widely. It should not exceed the total cost of assistance including other types of assistance. This loan requires good credit.<\/td>\n<\/tr>\n
    Private \/ Alternative Loans<\/td>The loan amount varies, but can not exceed the total cost of assistance including other types of assistance. This loan requires good credit.<\/td>\n<\/tr>\n
    See current student loan interest rates<\/a><\/td><\/td><\/td><\/td><\/td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

    Find out if you’re a dependent student or independent student<\/a><\/p>\n

    Graduate and professional students<\/h4>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t
    Type of loan<\/th>Annual Loan Limit<\/th>Lifetime aggregate limit<\/th>\n<\/tr>\n<\/thead>\n
    Unsubsidized Direct Loan for Graduate Students<\/td>$20,500<\/td>$138,500<\/td>\n<\/tr>\n
    Unsubsidized direct student loan for medical students<\/td>$40,500<\/td>$224,000<\/td>\n<\/tr>\n
    Unsubsidized direct loan for Pharmacy students (9-month program)<\/td>$33,000<\/td>$224,000<\/td>\n<\/tr>\n
    Unsubsidized direct loan for Pharmacy students (12-month program)<\/td>$37,167<\/td>\t
    \n$224,000<\/td>\n<\/tr>\n
    Unsubsidized direct loan for Veterinary students (9-month program)<\/td>$40,500<\/td>$224,000<\/td>\n<\/tr>\n
    Unsubsidized direct loan for Veterinary students (12-month program)<\/td>$47,167<\/td>$224,000<\/td>\n<\/tr>\n
    PLUS Loan for Graduate Students<\/td>Amounts vary widely. They should not exceed the total cost of attendance including other types of assistance. This loan requires good credit.<\/td>\n<\/tr>\n
    Loan for Health Professions<\/td>This loan is based on the EFC criteria, the FAFSA delivery date, and the current level of HPL funding. Amounts granted vary according to availability. <\/td>\n<\/tr>\n
    Private \/ Alternative Loans<\/td>Amounts vary widely. They should not exceed the total cost of attendance including other types of assistance. This loan requires good credit.<\/td>\n<\/tr>\n
    See current student loan interest rates<\/a><\/td><\/td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

    Borrow responsibly<\/h3>\n

    Student loans are an important financial commitment\u2014plan ahead and make sure to borrow responsibly<\/a>.<\/p>\n

    Before applying for a loan, determine how much you\u2019ll be able to afford to repay by estimating:<\/p>\n