Student Loan Programs
There are 4 different types of loans that students can borrow to fund their higher education.Subsidized Stafford Loans do not accrue interest while the student is enrolled at least half time (half time = 6 credits). As of July 1, 2006 the interest rate is fixed at 6.8% (for loans borrowed prior to July 1, 2006 the interest rate is still variable and goes up or down every July 1) and does not go into mandatory repayment until 6 months after the students stops attending at least half time.
Unsubsidized Stafford Loans accrue interest the moment the student gets the money, and has a fixed interest rate of 6.8% (for all loans borrowed after July 1, 2006, for loans prior to that the interest rate is still variable and goes up or down every July 1), and does not go into mandatory repayment until 6 months after the student stops attending at least half time.
If you have never borrowed a stafford loan before, you will need to complete the entrance counseling as well as sign a promissory note. For students who have borrowed staffords before, just not from WSU, will only need to sign a promissory note. IF you have borrowed from WSU, but have since filed for bankruptcy, consolidated or it has been more than 5 years, you will need to sign a new promissory note.
Perkins Loans do not accrue interest while the student is enrolled at least half time, has a fixed interest rate of 5%, and does not begin mandatory repayment until 9 months after the student stops attending at least half time.
For the Staffords and the Perkins loans, you must have a current FAFSA on file, and will be awarded the amount you may borrow as part of your financial aid package. Sometimes this is not enough to cover of your costs, so the fourth loan for a student to borrow is an Alternative Private Loan.
Alternative Private Loans - to receive an alternative private loan, you apply at your bank of preference, here is a listing of different WSU preferred lenders. You cannot borrow more than your cost of attendance, so before you request an alternative private loan from your bank, it may be a good idea to check on the availability that you have with the school and to look in to submitting a change of circumstances to the WSU Financial Aid Office so that your budget may be increased.
Parents of Undergraduate Students are often offered a Parent Loan for Undergraduate Students (PLUS) to help cover the costs of their child's education. The loans are not subsidized, accrue interest when the loans are disbursed, and as of July 1, 2006 have a fixed interest rate of 8.5%, and repayment is immediately on a monthly basis.
For more information about student loans and the federal aid programs please click Student/Parent Guide to Federal Aid
If you are borrowing a Stafford loan for the first time you will need to complete the Stafford Entrance Counseling. Please Click on the link below.
If you are graduating you will need to complete the Stafford Exit Counseling. Please click on the link below.
- You can complete the interviews online. If you cannot access this page, you may contact our office (509-372-7228) to schedule an appointment to use the computer in our office (West Bldg., Room 269) and receive personal assistance.
ED Fund is the site we use to have electronic promissory note applications for the stafford loans. You will have the option to fill out and sign the application online or to print it off and mail it in. You will also have the option to fill out and sign the application (with your PIN that you signed your FAFSA with) online or to fill out the application online and mail in the signature page.
National Student Loan Data System
At the National Student Loan Data Sytem site, you will be able to keep track of all the loans and pell grants that you have received regardless of where you attended school. This site will also be able to tell you who is the current servicer of your loan and how to contact them. You will need you PIN that you used to sign your FAFSA with online to access this website. IF you do not have a pin or cannot find it you can request one at www.pin.ed.gov.