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Student Loans
With the increased concern surrounding student debt, Washington State University is committed to assisting students before, during and after their time at WSU. Our dedicated full-time staff is here to answer questions regarding borrowing loans, and we have partnered with Cougar Money Matters and Student Connections to assist with financial wellness, budgeting, and repayment. Our mission is to help pave the road to responsible borrowing while students pursue their career.
Subsidized vs. Unsubsidized Loans
Federal student loans, also called federal direct loans, are among the most common forms of financial aid 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. Federal Student loans may be subsidized or unsubsidized.
Subsidized Loans
- Based on financial need determined by the FAFSA
- No credit check
- Federal government covers interest while student is enrolled at least half time.
- Available only to undergraduate students
- Loan payment grace period: 6-months post leaving school (graduation or enrollment dropping below half time)
Unsubsidized Loans
- Offered regardless of financial need
- Student pays all interest on the loan
- No credit check
You may defer interest and principal payments while enrolled at least half time. If you do, the interest will be capitalized (added to the initial amount you borrowed). Future interest costs will be based on that higher loan amount.
The 3 Steps to Federal Student Loans
1. FAFSA Application
Federal student loans are only available to students who have submitted a FAFSA and have remaining financial need after grants, scholarships and other funding.
Additional steps are required for loan borrowers. File your FAFSA early to get a head start on planning around potential student loans.
2. Accepting Your Loans
You must manually accept your loans each year. Loan acceptance opens mid-summer, and our office will notify you when your loans are available to accept. Accept up to the full offer within your myWSU “Financial Aid” tile:
“Award/Summary”→”Accept/Decline”→”Edit”
Accepted loans are for the full academic year and disbursements will be split. You may also call or stop by our office to accept your loans.
Need help? Find video tutorials in Helpful Videos.
3. Additional Loan Requirements
If you qualify for loans, there are two additional steps you will need to take before your loans can disburse:
Have a health profession loan? The MPN and entrance counseling is through a different website.
Undergraduate students have four loan options available to them:
- Subsidized (based on financial need)
- Unsubsidized
- Parent PLUS Loans (dependent students only)
- Private education loans
Subsidized and unsubsidized federal loans do not require a credit check. You may choose to take out all or part of your offered loan(s).
Be sure you’re aware of the annual and lifetime loan limits.
Graduate and professional students have several specific loan options. Some types of aid are available to all graduate and professional students, while others are reserved for students in specific paths.
Be sure you’re aware of the annual and lifetime loan limits. The aggregate lifetime limit applies to all loans of that type, whether for undergraduate, graduate, or professional study.
Graduate Loan Options:
- Unsubsidized Direct Loan
- Graduate PLUS Loan
- Health Profession Loans
If you are a dependent undergraduate student, a parent PLUS loan enables your parents or stepparents to borrow money that can be applied to your educational expenses.
PLUS loans are loaned directly from the federal government to the borrower. This loan is not based on your family’s income or asset information provided on the FAFSA.
Requirements:
- Must be a dependent student
- Must be enrolled at least half time
- Have a completed FAFSA on file
- Parent must meet the credit eligibility requirements.
Health profession loans are low-interest loans reserved for health profession undergraduate or graduate students who have qualifying financial need.
Be sure you’re aware of the annual and lifetime loan limits. The aggregate lifetime limit applies to all loans of that type, whether for undergraduate, graduate, or professional study.
Qualifying Programs:
- Veterinary Medicine
- Pharmacy
- Nursing
Private loans can help you pay for college expenses that may not be covered by federal loan programs or other financial aid. Private loans will may carry higher interest rates and fees than federal loans and offer less attractive repayment terms. These loans are typically based on your credit rating and debt-to-income ratio (not financial need) and may require a co-signer.
The Short-Term Loan Program is funded by WSU. These loans are intended to bridge the gap until other resources arrive and are not an ordinary source of financial aid.
Short-Term Loans are for immediate needs such as rent or food and may not be used for tuition or mandatory fees.
Requirements:
- Must have a current FAFSA
- Must be actively enrolled
- Documentation of guaranteed source of repayment
- Co-signer may be required
Loan Action Requests
The deadline to accept your loans, in full or in part, is two weeks prior to the end of the semester.
If your loans were cancelled or declined before then, you may submit a Loan Action Request and we will re-offer them. You may also use this form if you originally accepted less than your full offer.
Graduating or leaving WSU?
Exit Counseling
You must complete exit counseling after graduating, leaving school, or dropping below half-time enrollment to ensure you understand repayment requirements. You may select a repayment plan at this time.
Navigating Repayment Options
WSU is committed to helping you transition after leaving school! We have partnered with Student Connections to help you navigate your repayment options with the help of loan counselors.
Did you take out a Nursing or Health Professionals Loan?
Your exit counseling process is different! The WSU Bursar’s Office administers exit counseling for these loan types. Heartland ECSI will email you with next steps. Visit their website for more information.
Additional Loan Resources
Loans are an essential part of paying for college for many, but navigating loan acceptance and repayment can be tricky. We’re here to help you every step of the way, from planning and budgeting to paying back what you borrowed.
Accessing loan resources now can help set you up for success in the future!
Borrowing Responsibly
Before committing to any loans, make sure you have all the information you need.
Know your rights and responsibilities as a student loan borrower. Complete your required exit and entrance loan counseling. Get tips and advice on how to borrow only what you need and make repayment easier.
Loan Forgiveness
Under some circumstances, you may be eligible to apply for loan forgiveness, dischargement or cancelation.
If you qualify, some or all of your student loans may be forgiven.
Student Loan Repayment
Understand exactly how much you owe on your loans and when you have to pay. Find helpful guidelines for understanding your loan servicer, as well as how to set up a payment plan and what to do if you cannot afford your payments.
Track Your Student Loans
Cougar Money Matters is proud to offer CMM Learning Portal, an award-winning online personal finance tool.
- Student loans tracker
- Personalized job search
- Financial literacy lessons, and more!
Have an issue with your student loans?
Please contact the Student Financial Services Office for information, help and resources regarding financial aid.
For help with a student loan or loan servicer complaint, please contact the Washington Student Achievement Council (WSAC).
WSU Three-Year Cohort Default Rate
0.0%
Every three years, the U.S. 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 three years). All Federal Family Education Loans (FFEL) and William D. Ford Federal Direct Loans are used as part of this rate calculation.
Loans Frequently Asked Questions
Loan Acceptance Isn’t Open
Fall semester financial aid offers are typically sent out before federal loans are officially open for acceptance, which usually occurs in July. These aid offers are meant to give you an idea of how much aid you will likely have once classes begin and will not disburse until term starts.
You will receive an email from Student Financial Services when your loans are available for you to accept.
Yes
You may accept your loans at any point, up until the final weeks of the semester*. If your loan offer no longer appears on your financial aid tab in myWSU, simply fill out a Loan Action Request and a member of Student Financial Services will re-offer your loans.
*You may not accept or request reoffers of loans from previous semesters.
You Haven’t Completed Entrance Counseling
Entrance counseling is mandatory. Completing this short training ensures you are fully aware of your rights and responsibilities as a federal loan borrower.
You Haven’t Completed Your Master Promissory Note
The Master Promissory Note (MPN) is also mandatory for loan disbursement. The MPN is a legal contract in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education.
You may use the same MPN for multiple loans for a period of up to 10 years in most cases.
Classes Have Not Started
Aid will not disburse until 7 days prior to the start of your classes. This is the case even if your classes begin after the first day of the term.
You Are Over-Awarded
You may only receive financial aid up to your Cost of Attendance. If other financial aid (grants, scholarships, etc.) already cover or exceed your Cost of Attendance, your loans will not disburse. There is no alert that informs you if you are over-awarded, so please contact Student Financial Services if you are unsure whether you are in an over-award status.
Your Credit Has Not Been Approved
Only Parent PLUS and Graduate PLUS loans require credit checks. If you tried to accept this type of loan but have not received funds, your credit check may have been denied. If do not qualify by yourself you may have a co-signer or endorser accept the loan on your behalf.
Please ensure you lift any credit freezes from all three credit bureaus (Experian, TransUnion, and Equifax) before applying for a PLUS loan. Allow one week for the credit check to run before replacing a credit freeze.
The Budget Control Act of 2011 imposed sequestration for all direct student loans (subsidized, unsubsidized, and PLUS). This requires an adjustment to be made on the origination fee percentage on October 1 of each year, aligning with the federal fiscal year.
The lifetime aid summary tool is available for current students and alumni of WSU. The lifetime aid summary will allow you to view your current loan amounts, your federal loan limit, remaining loan eligibility, estimated monthly payments and your current Pell usage.
How to view your Lifetime Aid Summary
- Log into myWSU
- Click on the financial aid tile
- Click on the drop-down menu on the right side of display
- Click on “Lifetime Aid Summary”
Note: In order to generate your lifetime aid summary, you must select a Federal Aid Year in which you received financial aid.
You may accept your loans online through myWSU or by contacting our office. To accept your loans online:
- Log into myWSU and click “Financial Aid”
- Financial Aid Offer for the year will show automatically in “Award/Summary”
- Click “Accept/Decline”
- Click “Edit” button above list of awards
- Accepted funding is for two semesters (or one full academic year) and will be split accordingly.
- Click “Submit”
Most student loans are subject to origination fees, where a percentage of the loan is automatically removed for processing costs. You can visit the Federal Student Aid website for current origination fee percentages and more information.
Loan origination fees are added to your Cost of Attendance if your financial aid offer includes direct student loans.
The credit minimum for loans are:
- Undergraduates: 6 credits
- Graduate/Professional/EMBA students: 5 credits
- MBA students: 3 credits
Enrollment below these levels will result in loan offers being cancelled from your account. If you drop below the loan credit requirement after your loans have disbursed, you may owe a bill to the university for the loan amounts you took out. Cancelled or “paid back” loans under these circumstances do not count towards your lifetime eligibility for federal loans.