Up to $5,500
per year
Renewable
|
FEDERAL DIRECT STUDENT LOAN PROGRAM. This program allows a student to borrow directly from the U.S. Government. Repayment of the principal need not begin until six months after the student ceases to be enrolled at least half time.
There are two kinds of Federal Direct Loans: subsidized and unsubsidized. The U.S. government pays the interest on a subsidized loan while the student is in school. On an unsubsidized loan, the student is responsible for the interest and may either make payments on the interest or have it added to the principal. Eligibility for the interest subsidy is determined by using the federal government's standard analysis of need. |
|
Category of Borrower |
Annual Subsidized Limits |
Combined Sub/Unsub Annual Limits |
Total Aggregate Limit |
|
Freshman |
$3,500 |
$5,500 |
$31,000* |
|
Sophomore |
4,500 |
6,500 |
31,000* |
|
Junior or Senior |
5,500 |
7,500 |
31,000* |
|
Graduate |
— |
20,500 |
138,500** |
|
*Dependent Undergraduate
**Includes Loans borrowed as an Undergraduate
In addition to the limits printed above, independent undergraduates may borrow additional Federal Direct Unsubsidized Loans. The borrowing limit is $4,000 per year for freshmen and sophomores; $5,000 per year for juniors and seniors. Dependent undergraduate students have a total limit of $31,000; independent undergraduate students have a total limit of $57,500.
The interest rate for the Federal Direct Loans is determined by the federal government each year.
Loan origination fees are deducted from the loan amount before funds are issued to Walla Walla University.
Students sign a Master Promissory Note when they first borrow under this program. No further promissory note is required for any additional loans taken out during the next 10 years.
Borrowers must complete the Entrance Loan Counseling online.
Loan forgiveness may be available after making 120 on-time payments while working for a qualified government or non-profit employer. See MyFedLoan.org/PSLF |
Up to $5,500
Per year Renewable |
FEDERAL PERKINS LOAN. This loan is made available by the U.S. Department of Education and WWU. Students may borrow up to $27,500 during their entire undergraduate period of study. Repayment begins six to nine months after the borrower ceases to be enrolled at least halftime. Repayment may be extended up to 10 years with an interest rate of 5%. A portion or all of this loan may be cancelled by working in certain occupations or the Peace Corps. (This loan program has been discontinued by the federal government at this time.) |
Up to $5,000
per year
Renewable |
INSTITUTIONAL LOANS. These loans are provided through the generous gifts of friends of the university. Students eligible for a Nursing Student Loan are not eligible for these loans. Terms are similar to those of the Federal Perkins Loan program. Repayment begins six to nine months after the borrower ceases to be enrolled at least halftime. Repayment may be extended up to 10 years with an interest rate of 5%. A complete list of these loans is available at: loans.wallawalla.edu Choose "Low Interest Loans." |
Up to $5,200
per year
Renewable |
NURSING STUDENT LOAN. The federal government and Walla Walla University make this loan available to students admitted into the nursing program. Students may borrow up to $3,300 per year ($5,200 per year their last two years), but no more than a total of $17,000 during their entire undergraduate period of study.
Repayment of the Nursing Student Loan begins nine months after the borrower ceases to be at least a halftime nursing student. Repayment may be extended up to 10 years with an interest rate of 5%. Repayment may be deferred if the student enrolls for graduate nursing studies.
|
| Students are not automatically considered for the following loans. Applications and more information are available from Walla Walla University's student loan coordinator who can be reached at Student Financial Services. |
| Up to Cost of Education less other forms of Financial Aid |
LOANS TO PARENTS (FEDERAL PLUS). This program allows parents of dependent undergraduate students to borrow directly from the U.S. Government. Parents may borrow an amount equal to the total cost of attendance less other financial aid.
If a parent applies for a federal PLUS Loan and is denied, the student may borrow additional Unsubsidized Direct Loan funds as though they were an independent student ($4,000-$5,000 per year).
Repayment may begin within 60 days after full disbursement of loan funds. The interest rate for PLUS Loans is determined by the federal government each year. There is a 4% processing fee deducted when the loan is disbursed. Negative information reported to a credit bureau may disqualify a borrower from using this loan. |
| Up to Cost of Education less other forms of Financial Aid |
GRADUATE DIRECT PLUS LOANS. This loan program allows graduate students to borrow up to 100% of their total cost of education, minus other financial aid they have been awarded. The total amount can pay for tuition, books, food, housing, transportation, and more. Although interest accrues on the loan while they are in school, the borrower can defer payments while they are enrolled at least half-time. The interest rate for the Direct PLUS Loans is determined by the federal government each year. Loan origination fees are deducted from the loan amount before funds are issued to Walla Walla University. Negative information reported to a credit bureau may disqualify a borrower from using this loan. |
| Up to Cost of Education less other forms of Financial Aid |
PRIVATE LOANS. Several private lenders offer loans to students to assist with their education. Each lender sets their own terms for the loan. Lenders may require a borrower to have a co-signer before the loan is approved. |