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* |
|
*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. Undergraduate students have a total limit of $31,000.
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.
|
Up to $4,000
per year
Renewable |
INSTITUTIONAL LOANS. These loans are provided through the generous gifts
of friends of the university. 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 nursing students attending the Portland
campus. Students may borrow up to $3,300 per year ($5,200 per year their
last two years), but no more than a total of $13,000 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.
Because
of funding limitations, Walla Walla University can only offer this loan
to junior and senior nursing students. The maximum loan may also be
reduced. Students should apply for financial aid as soon as possible in
order to be considered for this loan.
|
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. |