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Loan Options

The application process differs slightly for each type of loan program.  First-time borrowers at Washington Adventist University must submit a Master Promissory Note for the Federal Stafford and Federal Graduate PLUS loans. Private alternative loans require applications with the loan company.  All loan types require that a Entrance Interview be submitted to our processing center.  Federal Stafford and Graduate PLUS loan applicants are required to file the FAFSA each academic year.

The Office of Student Financial Assistance offers financial aid in the form of Federal Stafford Loans, Graduate PLUS loan and private alternative loans to students who have been admitted to one of our graduate degree or approved graduate certificate programs.  Following are brief descriptions of the loan programs, as well as an overview of the process involved in applying for these types of loans.


Federal Direct Loan Program

The Federal Direct Loan Program is funded by the U.S. Department of Education. To receive a Federal Direct Loan—whether subsidized or unsubsidized—applicants for admission to WAU must submit a completed FAFSA. The financial aid award may include one or both of the following Federal Direct Loans.

• Federal Direct Subsidized Loans: Offered to students with financial need. Under this loan, interest is paid by the federal government, and no payment is required from the student while enrolled at least half-time. Loan payment begins six months after the student graduates or leaves the University.

• Federal Direct Unsubsidized Loans: Interest begins accruing on the date the loan is received. Applicants may choose to pay the interest only or allow it to accumulate and capitalize (added to the principal amount of the loan) until six months after graduating or leaving WAU.

Direct Loan amounts increase each year as the student successfully matriculates. The interest rate on the Federal Direct Loan is a fixed rate. For the 2012-2013 academic year, the interest rate is 6.8 percent for first time disbursed subsidized loans and 6.8 percent for unsubsidized loans.

Grade Level

Maximum Subsidized

Maximum Unsubsidized

Total

Freshmen

$3,500

$2,000

$5,500

Sophomore

$4,500

$2,000

$6,500

Junior

$5,500

$2,000

$7,500

Senior

$5,500

$2,000

$7,500

An additional amount in Federal Direct Unsubsidized Loan funding is made available to an independent undergraduate student or dependent student whose parent is ineligible for a Direct PLUS loan. Those limits are as follows.

Grade Level

Maximum Subsidized 

Maximum Unsubsidized 

Total 

Freshmen

$3,500

$6,000

$9,500

Sophomore

$4,500

$6,000

$10,500

Junior

$5,500

$7,000

$12,500

Senior

$5,500

$7,000

$12,500


Federal Direct Plus Loan for Undergraduate Students

Federal Direct PLUS Loans for Undergraduate Students (PLUS) loans funded by the U.S. Department of Education are available to credit-worthy parents. With a Direct PLUS loan, parents may borrow up to the full cost of a student's education, including tuition, room and board, books and supplies, transportation and living expenses, less any other financial aid. There are no maximum or minimum income guidelines for eligibility for the loan. Additional advantages include a 7.9% percent fixed interest rate. Interest may be tax deductible.


Private Alternative Loans

Private alternative loans are available to graduate students who feel they will need more than the $20,500 maximum available from the Federal Stafford Loan program or students enrolled in certificate programs that are not Stafford eligible.  Most private alternative loans allow a student to borrow up to the cost of attendance minus any other aid.