Strategies for Financing Your Education

With the rising costs of tuition combined with the current economic situation confronting families, there are many questions that you may have about the affordability of attending WAU.  We offer the following advice:

1. Plan early.

2. Do research to find out what federal, university, state, private, activity and academic help is out there, as well as what independent scholarships, funding and awards are available.

3. Never self-select out of financial aid. Apply even if you don’t think you have need.

4. Follow deadlines in order to avail yourself of all opportunities and options.

5. Have family conversations about affordability and how much of a financial commitment your family is willing to assume.

6. Talk to a financial aid counselor for help in understanding what you may be eligible for.

Other Expenses

Living Expenses

Living expenses vary, depending on a graduate student’s preference for housing. An average calculation for graduate students living in the Washington metropolitan area includes:

Housing, meals, transportation and personal expenses: $16,760

Books and supplies: $1,200

Graduate Loan Options

The Student Financial Services office offers financial aid in the form of Federal Direct Loans, Graduate PLUS loan and private alternative loans to students who have been admitted to one of our graduate degree programs.  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 Direct and Federal Graduate PLUS loans. Private alternative loans require applications with the lender.  All loan types require that a Entrance Interview be submitted to our processing center.   Federal Direct and Graduate PLUS loan applicants are required to file the FAFSA each academic year.  You can find the Entrance Counseling and e-mpn at www.studentloans.gov.

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 Loans

Graduate students at Washington Adventist University may borrow up to $20,500 in Unsubsidized Federal Direct Loan funds per academic year; the loan amount is based on the number of credit hours the student plans to take.  Those who feel they need more than the $20,500 maximum may seek a Graduate PLUS loan or private alternative loan to further cover their educational costs. 
 
Direct Unsubsidized Loans have a fixed interest rate of 6.8 percent as set by the federal government.  Unsubsidized Direct Loan eligibility is, in part, determined by information submitted on the Free Application for Federal Student Aid (FAFSA).

Graduate PLUS Loans

The Graduate PLUS loan is a federally sponsored education loan for graduate students.     You are eligible to borrow up to the full cost of education, including tuition, fees, living, book and transportation expenses, less any financial assistance received. We will not be able to certify your Graduate PLUS application until you apply for the Direct Loan.  Graduate PLUS Loans have a fixed interest rate of 8.5 percent as set by the federal government, so you can borrow for your education without worrying about increases in interest rates or changes in monthly payments.  A minimum credit check is required for all Graduate PLUS borrowers.  If you are not eligible based on your own credit rating, you may become eligible if you obtain an endorser for the loan.

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.

Tuition & Fees

Graduate Program