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Financial Aid Resources - Adult Degree Students - Loans

Federal Direct Subsidized Stafford Loan

  • Eligibility: Undergraduate student must have financial need based on FAFSA.

  • Application: Awarded in financial aid award; Master Promissory Note and Entrance Counseling required for 1st time borrowers

  • Amount: Freshman/$3500;soph/$4500; other undergraduates/$5500

  • Conditions: Payment of principal and interest begins six months after the student ceases to be enrolled at least half time. Loans borrowed after July 1, 2012 have 6.8% fixed interest rate for undergraduates with no subsidized grace period. Loan fees are charged according to federal laws. No longer available for graduate students after July 1, 2012

  • Renewal: Based on annual review of need

  • Deadline: None Listed
Federal Direct Unsubsidized Stafford Loan

  • Eligibility: Financial need not required; based on FAFSA

  • Application: Awarded in financial aid award; Master Promissory Note and Loan Entrance Counseling required for first-time borrowers

  • Amount: Varies (dependent students are eligible for $2,000; more if parent is denied PLUS loan)

  • Conditions: Borrower is responsible for interest while enrolled and during repayment. Interest payments can be deferred while student is in school. Principal and interest payments begin six months after student ceases to be enrolled at least half time. Interest rates/loan fees same as subsidized;loans borrowed after July 1, 2012 have 6.8% fixed interest rate.

  • Renewal: Based on annual review

  • Deadline: None Listed
Federal Perkins Loan

  • Eligibility: Highest-need students; priority given to UG lower grade level students with lower loans limits on Stafford loan.

  • Application: Awarded in financial aid award; Master Promissory Note and Entrance Counseling for first-time borrowers

  • Amount: Varies

  • Conditions: Payment of principal begins and interest accrues at 5 percent rate nine months after the student ceases to be enrolled at least half time.

  • Renewal: Based on annual review of need

  • Deadline: None Listed

  • More Information: For more information on the Perkins Loan program, click on the following www.whitworth.edu/StudentAccountingServices/LoanOffice/
Alternative Student Loans (Private Educational Loans)

  • Eligibility: Must be creditworthy(established credit and handled in satisfactory manner) May need co-signer

  • Application: Secure from lender of choice

  • Amount: Varies

  • Conditions: Alternative student loans are processed by lending institutions and are not guaranteed by the federal government. Loan terms are determined by each lender and may vary accordingly.

  • Deadline: None Listed

  • More Information: If you would like more information on private education alternative loans, please go to http://www.whitworth.edu/Administration/FinancialAid/Parents/PrivateEducationLoans.htm"




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