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Financial Aid Resources - Loans

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.

  • 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"
Federal Direct Parent Loan (Plus)
  • Description:

    A federal loan which the parent can borrow on behalf of their student.


  • Eligibility: Natural, adoptive or step-parent of an enrolled student; must have acceptable credit rating

  • Application:

    Available on-line, website listed below; or call the Financial Aid Office (509)777-3215


  • Amount: Varies.

  • Conditions: As of July 1, 2008, interest rate is 7.21 fixed. Repayment begins 60 days after last disbursement. Interest begins accruing after first disbursement. Loan fees are charged according to federal law (maximum is 4 percent).

  • Renewal: Application process necessary annually
  • Application process necessary annually

  • More Information:

    Parent Loan Request form www.whitworth.edu/Administration/FinancialAid/Parents/Loans.htm You can mail or fax the form to the financial aid office

Federal Direct Subsidized Stafford Loan
  • Description:

    Description


  • 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, 2014 have 4.66% fixed interest rate for undergraduates with no subsidized grace period. Loan fees are charged according to federal laws. No longer available for graduate students.

  • Renewal: Based on annual review of need
  • Based on annual review of need
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
  • Based on annual review
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
  • Based on annual review of need

  • More Information: For more information on the Perkins Loan program, click on the following www.whitworth.edu/StudentAccountingServices/LoanOffice/