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Student/Parent Loan Information

Whitworth University administers federal Stafford and PLUS loans through the Federal Direct Loan Program. Borrowers complete the necessary processes and Whitworth facilitates the funding directly from the federal government. Below are links to web pages that will provide additional information on the Federal Direct Loan Program.

• Federal Direct Loan information: https://www.dl.ed.gov.
  
• Federal Direct Loan consolidation information: http://loanconsolidation.ed.gov

Click on the loan program below to jump to more information and application processes:

» Federal Direct Stafford Loan

» Federal Perkins Loan

» Federal Direct Parent Loan

» Federal Direct Graduate PLUS Loan

» Private Education Loans

Federal Direct Stafford Loans:

These loans are government-insured student loans. Students must file a FAFSA in order for the financial aid staff to determine eligibility. There are two types of Stafford Loans.

• Subsidized Stafford Loans are need-based loans subsidized by the federal government, which ensures that all interest charges during school and periods of deferment are paid by the government. The interest rate on this loan is currently at a fixed 6.0%; after 7/1/09 it will go down to a fixed 5.6%. Students have six months from the day they are no longer enrolled at least half-time (see below) to begin repayment. Interest is not charged while students are in their grace period.

• Unsubsidized Stafford Loans are non-need-based loans that are not subsidized by the federal government. Students are responsible for all interest charges during school and periods of deferment. Students can defer interest payments until they begin repayment. The interest rate on this loan is currently fixed at 6.8% Students have six months from the day they are no longer enrolled at least half-time (see below) to begin repayment on both principal and interest.

It is a federal regulation that institutions disclose to students how much an average amount a student would borrow on all federal loan programs in their respective program of study.  Below is a chart that indicates these average borrowed amounts:

*The Standard Repayment Plan is the most aggressive payment plan offered by the Federal Direct Loan Servicing Center.   There are other repayment plans that are offered and would reduce the monthly payments. 

Enrollment status information that has an impact upon loan repayment:

Undergraduate students must be enrolled in six credits or more to be considered half-time.

Graduate students must be enrolled in three credits or more to be considered half-time.

Online processes required for first- time borrowers on the Stafford Loan Program:

Federal Direct Stafford Electronic Promissory Note: http://dlenote.ed.gov

Perkins Loan

• Federal Perkins Loan Information

• Federal Direct Parent Loan Information & Processes

• Parents who have been approved for a Federal Direct Parent Loan can complete the required electronic master promissory note at https://dlenote.ed.gov/empn/index.jsp.

Federal Direct Graduate PLUS Loans

The Federal Direct Graduate PLUS program is similar to the Federal Direct Parent Loans. To be considered for a Graduate PLUS Loan, students must first apply with a FAFSA to determine eligibility for the Stafford Loan Program. This loan is not based on financial need; the student must show credit-worthiness, and interest is charged while the student attends school. Principal and interest repayment begins within 60 days from the date that the student is no longer enrolled at least half-time (see below).

• Federal Direct Graduate Parent Loan Request Form (PDF)

• Complete Federal Direct Graduate PLUS Promissory Note: http://dlenote.ed.gov

• Complete entrance loan counseling for a Graduate PLUS Loan: https://www.dl.ed.gov/borrower/EntrCounselingStart.do

• General Information