New Loans

Institutional Loan Eligibility

This program is funded by Whitworth University. The loan fund is limited. The borrower must satisfy eligibility requirements as established by Whitworth University. Institutional Loans are credit-based and will be denied if the borrower's credit score does not meet the minimum score established by the university. Institutional Loans carry a simple interest rate of 5 percent and are repayable by the borrower over a period of 10 years following graduation or after withdrawing from school. No interest is charged while students are in school or during a nine-month grace period thereafter. Institutional Loans are not deferable or cancellable.

Signing for Institutional Loans

Institutional Loan promissory notes are mailed each June to students who have been awarded an Institutional Loan for the coming school year. The promissory notes are sent to the student's permanent address. If you have been awarded an Institutional Loan and you have a change of address, it is very important that you contact the Whitworth Student Loan Office at 509.777.3209.

All loans not signed for will be canceled.

A promissory note is the binding legal document signed by the borrower when a student loan is received. It lists the conditions under which the student is borrowing and the terms under which the student agrees to pay back the loan. It will include information about the interest rate and other loan provisions. It is very important for signers to read and save this document.

Perkins and Institutional Loan Counseling

Whitworth requires all Institutional Loan borrowers to participate in Institutional Loan entrance loan counseling before they receive the initial disbursement of loan proceeds.

Federal regulations require all Perkins Loan borrowers to participate in Perkins exit loan counseling whenever they drop below half-time enrollment status, withdraw or graduate. Whitworth requires all Institutional Loan borrowers to participate in exit loan counseling whenever they withdraw or graduate.

Loan Amount

Undergraduate students may borrow up to $5,500 per year for a total of $27,500 during their undergraduate program. Graduate students or those in professional studies may borrow up to $5,500 per year with a total amount of $38,500 borrowed (in both undergraduate and graduate schools). The actual amount received depends upon the student's financial need and the school's available funding. To find out more, please contact the Whitworth Student Loan Office at 509.777.3209.

Receiving Loan Money

Whitworth will transfer loan funds to the student's account once all loan papers are signed and financial aid is finalized. The loan will be divided into at least two disbursements during the academic year.