A Guide to Student Loans
Law students who submit the Free Application for Federal Student Aid (FAFSA) will have a Federal Direct Unsubsidized Stafford Loan and a Federal Direct Grad PLUS loan added to their aid package. Since the Stafford loan has a lower interest rate and federal loan fee than the Grad PLUS, it is best to utilize all the Stafford loan before borrowing from the Grad PLUS if needed. The Stafford and Grad PLUS require online documentation to be completed for processing. All online documents including Entrance Counseling, Master Promissory Note and PLUS Loan Application are completed at studentaid.gov (FAFSA site). Details about federal loans can be found at studentaid.gov or below:
Federal Unsubsidized Stafford Loan
The Federal Unsubsidized Stafford loan accrues interest at the point of disbursement and is capped at $20,500 per year. Required documents for processing and disbursing the federal unsubsidized loan to the student account include:
Federal Direct PLUS Loan (Grad PLUS)
The Federal Grad PLUS loan accrues interest at the point of disbursement and the amount of the loan is limited by the Cost of Attendance and any other aid the student has received. Required documents for processing and disbursing the federal Grad PLUS loan to the student account include:
Federal Loan Interest Rates and Fees (23-24 Academic Year)
Unsubsidized Stafford Loan Grad PLUS Loan
Interest: 7.05% Interest: 8.05%
Origination Fee: 1.057% Origination Fee: 4.228%
Private Loans
Students who seek private loans from non-federal lenders should contact Drake Breeden in the Office of Financial Aid to process the loan. Once you have completed the private loan application, email ebreeden@wlu.edu for further details regarding the processing and disbursement for the loan. Loans that are applied for and certified prior to the July 15 bill apply toward the account balance. After August 10, private loans that are not fully processed and disbursed will be canceled.