Included in almost all financial aid packages, loans allow students to attend the university while payments and interest are typically deferred until after graduation or withdrawal from school. By applying for financial aid and demonstrating need, a student may be considered for one or more of the following loans. If a separate application is required, the eligible student will be contacted and encouraged to apply.
FEDERAL DIRECT STUDENT LOAN PROGRAM. This program allows a student to borrow directly from the U.S. Government. Repayment of the principal need not begin until six months after the student ceases to be enrolled at least half-time.
There are two kinds of Federal Direct Loans: subsidized and unsubsidized. The U.S. Government pays the interest on a subsidized loan while the student is in school. On an unsubsidized loan, the student is responsible for the interest and may either make payments on the interest or have it added to the principal. Eligibility for the interest subsidy is determined by using the federal government's standard analysis of need.
|Category of Borrower||Annual Subsidized Limits||Combined Sub/Unsub Annual Limits||Total Aggregate Limit|
|Junior or Senior||5,500||7,500||31,000|
*Includes Loans borrowed as an Undergraduate
In addition to the limits printed above, independent undergraduate students may borrow additional Federal Direct Unsubsidized Loans. The borrowing limit is $4,000 per year for freshmen and sophomores; $5,000 per year for juniors and seniors. Undergraduate, dependent students students have a total limit of $31,000.
Interest rates for the Federal Direct Loans is determined by the federal government and change each year. View the current rates.
Loan origination fees are deducted from the loan amount before funds are issued to Walla Walla University.
Students sign a Master Promissory note when they first borrow under this program. No further promissory note is required for any additional loans taken out during the next 10 years.
Borrowers must complete the Direct Loan Entrance Counseling online at StudentAid.gov.
FEDERAL PERKINS LOAN. This loan was last available for the 17-18 school year and was made available by the U.S. Department of Education and WWU. Students could have borrowed up to $27,500 during their entire undergraduate period of study. Repayment begins six to nine months after the borrower ceases to be enrolled at least half-time. Repayment may be extended up to 10 years with an interest rate of 5%. A portion or all of this loan may be cancelled by working in certain occupations or the Peace Corps. (This loan program has been discontinued by the federal government at this time.)
INSTITUTIONAL LOANS. (Up to $5,000 per year; renewable) These loans are provided through the generous gifts of friends of the University. Students eligible for the Nursing Student Loan are not eligible for these loans. Terms are similar to those of the Federal Perkins Loan program, and repayment begins nine months after the recipient's student status ends.
Wade Barnes Education Loan
George Bowers Loan*
Ruth Burgeson English Loan
Roy Carpenter Loan
Harold Chastain Theology Loan
Class of 1924 Loan
Class of 1958 Loan
Class of 1961 Loan
Class of 1976 Loan
Andrew and Evelyn Fisher Loan
Elvin Gaines Loan
Clifford Graves Loan*
Bertha Gray Loan
William Grettner Loan
Idaho Laymen's Worthy Student Loan
International Student Loan
Mary Koorenny Business Loan*
J.G. Mehling Business Loan*
Orpha Osborne Loan for Seniors
John Potts Loan
Eng Saw Chinese/Asian Loan
Bertha Schneider Theology Loan*
Sloop Family Loan
Hyretha Smith Loan (various majors)*
Starr-Larrabee Memorial Loan
Walla Walla University Loan
Walla Walla Women's Loan
John E. Weaver Education Loan*
Carrie Welch Loan
Eugene Winter Family Health, Physical Education, and Recreation Loan*
Robert G. Wirth Loan
Women in Ministry Loan
Worthy Student Loan
*This loan is available for juniors and seniors only.
NURSING STUDENT LOAN. (Up to $5,200 per year; renewable) The federal government and Walla Walla University make this loan available to students admitted into the nursing program. Students may borrow up to $5,200 per year ($5,200 per year their last two years), but no more than a total of $17,000 during their entire undergraduate period of study.
Repayment of the Nursing Student Loan begins nine months after the borrower ceases to be at least a half-time nursing student. Repayment may be extended up to 10 years with an interest rate of 5%. Repayment may deferred if the student enrolls for graduate nursing studies.
Additional Loans Options
Students are not automatically considered for the following loans. Applications and more information are available from Walla Walla University's Student Loan Website or by contacting the Student Loan Office in Student Financial Services.
LOANS TO PARENTS (FEDERAL PLUS). This program allows parents of dependent undergraduate students to borrower directly from the U.S. Government. Parents may borrow an amount equal to the total cost of attendance less other financial aid.
Repayment may begin within 60 days after full disbursement of the loan funds. The interest rate changes each year and processing fees apply. View the current rates and fees. Negative information reported to a credit bureau may disqualify a borrower from using this loan.
GRADUATE DIRECT PLUS LOANS. This loan program allows graduate students to borrow up to 100% of their total cost of education, minus other financial aid they have been awarded. The total amount can pay for tuition, books, food, housing, transportation, and more. Although interest accrues on the loan while the student is in school, payments be deferred (up on request) while the student is enrolled at least half-time. The interest rate for the Direct PLUS Loans is determined by the Federal government and changes each year. Loan origination fees are deducted from the loan amount before the funds are issued to Walla Walla University. View the current rates and fees. Negative information reported to a credit bureau may disqualify a borrower from using this loan.
PRIVATE LOANS. Several private lenders offer loans to students to assist with their education. Each lender sets it's own terms for the loan. Lenders may require that the borrower have a co-signer before the loan is approved.
|Sample Loan Payment Schedule|
|Federal Direct |