Graduate Student Loans
Graduate students are eligible to borrow Federal Direct Loans and Private Educational Loans to cover their costs at Westfield State University. Students must file the Free Application for Federal Student Aid (FAFSA)
Federal Direct Unsubsidized Loan
The Federal Direct Unsubsidized Loan is offered by the Department of Education to assist graduate students in paying for their education. The Direct Unsubsidized Loan is:
- Available to all Title IV eligible students, regardless of need.
- Interest begins to accrue immediately and accumulates during deferment periods and during the grace period.
- Paying the interest on the loan is optional, but strongly advised while enrolled
Amounts
Students are eligible to borrow the Federal Direct Unsubsidized Loan in the amount of up to $20,500 each academic year.
Interest Rates
The interest rate for the 2020-2021 academic year, for undergraduate students, is fixed at 4.30%*. The is a origination fee that is withheld at the time of disbursement from all Federal Direct Loans The origination fee for the 2020-2021 academic year is 1.057%.
*The Student Loan Certainty Act of 2013 was signed into law August 9, 2013. Under this law, federal student loan interest rates will be calculated based on the 10-year Treasury bill. Loans will be "fixed -variable," meaning students would receive a fixed rate for the life of that loan, but each year rates will be recalculated and new loans will be made at the new rate.
For example, an undergraduate student borrowing in 2014-2015 had an interest rate of 4.66% for the life of that year's loan. But, for 2015-2016 there was a recalculation of the applicable rate based on the 10-year Treasury Note at that time, and this new rate will apply to the life of the 2015-2016 loan. This law also places a cap of 9.5% on future interest rates for graduate loans.
Repayment
Repayment of loans begins 6 months after the borrower graduates, ceases to be enrolled at least half-time (less than 4.5 credits in a semester), or withdraws from the school
Requirements
All New Student borrowers must complete the Direct Loan Entrance Counseling and Master Promissory Note at studentaid.gov.
Students will need their FSA ID that was used to file the FAFSA in order to log in and complete Entrance Counseling and the Master Promissory Note. This is a loan in the student's name and it is important that students understand their loan. Parents should not do this for the student.
The Federal Direct Loan award is for the academic year and it will be disbursed to your student account, half in the fall semester and half in the spring semester.
Federal Direct Graduate PLUS Loan
The Federal Direct Graduate Plus Loans allows students to borrow additional funds up to their full cost of attendance, including living expenses.
Amounts
The maximum PLUS loan amount you can borrow is the cost of attendance at the University, minus any other financial assistance. The cost of attendance can be found here (link)
Interest Rates
The interest rate for the 2020-2021 academic year is fixed at 5.30%*. The origination fee is a fee that is withheld at the time of disbursement from all Federal PLUS Loans. The origination fee for the 2020-2021 academic year is 4.228%.
*The Student Loan Certainty Act of 2013 was signed into law August 9, 2013. Under this law, federal student loan interest rates will be calculated based on the 10-year Treasury bill. Loans will be "fixed -variable," meaning students would receive a fixed rate for the life of that loan, but each year rates will be recalculated and new loans will be made at the new rate.
For example, an undergraduate student borrowing in 2014-2015 had an interest rate of 4.66% for the life of that year's loan. But, for 2015-2016 there was a recalculation of the applicable rate based on the 10-year Treasury Note at that time, and this new rate will apply to the life of the 2015-2016 loan. This law also places a cap of 10.5% on future interest rates for PLUS loans.
Repayment
Repayment of loans begins 6 months after the borrower graduates or ceases to be enrolled at least half-time (less than 4.5 credits in a semester), or withdraws from the school
Requirements
Students wishing to borrow a Direct PLUS Loan will apply online at studentaid.gov. Students will need their FSA ID to apply for the Direct PLUS Loan, complete Graduate Plus entrance counseling and sign the Master Promissory Note.
Private Educational Loans
Students can apply for additional private or alternative student loans. Students looking for Private Educational Loans can click here to learn more about loan options.