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Financial Aid

Direct Student Loans

General Information
Subsidized Loans
Unsubsidized Loans
Annual Loan Limits
Repayment
Interest Rate
Origination Fees

General Information

General Information

CWU is a William D. Ford Direct Lending Institution. This means that you will be offered federally guaranteed student loans through the Financial Aid Office. Direct Loans are funded by the U.S. Treasury. Direct Loan Programs include the Federal Direct Subsidized Student Loan, Federal Direct Unsubsidized Student Loan, Parent Loan for Undergraduate Students (PLUS), and PLUS Loans for Graduate Students.

All first-time Direct Loan student borrowers must:  1) Complete Loan Entrance Counseling and 2) Sign an electronic Master Promissory Note (MPN) before funds can be disbursed to the student’s account. The Master Promissory Note is valid for multiple disbursements over a ten-year period. In most cases, you will be required to sign only one note during your college career.

How To Apply:

1) Log into www.studentloans.gov using your FAFSA PIN.  If you have forgotten your PIN please visit www.pin.ed.gov to request a duplicate PIN.

2) Complete the Entrance Counseling requirement.  Select Complete Entrance Counseling from the menu. You will be asked to include Central Washington University as the school to which the acknowledgment of completion should be sent. You will be taken through a tutorial about your rights and responsibilities as a borrower. Throughout the tutorial you will be asked to answer several multiple choice and true/false questions.

3) Complete the Master Promissory Note (MPN) requirement.  Be sure to select the appropriate type of MPN to complete. For student loans, select Subsidized/Unsubsidized, and for Graduate PLUS loans only, select Graduate PLUS. Follow all instructions carefully to ensure that your MPN is submitted properly. 

4) In step 4 of the Promissory Note process you will be asked to Review Master Promissory Note by clicking on the HTML link.  This will pop up a new window with a copy of your completed note. You will need to minimize that window, which will take you back to the previous page. Click continue at the bottom of that page and you should receive a congratulatory message that your MPN was submitted successfully. You will also receive an email confirmation from the US Department of Education.

Subsidized Loans

The subsidized loan is awarded up to the lesser of your calculated Financial Need or annual loan limit.  Subsidized loans do not accrue interest while you are in school or during deferment.  No interest is charged during the grace period on Direct Subsidized Loan first disbursed (paid out) before July 1, 2012, or after June 30, 2014. Interest is charged during the grace period on Direct Subsidized Loans first disbursed (paid out) July 1, 2012, through June 30, 2014

Unsubsidized Loans

Every undergraduate who is eligible for federal aid is eligible for at least $2,000 of unsubsidized loans. You may be offered an unsubsidized loan up to the lesser of your maximum loan eligibility or Cost of Attendance. These loans accrue interest while you are in school. Each quarter you will receive a notice from the Direct Loan Servicer informing you of the interest you have been charged. We recommend that you pay it each quarter, however, you may let it accrue until you enter repayment.

Annual Direct Student Loan Limits

Dependent Undergraduate Students
(excluding students whose parents cannot borrow PLUS)

Base Amount (May be all Sub, all Unsub, or a combination of the two)Unsubsidized Loan Amount above Base AmountAnnual Total Possible Direct Student Loan
First-year$3,500$2,000$5,500
Second-year$4,500$2,000$6,500
Third-year and beyond$5,500$2,000$7,500
Preparatory coursework (for enrollment in an undergraduate program)$2,6250$2625
Preparatory coursework (for enrollment in a graduate or professional program)$5,5000$5,500
Teacher certification coursework$5,500

0

$5,500
    
Independent Undergraduate Students
(and dependent students whose parents cannot borrow PLUS)
Base Amount (May be all Sub, all Unsub, or a combination of the two) Unsubsidized Loan Amount above Base AmountAnnual Total Possible Direct Student Loan
First-year$3,500$6,000$9,500
Second-year$4,500$6,000$10,500
Third-year and beyond$5,500$7,000$12,500
Preparatory coursework (for enrollment in an undergraduate program)$2,625$6,000$8,625
Preparatory coursework (for enrollment in a graduate or professional program)$5,500$7,000$12,500
Teacher certification coursework$5,500$7,000$12,500
    


Graduate & Professional Students (all years)

Unsubsidized Loan only$20,500
    
Aggregate Total Loan LimitsSubsidized onlyTotal Aggregate

(Subsidized and Unsubsidized combined)

Dependent Undergraduates$23,000$31,000
Independent Undergraduates$23,000$57,500
Graduate and Professional Students

$65,500

$138,500

Repayment

Repayment on Direct Student Loans will begin six (6) months after you graduate, leave school or drop below half-time enrollment. Use the Loan Estimator to calculate your estimated payment. Due to recent legislative changes your Federal Student / Parent loans may be assigned to one of several new contracted loan services. If your loan is are assigned to a contracted servicer, they will contact you directly with more information.

Interest Rate

2014-15: Federal Direct and Post-Baccalaureate undergraduate subsidized loans taken during the 2014-2015 award year carry 0% interest while in school and will be charged interest when in repayment. All unsubsidized loans will accrue interest starting at the time of disbursement. View current interest rates as set by the US legislature.

Origination Fees

Federal Direct Student Loans are charged a 1.072% origination fee. The interest rate on subsidized Federal loans made to undergraduate students is set by the US legislature and may change periodically.