Financial Aid
Direct Student Loans
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
- Log into the Federal Student Aid Website using your Federal Student Aid ID (FSA ID). If you have forgotten your FSA ID account information, please visit the website to reset your username or password.
- 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.
- 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.
- 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.
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
Dependent Undergraduate Students
Annual Direct Student Loan limits include: base amount, unsubsidized loan amount, and total possible direct student loans.
| Dependent Undergraduate | Base Amount | Unsubsidized Loan | Annual Loan Maximum |
|---|---|---|---|
| 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 | $2,625 | 0 | $2625 |
| Preparatory coursework | $5,500 | 0 | $5,500 |
| Teacher certification | $5,500 | 0 | $5,500 |
Independent Undergraduate Students
Annual Direct Student Loan limits include: base amount, unsubsidized loan amount, and total possible direct student loans.
| Independent Undergraduate | Base Amount | Unsubsidized Loan | Annual Loan Maximum |
|---|---|---|---|
| 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 | $2,625 | $6,000 | $8,625 |
| Preparatory coursework | $5,500 | $7,000 | $12,500 |
| Teacher certification | $5,500 | $7,000 | $12,500 |
Graduate & Professional Students
Annual Direct Student Loan limit: unsubsidized only.
| Graduate and Professional | All Years |
|---|---|
| Unsubsidized Loan | $20,500 |
| ----------------- | ------- |
Direct Student Loan Lifetime Limits
Lifetime aggregate loan limits for dependent and independent Undergraduates as well as for Graduate and Professional students.
| Lifetime Loan Limit | Subsidized only | Total Aggregate |
|---|---|---|
| Dependent Undergraduates | $23,000 | $31,000 |
| Independent Undergraduate | $23,000 | $57,500 |
| Graduate and Professional | $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
Federal Direct and Post-Baccalaureate undergraduate subsidized loans 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 an origination fee. The interest rate and origination fee on subsidized Federal loans made to undergraduate students is set by the US legislature and may change periodically.
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Financial Aid
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