Financial Aid
Loans
All Federal loans require a minimum of half time enrollment (6 credits or more for undergraduate or postbaccalaureate students, 5 credits or more of 501 level courses for graduate students).
While every student would love to have a financial aid award package full of scholarships and grants, the reality is that most students will have to use at least some loans. To make informed decisions in their best interest, students must understand the available options. The Office of Financial Aid provides important information and links to additional resources. Please click on a tab below to get started.
For lender contact information refer to the Student Loan Websites and Phone Numbers.
Private Loan Code of Conduct
Click on the link to review CWU's Student Loan Code of Conduct
Student loan borrowers have an advocate at the Washington Student Achievement Council (WSAC)
WSAC’s student loan advocate will provide unbiased, reliable, and timely information to student loan borrowers about a variety of repayment issues. Some of these include student debt forgiveness or discharge, complaints with student loan servicers, and income-driven repayment. Learn more about loan advocacy here.
Ask WSAC's student loan advocate about:
- Income-driven repayment (IDR)
- Public service loan forgiveness
- Delinquency and default
- Deferment and forbearance
- Total and permanent disability discharge
- Closed school discharge
- Consolidation
- Other student loan questions
Common Terms
- Loan servicer: A loan servicer is a company that handles the billing and other services on your federal student loan.
- Direct loans: A federal student loan borrowed directly from the U.S. Department of Education to attend a participating school.
- Loan discharge: Cancellation of a borrower's obligation to repay all or a portion of the remaining principal and interest owed on a student loan.
- Direct consolidation loans: When borrowers combine many loans into one new loan.
- Discretionary income: The difference between your annual income and 150 percent of the poverty guideline for your family size and state of residence.
Answering Your Questions
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What is an "alternative loan"?
A private loan you receive through an outside lender.
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I've decided I don't want a loan that I accepted earlier. How do I cancel it?
Email us at financialaid@cwu.edu through your CWU email and let us know you want it canceled or come into the office in Bouillon Hall and let us know you want to cancel it.
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What is the difference between Subsidized and Unsubsidized Federal Student Loans?
The difference is that an unsubsidized loan starts accruing interest from the first disbursement you receive. The subsidized doesn't accrue interest while you are in school. Interest begins accruing 6 months after graduation or 6 months after you stop attending school.
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I now want a loan I declined earlier. How do I reinstate it?
Come into the financial aid office in Bouillon Hall or email financialaid@cwu.edu through your CWU email requesting the loan to be reoffered. You will need to show your student ID or if emailing incluse it in the email.
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What is a Parent (PLUS) Loan and how do my parents begin the process of getting the loan?
A parent plus loan is a loan in your parent's name that your parent takes out. To begin the process of getting the loan, your parent needs to log into the student aid website and apply for a plus loan and complete the parent master promissory no
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Where do I go to complete the entrance counseling and why must I complete this?
Visit the federal student aid website. You must complete this to receive information about the loan you are taking out. You are required to complete entrance counseling before your loans can be disbursed.
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How do I start paying back my loans?
Log into the federal student aid website to get your loan servicer's contact information.
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What are the interest rates on loans?
Current interest rates as of July 1st 2021 are:
Direct Subsidized Loan (Undergraduate): 3.73%
Direct Unsubsidized Loan (Undergraduate): 3.73%
Direct Unsubsidized Loans (Graduate or Professional Students): 5.28%
Direct PLUS Loans (Parents and Graduate or Professional Students): 6.28%
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