A student loan is a loan a student may borrow to assist in paying for his or her educationally-related expenses. Student loans must be repaid by the student borrower.

Federal Perkins Loan

The Federal Perkins Loan is a federal campus-based loan for undergraduate students. Student applicants must meet eligibility requirements for federal student aid, such as  Satisfactory Academic Progress (SAP) requirements. The Federal Perkins Loan is a form of aid that must be repaid by the student borrower. Students must have financial need.

How to Apply
  1. Student must complete the Free Application for Federal Student Aid (FAFSA) by Wright State University's FAFSA priority deadline date.
  2. Once the student receives an Award Notice, the student must accept the Federal Perkins Loan via WINGS Express in accordance with the instructions provided on the online Award Notice.
  3. After accepting the Federal Perkins Loan, the student must complete the additional requirements for a campus-based loan as detailed on our Getting a Loan page.
Interest Rate 5% fixed
Additional Loan Fees

None
Credit Requirements None
Loan Maximum per Term* $1,000 per semester
Aggregate Loan Maximum
  • Undergraduates: $27,500
  • Graduates/Professionals: $60,000 (including undergraduate loans)
Enrollment Requirement Student must be enrolled at least half-time.
Disbursement For a given term, loan funds are disbursed no sooner than 10 days prior to the student's first attend date. Funds are applied directly to the student's account. If the student's account is paid in full and any Federal Perkins Loan funds remain, the Office of the Bursar will issue the remaining loan funds to the student in the form of a refund.
Grace Period 9 months
Minimum Monthly Payment $40
Maximum Repayment Period 10 years
Deferment/Forbearance A Federal Perkins Loan borrower may receive a deferment while he or she is enrolled on at least a half-time basis. Deferment/forbearance may be available under other circumstances. Contact the Office of Student Loan Collections by calling (937) 775-5666 for more information.
Federal Loan Consolidation Available under certain circumstances.**

*For the 2013-2014 academic year. **Contact Direct Loan Borrower Services at (800) 848-0979 or visit the StudentLoans.gov.

 

 

 

 

Federal Nursing Student Loan

The Federal Nursing Student Loan is a federal campus-based loan for undergraduate and graduate nursing students admitted to the College of Nursing and Health. Student applicants must meet eligibility requirements for federal student aid, such as  Satisfactory Academic Progress (SAP) requirements. The Federal Nursing Student Loan is a form of aid that must be repaid by the student borrower. Students must have financial need.

How to Apply
  1. Student must complete the Free Application for Federal Student Aid (FAFSA) by Wright State University's FAFSA priority deadline date.
  2. Once the student receives an Award Notice, the student must accept the Federal Nursing Student Loan via WINGS Express in accordance with the instructions provided on the online Award Notice.
  3. After accepting the Federal Nursing Student Loan, the student must complete the additional requirements for a campus-based loan as detailed on our Getting a Loan page.
Interest Rate 5% fixed
Additional Loan Fees

None
Credit Requirements None
Annual Loan Maximums
  • Undergraduates: $2,500
  • Undergraduates in their last 2 years of study: $4,000 (for 2 semesters)
  • Graduates: $4,000 (for 2 semesters)
Aggregate Loan Maximum $13,000
Enrollment Requirement Student must be enrolled at least half-time.
Disbursement For a given term, loan funds are disbursed no sooner than 10 days prior to the student's first attend date. Funds are applied directly to the student's account. If the student's account is paid in full and any Federal Nursing Student Loan funds remain, the Office of the Bursar will issue the remaining loan funds to the student in the form of a refund.
Grace Period 9 months
Minimum Monthly Payment $15
Maximum Repayment Period 10 years
Deferment/Forbearance A Federal Nursing Student Loan borrower may receive a deferment while he or she is enrolled on at least a half-time basis. Deferment/forbearance may be available under other circumstances. Contact the Office of Student Loan Collections by calling (937) 775-5666 for more information.
Federal Loan Consolidation Available under certain circumstances.*
*Contact Direct Loan Borrower Services at (800) 848-0979 or visit the StudentLoans.gov.

Federal Nursing Student Loan Repayment Options

The Nursing Education Loan Repayment Program (NELRP) repays registered nurses' educational loans in exchange for service in critical shortage facilities located in areas experiencing a shortage of nurses. The Health Resources and Services Administration (HRSA) accepts applications annually. For complete eligibility and application information, visit HRSA's website at http://bhpr.hrsa.gov/ .

The National Health Service Corps (NHSC) offers loan repayment for primary care nurse practitioners and certified nurse midwives who have qualifying educational loans and serve in a community of greatest need. For complete information visit http://nhsc.bhpr.hrsa.gov/ .

Federal Direct Stafford Loans

The Federal Direct Stafford Loans are federal loans for undergraduate, graduate, Boonshoft School of Medicine and School of Professional Psychology students. Student applicants must meet eligibility requirements for federal student aid, such as  Satisfactory Academic Progress (SAP) requirements. The Federal Direct Stafford Loans are a form of aid that must be repaid by the student borrower. Federal Direct Stafford Loans are either subsidized or unsubsidized.

NOTE: Graduate/professional students will no longer qualify for subsidized Stafford Loans for periods of enrollment that begin on or after July 1, 2012.

Subsidized vs. Unsubsidized

A subsidized loan is awarded based on financial need. The borrower will not be charged interest before repayment begins or during deferment periods. The federal government "subsidizes" (pays) the interest during these periods.*

An unsubsidized loan is not awarded on the basis of need. The borrower will be charged interest from the time the loan is disbursed until it is paid in full by the borrower. If the borrower chooses not to make interest payments and allows the interest to accrue (accumulate) while in-school or during other periods of nonpayment, the interest will be capitalized. This means the interest will be added to the principal amount borrowed and additional interest will be based on that higher amount.

*Note: If you receive a Direct Subsidized Stafford Loan that is first disbursed between July 1, 2012 and July 1, 2014, you will be responsible for paying any interest that accrues during your grace period. If you choose not to pay the interest that accrues during your grace period, the interest will be added to your principal balance.

How to Apply
  1. Student must complete the Free Application for Federal Student Aid (FAFSA).
  2. Once the student receives an Award Notice, the student must accept the Federal Direct Stafford Loan(s) via WINGS Express in accordance with the instructions provided on the online Award Notice. Visit our Important Dates page for more information about Award Notice availability.
  3. After accepting the Federal Direct Stafford Loan(s), the student must complete the additional requirements for Federal Direct Loan Program Loans as detailed on our Getting a Loan page.
Interest Rate

For loans with a first disbursement date on or after July 1, 2012, and before July 1, 2013:

  • Subsidized Stafford Loans for Undergraduates: 3.4% fixed
  • Subsidized Stafford Loans for Graduates: 6.8% fixed
  • Unsubsidized Stafford Loans: 6.8% fixed
Additional Loan Fees/Rebates

For loans with a first disbursement date between July 1, 2012 - February 28, 2013:

  • Origination Fee: 1%

For loans with a first disbursement date between March 1, 2013 - July 1, 2013:

  • Origination Fee: 1.051%
Credit Requirements None
Annual Loan Maximums See Federal Direct Stafford Loan Annual Limits.
Aggregate Loan Maximum See Federal Direct Stafford Loan Aggregate Limits.
Enrollment Requirement Student must be enrolled at least half-time.
Disbursement For a given term, loan funds are disbursed no sooner than 10 days prior to the student's first attend date. Funds are applied directly to the student's account. If the student's account is paid in full and any Federal Direct Stafford Loan funds remain, the Office of the Bursar will issue the remaining loan funds to the student in the form of a refund.
Grace Period 6 months
Minimum Monthly Payment $50
Maximum Repayment Period 10 to 25 years depending upon your repayment plan. Visit the U.S. Department of Education's Federal Direct Loans website for more information.
Deferment/Forbearance A Federal Direct Stafford Loan borrower may receive a deferment while he or she is enrolled on at least a half-time basis. Deferment/forbearance may be available under other circumstances.*
Federal Loan Consolidation Available under certain circumstances. Visit the Federal Direct Loan Consolidation website for more information.
*Contact Direct Loan Borrower Services at (800) 848-0979 or visit the StudentLoans.gov.

Federal Direct Stafford Loan Annual Limits
Undergraduate Students
Student Classification Dependent Students Independent Students (and dependent students whose parents have been declined a Federal Direct Parent PLUS Loan due to adverse credit history)
Freshman (0 to 29.9 undergraduate credit hours earned/transferred) $5,500 (No more than $3,500 of this amount may be in subsidized loans.) $9,500 (No more than $3,500 of this amount may be in subsidized loans.)
Sophomore (30 to 59.9 undergraduate credit hours earned/transferred) $6,500 (No more than $4,500 of this amount may be in subsidized loans.) $10,500 (No more than $4,500 of this amount may be in subsidized loans.)
Junior/Senior (60 or more undergraduate credit hours earned/transferred) $7,500 (No more than $5,500 of this amount may be in subsidized loans.) $12,500 (No more than $5,500 of this amount may be in subsidized loans.)
Certification Students

For dependent students, $5,500

For independent students, $12,500 (No more than $5,500 of this amount may be in subsidized loans.)
Graduate Students
$20,500
Boonshoft School of Medicine Students
$47,167
School of Professional Psychology & Master of Public Health Program Students
For students attending 9 months: For students attending 12 months:
$33,000 $37,167

Federal Direct Stafford Loan Aggregate Limits
Aggregate Direct Stafford Loan Limit by Student Type
Undergraduate, Dependent Students $31,000 (No more than $23,000 of this amount may be in subsidized loans.)
Undergraduate, Independent Students (and undergraduate, dependent students whose parents have been declined a Federal Direct Parent PLUS Loan due to adverse credit history) $57,500 (No more than $23,000 of this amount may be in subsidized loans.)
Certification Students

For dependent students, $23,000

For independent students, $57,500 (No more than $23,000 of this amount may be in subsidized loans.)
Graduate Students $138,500 (No more than $65,500 of this amount may be in subsidized loans.)
Boonshoft School of Medicine Students $224,000 (No more than $65,500 of this amount may be in subsidized loans.)
School of Professional Psychology & Master of Public Health Program Students $224,000 (No more than $65,500 of this amount may be in

Federal Direct Graduate PLUS Loan

The Federal Direct Parent Loan for Undergraduate Students is a federal loan that credit-worthy graduate, Boonshoft School of Medicine and School of Professional Psychology students can borrow for themselves. Student applicants must meet eligibility requirements for federal student aid, such as  Satisfactory Academic Progress (SAP) requirements. The Federal Direct Graduate PLUS Loan is a form of aid that must be repaid by the student borrower.

How to Apply
  1. Student must complete the Free Application for Federal Student Aid (FAFSA).
  2. Once the student receives an Award Notice, the student must accept the Federal Direct Graduate PLUS Loan via WINGS Express in accordance with the instructions provided on the online Award Notice. Visit our Important Dates page for more information about Award Notice availability.
  3. After accepting the Federal Direct Graduate PLUS Loan, the student must complete the additional requirements for Federal Direct Loan Program Loans as detailed on our Getting a Loan page.
Interest Rate 7.9% fixed
Additional Loan Fees/Rebates

For loans with a first disbursement date between July 1, 2012 - February 28, 2013:

  • Origination Fee: 4%

For loans with a first disbursement date between March 1, 2013 - July 1, 2013:

  • Origination Fee: 4.204%
Credit Requirements Yes, borrower must be deemed credit-worthy. Credit denied applicants who would like to attempt to resolve the denial or apply for the Federal Direct Graduate PLUS Loan with a credit-worthy endorser (co-borrower) can contact Direct Loan Applicant Services by calling (800) 557-7394.
Annual Loan Maximums Cost less aid.
Aggregate Loan Maximum None
Enrollment Requirement Student must be enrolled at least half-time.
Disbursement For a given term, loan funds are disbursed no sooner than 10 days prior to the student's first attend date. Funds are applied directly to the student's account. If the student's account is paid in full and any Federal Direct Graduate PLUS Loan funds remain, the Office of the Bursar will issue the remaining loan funds to the student in the form of a refund.
Grace Period None. Repayment begins within 60 days after the loan is fully disbursed.
Minimum Monthly Payment $50
Maximum Repayment Period 10 to 25 years depending upon your repayment plan. Visit the U.S. Department of Education's Federal Direct Loans website for more information.
Deferment/Forbearance A Federal Direct Graduate PLUS Loan borrower may receive a deferment while he or she is enrolled on at least a half-time basis. Deferment/forbearance may be available under other circumstances.*
Federal Loan Consolidation Available under certain circumstances. Visit the Federal Direct Loan Consolidation website for more information.
*Contact Direct Loan Borrower Services at (800) 848-0979 or visit the StudentLoans.gov.

Alternative (Private) Loans

Alternative or private loan programs are non-federal student loans offered by various lending institutions to assist students in paying for their educational expenses.

Interest rates for alternative loans and loan repayment terms vary by lender, and eligibility often depends upon borrower or co-borrower's credit history. Some alternative loan programs may require international students have a credit-worthy co-borrower who is a U.S. citizen or permanent resident.

Apply for Federal Aid First

Often students borrow alternative loans after having exhausted all other forms of federal student aid, state aid, Wright State University aid and external scholarships. It is highly recommended students apply for federal student aid before applying for an alternative loan. You may be eligible for federal loans. Visit the Department of Education's Federal Student Aid website.

How to Apply for Alternative Loans

Below are steps students should follow when applying for alternative loans.

  1. Explore other loan options first. You may qualify for federal student loans.
     
  2. If you'd like to pursue an alternative loan, contact the lender of your choice for information on how to apply. You may also view a list of alternative loan programs selected by Wright State University on FASTChoice. NOTE: You may choose any loan program/lender, even if they do not appear on FASTChoice. If a lender approves you for an alternative loan, the lender will send a school certification request to the Office of Financial Aid.
     
  3. Upon receipt of a school certification request, you will be asked to complete and return an Alternative Loan Data Request Form to Raider Connect. This form will be assigned to your WINGS Express Eligibility Requirements page. Print and return the form to Raider Connect.
     
  4. Upon receipt of the Alternative Loan Data Request Form, the Office of Financial Aid will complete and return to the lender a school certification, provided the student is eligible for the loan. If the student is eligible, the alternative loan will appear on the student's Award Notice via WINGS Express as "accepted."
     
  5. Depending upon the loan program, the lender may ask the student to complete a self-certification form prior to disbursing loan funds.
WSU Policy for Alternative Loans