- What is the current interest rate?
- What kind of loans can I get?
- Are there loan limits?
- What is a grace period?
- What are origination fees?
- What can I use a student loan for?
- How many credit hours do I need to take to get a loan?
- How will my loan be affected if I withdraw from my classes?
- I applied for a loan - why isn't it processed?
- Does WSCO participate in private or alternative loans?
What is the current interest rate?
View current loan interest rate information.
What kind of loans can I get?
There are two main types of Federal Stafford loans: subsidized and unsubsidized. Subsidized loans are loans in which the government subsidizes or pays the interest which accrues on student loans while the student is in school and in their grace period. Unsubsidized loans are loans in which the student is responsible for the interest which accrues on his/her loans while in school and during the grace period. Interest can be added to the principal balance through a process called capitalization.
There are also Federal PLUS (Parent Loan for Undergraduate Students). Parents of dependent undergraduate students enrolled at least half-time (6 or more credit hours) may qualify for a PLUS loan regardless of family income. The yearly loan limit is "cost of education" minus any other financial aid received. The loan is made in the parents' name, and repayment begins 60 days after the first disbursement. The interest rate on Direct PLUS loans is 5.30%. The application for the Federal PLUS is available at studentloans.gov.
Are there loan limits?
Yes. Loan limits are published here.
What is a grace period?
Students have six months after graduation (or dropping to less than half time attendance) before loan payments become due.
What are origination fees?
There is a loan fee on all Direct Loans. The loan fee is a percentage of the amount of each loan you receive. The Origination Fee is retained by the federal government to reduce the cost of supporting these low interest loans.
For Direct Subsidized and Unsubsidized loans first disbursed on or after October 1, 2020 and before October 1, 2022, the loan origination fee is 1.057%.
For Direct PLUS loans first disbursed on or after October 1, 2020 and before October 1, 2022, the loan origination fee is 4.228%.
What can I use a student loan for?
Student loans may be applied to tuition, fees, and textbooks. Student loan funds remaining on student accounts after tuition, fees, and textbook charges have been paid are refunded by direct deposit or check to the student's home address within 14 days of each disbursement.
How many credit hours do I need to take to get a loan?
All students must be enrolled on at least a half-time basis (at least six credit hours per term) in order to qualify for a student loan disbursement.
How will my loan be affected if I withdraw from my classes?
If students withdraw from classes before the end of the term, a portion of the loan must be repaid. All students must attend classes and maintain satisfactory academic progress to maintain loan eligibility. Click here for information relating to Satisfactory Academic Progress.
I applied for a loan - why isn't it processed?
In addition to applying for admission to Washington State , and completing your Free Application for Federal Student Aid (FAFSA) you must also complete ALL THREE loan steps to process your loan.
Does WSCO participate in private or alternative loans?
Effective 12/10/09, Washington State does not participate in outside (private) or alternative loans. The FA office will only certify and process Federal Direct Stafford loans that are originated through our application process.