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Federal Direct Loan
Types
- Subsidized (need based)
- Loan principal is deferred and the government pays the interest on the loan while you are enrolled at least half-time.
- Unsubsidized (non-need based)
- Loan principal may be deferred but interest accrues. If you choose to defer interest, it will be added to the principal of the loan.
Interest Rate & Repayment
- 5.60% for subsidized loans after July 1, 2009. Unsubsidized loans will still be 6.80%. Please note the rates for prior loans: 6.80% interest for loans disbursed after July 1, 2007. 6.00% for subsidized loans after July 1, 2008.
- Fixed interest rate
- Standard ten-year repayment begins six months after graduation, or ceasing to be enrolled at least half-time. Other repayment options (including income contingent) may be available through the servicing agent.
- Deferments are granted while you are in college and for graduate or professional study or for economic hardship as defined by the Department of Education.
Maximum Loan Amounts
- First Year: $3,500
- Sophomore: $4,500
- Junior: $5,500
- Senior: $5,500
- Graduate Students: $20,500
As of July 1, 2008, students are eligible to request an additional $2,000 of unsubsidized Direct loan.
If a parent is denied the Direct PLUS loan, a student is eligible to borrow additional unsubsidized Direct loan: $4,000 first and sophomore years; $5,000 junior and senior years.
Processing
- All borrowers will need to sign a Direct Master Promissory Note (MPN) for their Direct loan.
- All first-time borrowers will need to complete a Loan Entrance Interview.
- Wesleyan will only
process Direct MPN's. No Federal Family Education Loan
Program (FFELP) MPN's will be certified.
Federal Perkins Loan
General
- The Department of Education annually allocates Wesleyan University a limited amount of Federal Perkins Loan.
- Wesleyan uses Campus Partners to process and service this loan.
Interest Rate & Repayment
- 5% fixed interest
- Ten-year repayment begins nine months after graduation.
- Deferments are granted while you are in college and for graduate or professional study or for economic hardship as defined by the Department of Education.
- Cancellation provisions for designated areas of primary and secondary school teaching, Peace Corps and domestic service volunteers as well as careers in law enforcement.
Processing
- All borrowers will need to sign a Master Promissory Note (MPN) for their Perkins loan.
- All first-time borrowers
will need to complete a Loan Entrance Interview.
Directions for the above will be e-mailed to students Wesleyan email accounts in August.
Federal Perkins Loan Disclosure Statement
Wesleyan Loan (institutional)
General
- Available to students who are not U.S. Citizens
- Wesleyan uses Campus Partners to service this loan.
Interest Rate & Repayment
- 8% fixed interest
- Ten-year repayment beginning nine months after graduation.
- Deferments are granted while you are in college and for graduate or professional study or for any reason that will cause the borrower economic hardship.