Financing Options

The goal of the Wesleyan financial aid program is to help students find the resources necessary to attend Wesleyan University.  In academic year 2015-16, the Wesleyan Financial aid Office administered over $54 million in scholarship funding from various federal, private, and school sources to approximately 46% of the Wesleyan student body.

However, once a student's eligibility for need-based funding is determined and an award is provided, some families need additional funding to meet the gap between the cost of attendance and any financial aid provided by Wesleyan.  This page provides information on financing options, such as parent and student alternative loans and the university's monthly payment plan.  Additionally, you will find further information on the loans that are used in Wesleyan's financial aid awards and loan disclosure statements.

  • Monthly Payment Plan (MPP)

    The Wesleyan Monthly Payment Plan (MPP)

    This is an interest-free, 5-month plan each semester administered by Tuition Management Systems (TMS). The plan begins August 1 for the fall semester and January 1 for the spring semester with payment due the first of every month. There is a $45 enrollment fee per semester. TMS accepts payment by check or auto-debit for undergraduates.

    Enrollment is on a per semester basis.  Enrollment can be done on-line by students through the Student Account Center link within WesPortal or their Authorized Participants at or by calling (800) 205-4561.  

    To add an Authorized Participant a student must log into the Student Account Center within WesPortal and select “Manage Account Access.” By doing so, the Authorized Participant will have access to all billing statements, daily account activity and the monthly payment plan.

  • Alternative Loans


    Students and family may use a combination of programs to manage the expected family contribution. There are many alternative loan programs.  Please be sure to explore all Direct student and parent loan options first.

    Federal Direct Parent PLUS Loan

    In order to complete any of the steps below you are required to have a Department of Education (DOE)-issued FSA-ID. This FSA-ID is your identification used to file the FAFSA. If you do not have your FSA-ID you can access one by going to

    What is a Direct Parent PLUS Loan? This Federal Parent Loan for Undergraduate Students (PLUS) is a loan borrowed by a parent from the US government.  The loan has a fixed interest rate of 7%.  Fees of 4.276% are deducted from the loan when disbursed to the school.   NOTE: PLUS Loans that are disbursed for the first time after October 1, 2017 will have an origination fee of 4.264%.  In most cases, repayment of the loan begins immediately after the loan has disbursed.  For more detail and application information on the William D. Ford Federal Direct Loan Program click here.

    1. A Free Application for Federal Student Aid (FAFSA) must be on file with the institution in order to confirm a student's eligibility to receive this Title IV federal funding.
    2. Please go to and sign-in under Manage My Direct Loan in order to complete the PLUS request process.
    3. Select Request a Direct PLUS Loan
    4. Under Select the loan type, choose Parent PLUS.
    5. Follow the on screen instructions through to the end and submit the application for a credit check.
    6. If you are approved and have not previously completed a Direct Parent PLUS Loan Master Promissory Note, you will need to do so from the same website.
    7. Please email to let us know your application has been submitted. Please include your name, the student’s name, their Wesleyan ID #, the date the application was submitted, and whether the loan was approved, denied*, or pending credit.

    If you are a non-custodial parent, please follow steps 2 through 7 listed above.

    *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.

    Please email or contact (860) 685-2800 if you have any questions.


    What is an Alternative Loan?  (Also known as Private Education Loans)  These loan products are not backed by the federal government.  They usually have variable interest rates based on Prime or LIBOR and rely on a credit review to calculate the initial rate of interest.  Typically the student is the borrower and often a co-borrower is required to pass credit or receive a favorable interest rate.  Interest accrues from disbursement.  These loans may not be included in a federal consolidation.  In recent years the lenders have offered refinancing to convert the loans to a fixed rate.

    Each of our Private Loan Recommended Lenders offer an array of educational loans.  To assist students and families in the selection process, we are using FASTChoice, a loan comparision tool that will assist borrowers in deciding on a private loan that is best suited for their needs. For a comparison of the loans and borrower benefits, please visit our online Private Loan Recommended Lenders list. For direct contact information see the list of lenders below.

    Borrowers need to email with details about any pending application.


    Citizens Bank

    Discover Student Loans

    Sallie Mae Student Loans


    Thrivent Federal Credit Union

    Wells Fargo


    International Students (Juniors and Seniors):

    Eligible international students may apply for an educational loan with MPOWER Financing without a US citizen or permanent resident as a cosignor.  For more information regarding this loan, please see the contact information below.



    Additionally, be sure to review your state’s higher education assistance program(s).  Here are the most common state organizations for which we have processed applications:

    VSAC for Vermont 

    MEFA for Massachusetts 

    HESAA for New Jersey

    College Foundation of North Carolina 

    RISLA for Rhode Island 

    FAME for Maine 


    Disclosure Statement:

    Students and parents have the right and ability to select the education loan provider of their choice.  You are not required to use any of the lenders on the suggested lender list and will suffer not penalty from the University for choosing a lender that is not on said suggested lender list.  Wesleyan will process any approved alternative loan promissory note you submit to the office.  

    The University’s selection of preferred lenders and the University’s decision as to where or how prominently on the list the lending institution’s name appears shall be based solely on the best interests of student and parent borrowers, utilizing stated criteria that are limited to benefits provided to borrowers (such as competitive interest rates and repayment terms, quality of loan servicing, and whether loans will be sold) and the ability to work efficiently and effectively with the University to process loans, without regard to the pecuniary interest of the University or to any benefits provided by lending institutions to the University or any of the University’s officers, trustees, directors, agents or employees or their family members.

    The University reviews its suggested lender list annually. 

    General Factors Used in University Suggested Lender Determination: 

    1.       Loan Terms, including possible interest rate and principal reductions, repayment options, and average interest rates and approval rates for alternative loans

    2.       Observed and reported customer service to families

    3.       Student recommendations based on borrower interface

    4.       University staff evaluations of proposals sent by lenders

    5.       Likelihood of loans being sold, especially in cases in which borrower benefits and/or terms could be impacted

    6.      Projections by lenders of their companies ability to survive given current condition of the student loan market


    CT Code of Conduct

  • Packaged Student Loans


    Standard packaged loan amounts for 2018-19:

    First Year








    The loan source(s) will vary depending upon the student's federal and institutional eligibility. 



    • 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

    • 5.05% for subsidized and unsubsidized loans after July 1, 2019.
    • Fixed interest rate
    • Fees of 1.066% are deducted from the loan when disbursed to the school. NOTE: Direct Loans that are disbursed for the first time after October 1, 2018 will have an origination fee of 1.062%.
    • Standard ten-year repayment begins six months after graduation, or ceasing to be enrolled at least half-time.  Other repayment options (including Income Contingent/Income-Based/Pay as You Earn) 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 freshman and sophomore years; $5,000 junior and senior years.


    • All first-time borrowers will need to complete a Loan Entrance Interview and Direct Master Promissory Note. Both steps can be completed by visiting

    Connecticut Code of Conduct




    • The Department of Education annually allocates Wesleyan University a limited amount of Federal Perkins Loan.
    • Wesleyan uses Heartland ECSI 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.


    • 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.




    • Wesleyan uses Heartland ECSI to process and service this loan

    Interest Rate & Repayment

    • 8% fixed interest
    • Ten-year repayment beginning six 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.


    • All borrowers will need to sign a Promissory Note for their Wesleyan Loan. 
      Directions for the above will be e-mailed to students Wesleyan email accounts in August.
  • Disclosure Statement


    Listed below are Disclosure Statements for the various loan funds. Click on each for more specific information on each loan product's annual percentage interest rate(s), loan repayment information and more. 



    CHESLA Loan Disclosure

    Citizens Bank TruFit Student Loan Disclosure

    Discover Loan Disclosure

    MPOWER Financing Disclosure

    SallieMae Smart Option Disclosures:

    SunTrust Disclosure

    Trivient Federal Credit Union Disclosures:

    Wells Fargo Loan Disclosure

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