School of Medicine
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Eligibility: File a Free Application for Federal Student Aid (FAFSA) and complete any subsequent requests for information or documentation. Maintain at least half-time enrollment.
Federal Direct Graduate PLUS Loans
Eligibility: A credit check is required. File a Free Application for Federal Student Aid (FAFSA) and complete any subsequent requests for information or documentation. Maintain at least half-time enrollment. Borrow the maximum in Federal Direct Stafford Subsidized and Unsubsidized Loans prior to applying for a Graduate PLUS Loan.
Federal Consolidation Loans Federal Consolidation Loans allow you to combine existing federal student loans into one new loan with a weighted-average fixed interest rate. This reduces the number of monthly payments to individual lenders/servicers and may also lower monthly payment amounts. More information about loan repayment options can be found at: Federal Perkins Loan Borrowers Eligibility: File a Free Application for Federal Student Aid (FAFSA) and complete any subsequent requests for information or documentation. Students must provide parental data on the FAFSA and meet Campus-Based Aid criteria. Maintain at least half-time enrollment. Perkins Electronic MPN Option: After you “accept” your Perkins Loan offer in WSU Pipeline, you will be directed to complete and electronically sign an MPN. This will be available from the “Financial Aid” tab under “My Eligibility.” Perkins Paper MPN Option: If you do not wish to sign electronically, you can download and print an MPN. The original document must be submitted to our office (no faxes or photocopies.) First-time Perkins Loan Borrowers:
Private/Alternative Loans Variable rate loans which are non-need based and require credit approval. The amount borrowed cannot exceed the cost of attendance minus other aid. Students who meet the citizenship requirements to apply for federal financial aid from the U.S. Department of Education should file a Free Application for Federal Student Aid (www.fafsa.ed.gov) to determine their maximum eligibility in federal loans before considering a private/alternative loan. FAQ - Federal vs. Private/Alternative Loans PRIVATE/ALTERNATIVE LENDER OPTIONS Private/Alternative Loan Ratings from Student Lending Analytics
Primary Care Loans Fixed 5% interest loans available to Year III and IV students. Parental data must be provided on the FAFSA and will be considered in determining eligibility. The student must enter into and remain in the primary health care field until the loans are paid in full to retain the 5% interest rate. Loans can be borrowed for current year cost of attendance and to replace prior year Stafford loans borrowed while in medical school. Contact the Office of Student Financial Aid to apply. Awards are based on availability of funds.
Loans to Disadvantaged Students Fixed 5% interest loans available to students in any year of medical school who meet the Department of Health and Human Services poverty guidelines and family income thresholds. Contact the Office of Student Financial Aid to apply. Awards are based on availability of funds.
Residency/Relocation Loans Variable interest rate loans that require credit approval. Students must meet U.S. citizenship requirements and be in their final year of medical school. These loans are intended to cover expenses associated with residency interviewing and/or relocation since these costs cannot be included in the school’s Cost of Attendance. The borrower initiates the application process with the lender; the lender disburses funds directly to the borrower. Below are a few of the lenders who offer Residency/Relocation Loans to health professions students. You are not required to select from this list but may apply to any lender that you choose. You are advised to compare loan programs before choosing the one that best suits your needs. A comparison should be based on such factors as: loan maximums, interest rates; frequency of capitalization; fees; and deferment, forbearance and repayment options. Applications and program details are available from individual lenders.
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