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West Chester, PA 19383
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Loans are a type of financial aid that must be Repaid. Use our worksheet to Calculate Your Out-of-Pocket Costs.
Submit your FAFSA by the March 1st priority deadline.
Federal Student Loan programs are regulated by the U.S. Department of Education, except for the Nursing Student Loan which is regulated by the U.S. Department of Health and Human Services. Programs have selection criteria, eligibility requirements and academic standards that are applied to all applicants, and must be met by all aid recipients.
Borrowing to finance your education is a serious investment in your future.
Make certain you know your rights and responsibilities. What will your payments be? Use the Repayment Estimator to estimate your federal loan payments. In certain situations, you may be eligible to have your federal student loan forgiven, canceled, or discharged.
If you are offered a Federal Student Loan as part of your WCU financial aid package you must take ACTION on your loan in order to receive it.
ACCEPT/ADJUST/DECLINE each loan offered in your aid package by logging into myWCU.
All eligible students who submit a FAFSA will be offered a Federal Direct Student Loan as part of their financial aid package.
SUBSIDIZED Loans are based on need. Borrowers of a subsidized loan will NOT be required to make either a payment of loan principal or interest while in school.
UNSUBSIDIZED Loans are awarded when all subsidized eligibility has been met or the student has no subsidized eligibility remaining. Unsubsidized loans require the borrower to make an interest only payment while in school.
Grade levels determine the amount of Direct Student Loan a student may borrow.
To request an adjustment, or a full or partial cancellation to a Direct Student Loan, submit a written request to the financial aid office in writing by sending an email to FinaidLoan@wcupa.edu. Be precise and include the student's WCU ID and a telephone number in case we have questions. Changes will require time to process.
Congress passed and President Obama signed the Bipartisan Student Loan Certainty Act of 2013, which ties federal student loan interest rates to financial markets. Under this Act, interest rates will be determined each spring for new loans being made for the upcoming award year, which runs from July 1 to the following June 30. Each loan will have a fixed interest rate for the life of the loan.
The list below provides the fixed interest rates for new Direct Loans first disbursed on or after July 1, 2015, and before July 1, 2016. The 2015-16 rates represent a decrease of 0.37 percentage points from the 2014-15 interest rates on Direct Loans. These rates will apply to new Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans made during this time.
All Federal Direct Stafford Loans have a 1.073% origination fee and Federal Direct Plus Loans have a 4.289%.
NOTE: 2016-2017 INTEREST RATES HAVE NOT YET BEEN DETERMINED.
The Federal Nursing Student Loan is available to students who have been accepted into the Nursing Program and meet the eligibility requirements to receive Federal Financial aid. The Federal Nursing Student Loan is a federally funded by the U.S. Department of Health and Human Services. West Chester University is the lender. The amount of Federal Nursing Student Loan offered to a student depends on the need, the grade level maximum, and the amount of funding available at the time of award packaging. The Federal Nursing Student Loan has a fixed interest rate of 5 percent. The student must have first accepted the full Federal Direct Student Loan offered (see discription above) before the NSL will be awarded
Awards are made each year as part of the packaging process. Priority is given as follows:
Take action on your loan as soon as possible by logging into myWCU.
First-time borrowers will receive an e-mail once the loan is accepted, containing the following items:
Please contact the Financial Aid office to schedule an appointment to complete your Entrance Counseling Interview and sign your Master Promissory Note.
All FAFSAs will be screened for eligibility as part of WCU's automated mass packaging process. Students with a -0- EFC, calculated from the submission of their FAFSA, receive first consideration for these funds.
Incoming "new" students are "packaged" first. Returning students are "packaged" after spring grades are processed and Satisfactory Academic Progress has been determined.
There are more students that qualify than available funding. After packaging has occurred for both populations, students with high need can then be considered, if funding is available. The Federal Perkins Student Loan has a fixed interest rate of 5 percent. West Chester University is the lender; you will make your payments to WCU or to Campus Partners.
Take ACTION on this loan. ACCEPT/ADJUST/DECLINE each loan offered, in your aid package, by logging into myWCU as soon as possible. ACCEPT the loan to secure these dollars in your package or DECLINE the loan if you do not need assistance.
After you accept the loan, your file will be transmitted to Campus Partners. Files are transmitted to Campus Partners on Tuesdays, Wednesdays and Thursdays. Once the transmission has been confirmed you will receive communication regarding your access to iPromise. Follow the instructions in the communication. Campus Partners will service your loan.
Login into iPromise and complete the following steps as soon as possible to receive these funds. Complete all of the questions with an asterisk*
Some returning borrowers may be required to sign a NEW MPN.
You must successfully complete all of the requirements. Please read the Federal Perkins Student Loans Fact Sheet. Check the status of your loan via myWCU.
Graduate PLUS funds are available to graduate students who are enrolled in degree programs and need funding to bridge the gap between the Cost of Attendance (COA) and Federal Direct Unsubsidized student loans. All graduate PLUS applications are subject to a credit check. Credit checks expire 180-days from the date of application. The best time to apply is around June 1st of each year.
Loans are processed in date order.
Request to adjust a Federal Graduate PLUS should be submitted to the Financial Aid office in writing or by email to FinaidLoan@wcupa.edu, by the BORROWER. The request must be precise and include the student's WCU ID. Changes will require time to process.
PLUS funds are available for parents who qualify, to provide resources to bridge the gap between the Cost of Attendance (COA) and other financial aid, including loans. All PLUS applications are subject to a credit check. Credit checks have a 180 day window from the date of application. The best time to file a PLUS applicaiont to enroll at West Chester University is around June 1st each year.
Request to adjust a PLUS should be submitted to the Financial Aid office in writing by email to FinaidLoan@wcupa.edu, by the BORROWER. The request must be precise and include the student's WCU ID. Changes will require time to process.Learn More
Private Loans are education loans that have, depending on the lender, a variety of terms and rates. Students with sufficient income and credit may be borrowers on these loans; parents may be borrowers or cosigners if their students do not meet the lender's income and/or credit criteria.
The best time to file a Private Edcation Loan application to enroll at West Chester University is around June 1st each year.
Private Loans are processed in date order. Make certain the amount you request is the "correct" amount needed.
Students and parents should carefully consider interest rates and terms ("comparison shop").
IMPORTANT: If you received a Teach Grant and/or a Federal Student Loan as part of your financial aid package, when you leave or cease to be enrolled in less than 6 credits, you are required to complete Exit Counseling.