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Washington and Lee University

Washington and Lee University
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Loan Information

Loans for Students 2013-14

Federal Subsidized Stafford Loan

  • Only available to undergraduate students who demonstrate financial need.
  • You must file the FAFSA application to determine eligibility.
  • Interest rate of 3.86% with a 1.051% origination fee on each disbursement
  • No payments are required while the student is enrolled in college at least half-time.
  • Interest does not accrue while the student is enrolled in college at least half-time and during grace period.  Interest begins to accrue upon either graduation or withdrawal from the University and is added to the loan principal at the beginning of the grace period.
  • Repayment begin six months (grace period) after graduation or withdrawal from University.

Federal Unsubsidized Stafford Loan

  • All students meeting federal eligibility requirements qualify for the unsubsidized Stafford loan regardless of demonstrated need.
  • You must file the FAFSA application to determine eligibility
  • Interest rate of 3.86% for undergraduates and an interest rate of 5.41% for law students with a 1.051% origination fee on each disbursement
  • No payments required while student is enrolled in school.
  • Interest begins accruing as soon as the loan is disbursed.  You are not required to make payments on the interest, but doing so will save you money over the life of the loan.  If you choose to not pay the interest while in school, then the interest is added to the principal balance when the loan enters repayment.
  • Repayment begins 6 months (grace period) after graduation or withdrawal from University.

Federal Perkins Loan Program (Undergraduates only)

  • Eligibility for this loan is determined by the Financial Aid office according to University and federal guidelines.
  • Undergraduates must file a complete need-based financial aid application to determine eligibility.  Law students must file a complete FAFSA application to determine eligibility.
  • The fixed interest rate is 5%
  • Interest does not accrue while the student is enrolled in college at least half-time and during grace period.
  • Repayment begins 9 months (grace period) after graduation or withdrawal from University

Grad PLUS Loan (Law Students only)

  • You must file the FAFSA application to determine eligibility
  • Non-need credit-based loan with an interest rate of 6.41%
  • Each disbursement has a 4.204% origination fee.
  • Interest begins accruing as soon as the loan is disbursed.  The accrued interest is added to the principal balance when the loan enters repayment.  A post enrollment deferment can be requested after the loan has fully disbursed.
  • Payments can be deferred while you are in school
  • Cosigner not required

Washington and Lee Loan

  • Eligibility is limited to undergraduate students who have exhausted all other loan options to cover their cost of attendance

 

Loans for Parents of Undergraduate Students

Parent PLUS Loan

Federal Parent PLUS loans are non-need credit-based loans that help parents and guardians borrow up to the cost of attendance for their undergraduate dependent children. 

  • You must file the FAFSA application to determine eligibility
  • A parent or guardian is the borrower for this loan.  A modest credit check is required for the parent or guardian who is borrowing the loan. 
  • Interest rate at 6.41%
  • Each disbursement has a 4.204% origination fee. 
  • Payments can be deferred while the student is in school.