Financial Aid and Loans
Greetings! Welcome to Student Financial Services at WSPP. WSPP participates in the Direct Loan program, the Direct Graduate PLUS loan program, and is an approved institution for students eligible for the Department of Veterans Affairs education benefits. Students requesting Financial Aid will need to complete the Free Application for Federal Student Aid, available online at www.fafsa.gov. Our priority deadline for the fall term is June 1st.
Students are encouraged to fill out the FAFSA no later than June 1st prior to the start of the fall semester to ensure timely processing of their award. Once you have registered for fall classes, you will be mailed a financial aid award letter detailing how much financial aid you have been awarded based on enrollment. You will need to sign and return your award letter prior to the start of the term. If you haven’t done so, at this time you will also need to complete Entrance Counseling and a Promissory Note, both available online at www.studentloans.gov.
Types of Aid Available:
1. Federal Direct Unsubsidized Loan
The Federal Direct Unsubsidized Loan is a non-need based education loan offered directly through the United States Department of Education. The FAFSA is considered the application for this loan and must be completed annually. Current rates and origination fees can be found online at: http://studentaid.ed.gov/types/loans/interest-rates. Please note, interest rates and terms are set by Congress and are thus considered Federal law, subject to change at any time.
2. Federal Direct Graduate Loan
The Federal Direct Graduate Loan is a non-need based education loan offered directly through the United States Department of Education. This loan is also credit-based and applications are available online at www.studentloans.gov. The amount available in this program is based on the student’s cost of attendance minus any other aid received (including Direct Unsubsidized Loans). Current rates and origination fees can be found online at http://studentaid.ed.gov/types/loans/interest-rates. Please note, interest rates and terms are set by Congress and are thus considered Federal law, subject to change at any time.
3. A number of part-time assistantships offering partial tuition remission are available to advanced students. These include liaison to a practicum site, student clinic manager and teaching assistantships for certain courses.
4. The John H. Jackson Scholarship, a 50% tuition scholarship, is available for a talented entering minority student. Click here for more information on this scholarship.
5. The Raymond J. McCall Scholarship is a one-time $1000 award offered to an advanced student who has demonstrated outstanding academic achievement. More information on this scholarship is available from the Assistant to the President. Click here for more information on this scholarship.
6. The Anthony M. Kuchan Scholarship is available to a student conducting dissertation research in the area of ethics and professional practice. Click here for more information on this scholarship.
WSPP Financial Aid FAQs
How do I apply for student loans?
In order to apply for student loans, students must complete a FAFSA (Free Application for Federal Student Aid) online for each year. The form is available online at www.fafsa.gov. If you have not done so previously, you will need to apply for a Federal PIN. The application for a PIN is online at www.pin.ed.gov. The priority deadline for the FAFSA is June 1st of the following academic year. The FAFSA is available beginning January 1st prior to the start of the academic year.
What types of student loans are available?
Graduate students who fill out the FAFSA and attend at least half time (6 or more credits per semester) are eligible to borrow from the Federal Direct Loan Program. There is a cap on how much you may borrow annually as well as an aggregate lifetime limit. Further aid may be available in the form of a Graduate PLUS loan.
How much can I borrow?
To determine how much a student may borrow, the financial aid officer will determine each student’s budget (also known as cost of attendance). This number is based in part on how many courses students take each semester as well as allotments for living expenses, fees, books, transportation, and personal expenses.
When will I be notified of my financial aid?
Since it is dependent on the number of credits for which you are registered, financial aid is processed and awarded beginning the week after the registration period. Priority is given to those that have filed their FAFSA by the priority deadline of June 1st.
What other steps do I need to take in order to ensure my student loans pay to WSPP?
New student borrowers will need to complete both Entrance Counseling as well as a Master Promissory Note. Both can be done online at www.studentloans.gov. You will need your Federal PIN to log on to the site.
When will my financial aid disburse?
Financial aid will disburse the first week of the semester after enrollment verification is complete. Financial aid will disburse to WSPP to pay for your tuition and fees. Any remaining funds will be released to students via check directly from WSPP.
How do I apply for a Graduate PLUS loan and how much can I borrow from the program?
The application for the PLUS loan is also on www.studentloans.gov. You will need to complete a separate Master Promissory Note for the PLUS loan. The amount you are eligible to borrow is based on your cost of attendance minus any other aid (including Direct Student Loans) you have received.
What should I do if I feel I have excessive school costs above those reflected in my cost of attendance?
To discuss any special circumstances, including school related costs that you may need to borrow to cover, please contact the Financial Aid Officer to discuss further.
I have student loans from my bachelor’s degree that I am currently paying. Can they be put into deferment or forbearance?
Federal Direct student loans can be deferred using an in-school deferment. These forms are available through your lender. WSPP participates in the National Student Loan Clearinghouse and your enrollment at WSPP is verified electronically every 30 days. Generally, private student loans do not allow for in-school deferment beyond your initial Bachelor degree. However, some lenders may offer this option. It is best to check with your lender to see if this is possible.
How can I tell how much student loan debt I currently have?
Students are encouraged to check www.nslds.ed.gov and click on Financial Aid History. This will show you all of your current and past Federal Direct student loans. You will be able to check your current student loan balance as well as information on loan history and who your current lender is.