Loan Repayment
A student loan is a loan a student may borrow to assist in paying for his or her educationally-related expenses. Student loans must be repaid by the student borrower.
On this page:
- Federal Direct Subsidized/Unsubsidized Loans
- Federal Direct Graduate PLUS Loan
- Federal Nursing Student Loan
- Alternate (Private) Student Loans
Federal Direct Subsidized/Unsubsidized Loans
The Federal Direct Subsidized/Unsubsidized Loans are federal loans for undergraduate, graduate, Boonshoft School of Medicine and School of Professional Psychology students. Student applicants must meet eligibility requirements for federal student aid, such as Satisfactory Academic Progress (SAP) requirements. The Federal Direct Subsidized/Unsubsidized Loans are a form of aid that must be repaid by the student borrower. Federal Direct Loans are either subsidized or unsubsidized.
Subsidized vs. Unsubsidized
A subsidized loan is awarded to undergraduate students based on financial need. The borrower will not be charged interest before repayment begins or during deferment periods. The federal government "subsidizes" (pays) the interest during these periods.
An unsubsidized loan is not awarded on the basis of need. The borrower will be charged interest from the time the loan is disbursed until it is paid in full by the borrower. If the borrower chooses not to make interest payments and allows the interest to accrue (accumulate) while in-school or during other periods of nonpayment, the interest will be capitalized. This means the interest will be added to the principal amount borrowed and additional interest will be based on that higher amount.
| How to Apply |
|
|---|---|
| Interest Rate |
For loans first disbursed on or after July 1, 2024, and before July 1, 2025:
For loans first disbursed on or after July 1, 2023, and before July 1, 2024:
|
| Additional Loan Fees/Rebates |
For loans with a first disbursement date after October 1, 2020, and before October 1, 2025:
|
| Credit Requirements | None |
| Annual Loan Maximums | See Federal Direct Loan Annual Limits. |
| Aggregate Loan Maximum | See Federal Direct Loan Aggregate Limits. |
| Enrollment Requirement | Student must be enrolled at least half-time. |
| Disbursement | Visit the Important Dates page for Disbursement Dates. Funds are applied directly to the student’s account. If the student’s account is paid in full and financial aid funds remain, the Office of the Bursar will issue the remaining funds to the student in the form of a refund. |
| Repayment | For additional information on loan repayment, visit our loan repayment page. |
| Grace Period | 6 months |
| Minimum Monthly Payment | $50 |
| Maximum Repayment Period | 10 to 25 years depending upon your repayment plan. Visit the Federal Student Aid Loan Repayment website for more information. |
| Deferment/Forbearance | A Federal Direct Loan borrower may receive a deferment while he or she is enrolled on at least a half-time basis. Deferment/forbearance may be available under other circumstances.* |
| Federal Loan Consolidation | Available under certain circumstances. Visit the Federal Direct Loan Consolidation website for more information. |
Federal Direct Loan Annual Limits
| Student Classification | Dependent Students | Independent Students (and dependent students whose parents have been declined a Federal Direct Parent PLUS Loan due to adverse credit history) | |
|---|---|---|---|
| Freshman (0 to 29.9 undergraduate credit hours earned/transferred) | $5,500 (No more than $3,500 of this amount may be in subsidized loans.) | $9,500 (No more than $3,500 of this amount may be in subsidized loans.) | |
| Sophomore (30 to 59.9 undergraduate credit hours earned/transferred) | $6,500 (No more than $4,500 of this amount may be in subsidized loans.) | $10,500 (No more than $4,500 of this amount may be in subsidized loans.) | |
|
Junior/Senior (60 or more undergraduate credit hours earned/transferred) |
$7,500 (No more than $5,500 of this amount may be in subsidized loans.) | $12,500 (No more than $5,500 of this amount may be in subsidized loans.) | |
| Student Classification | Dependent Students | Independent Students (and dependent students whose parents have been declined a Federal Direct Parent PLUS Loan due to adverse credit history) |
|---|---|---|
| Freshman (0 to 29.9 undergraduate credit hours earned/transferred) | $5,500 (No more than $3,500 of this amount may be in subsidized loans.) | $9,500 (No more than $3,500 of this amount may be in subsidized loans.) |
| Sophomore (30 or more undergraduate credit hours earned/transferred) | $6,500 (No more than $4,500 of this amount may be in subsidized loans.) | $10,500 (No more than $4,500 of this amount may be in subsidized loans.) |
*Federal regulations require Federal Direct Subsidized/Unsubsidized Loans be prorated when an undergraduate student’s remaining period of study is shorter than a full academic year. Proration can limit the maximum loan amount that a student may borrow for the remaining period of study. Loans are prorated based on the number of credit hours remaining in the program of study.
Licensure and Endorsement Students
- For dependent students, $5,500
- For independent students, $12,500 (No more than $5,500 of this amount may be in subsidized loans.)
Graduate Students: $20,500
Boonshoft School of Medicine Students: Up to $47,167
School of Professional Psychology and Master of Public Health Program Students
- For students attending 9 months: $33,000
- For students attending 12 months: $37,167
Federal Direct Loan Aggregate Limits
| Student Type | Loan Limit |
|---|---|
| Undergraduate, Dependent Students | $31,000 (No more than $23,000 of this amount may be in subsidized loans.) |
| Undergraduate, Independent Students (and undergraduate, dependent students whose parents have been declined a Federal Direct Parent PLUS Loan due to adverse credit history) | $57,500 (No more than $23,000 of this amount may be in subsidized loans.) |
| Licensure and Endorsement Students |
For dependent students, $31,000 (No more than $23,000 of this amount may be in subsidized loans.) For independent students, $57,500 (No more than $23,000 of this amount may be in subsidized loans.) |
| Graduate Students | $138,500 (No more than $65,500 of this amount may be in subsidized loans.) |
| Boonshoft School of Medicine Students | $224,000 (No more than $65,500 of this amount may be in subsidized loans.) |
| School of Professional Psychology and Master of Public Health Program Students | $224,000 (No more than $65,500 of this amount may be in |
Federal Direct Graduate PLUS Loan
The Federal Direct Graduate PLUS Loan is a federal loan that credit-worthy graduate, Boonshoft School of Medicine and School of Professional Psychology students can borrow for themselves. The Federal Direct Graduate PLUS Loan is a form of aid that must be repaid by the student borrower.
| Student Eligibility Requirements | The student must meet certain eligibility criteria in order to be eligible or maintain eligibility for Federal Student Aid. |
|---|---|
| How to Apply |
|
| Interest Rate |
For loans first disbursed on or after July 1, 2024 and before July 1, 2025:
For loans first disbursed on or after July 1, 2023 and before July 1, 2024:
|
| Additional Loan Fees/Rebates |
For loans with a first disbursement date after October 1, 2020, and before October 1, 2025:
|
| Credit Reviews |
The student applicant must not have adverse credit history. Credit decisions are valid for 180 days and will be processed after the student has accepted the loan. |
| Options if Denied Credit |
Extenuating Circumstances
Obtain an Endorser
|
| Annual Loan Maximums | Cost less aid. |
| Aggregate Loan Maximum | None |
| Enrollment Requirement | Student must be enrolled at least half-time (at least 3 graduate credit hours). |
| Disbursement | Visit the Important Dates page for Disbursement Dates. Funds are applied directly to the student’s account. If the student’s account is paid in full and financial aid funds remain, the Office of the Bursar will issue the remaining funds to the student in the form of a refund. |
| Repayment | For additional information on loan repayment, visit our loan repayment page. |
| Grace Period | None. Repayment begins within 60 days after the loan is fully disbursed. |
| Minimum Monthly Payment | $50 |
| Maximum Repayment Period | 10 to 25 years depending upon your repayment plan. Visit the Federal Student Aid Loan Repayment website for more information. |
| Deferment/Forbearance |
A Federal Direct Graduate PLUS Loan borrower may receive a deferment while he or she is enrolled on at least a half-time basis. Deferment/forbearance may be available under other circumstances. Visit studentaid.gov for more information. |
| Federal Loan Consolidation | Available under certain circumstances. Visit Federal Direct Loan Consolidation website for more information. |
Right to Cancel a Loan
You are not required to accept the full amount of the loan offered to you. When accepting a loan on WINGS, you have the ability to accept all or a portion of the loan funds offered to you. Once you accept a loan online you have the right to cancel or reduce the amount that you accepted. If you want to cancel or reduce the amount of loan funds accepted, contact Enrollment Services.
Wright State University shall honor your request to cancel or reduce the loan if we receive your request (1) prior to you receiving a refund check from the Office of the Bursar or (2) after receiving your refund check, you request to return the entire loan disbursement. Otherwise, any portion of the loan that was refunded to you is your responsibility to return to your loan servicer. For assistance in returning loan funds refunded to you, please contact Enrollment Services.
Federal Nursing Student Loan
The Federal Nursing Student Loan is a federal campus-based loan for undergraduate students who are admitted into the nursing program. Student applicants must meet eligibility requirements for federal student aid, such as Satisfactory Academic Progress (SAP) requirements. The Federal Nursing Student Loan is a form of aid that must be repaid by the student borrower. Students must have financial need.
| How to Apply |
|
|---|---|
| Interest Rate | 5% fixed |
| Additional Loan Fees |
None |
| Credit Requirements | None |
| Annual Loan Maximums |
|
| Aggregate Loan Maximum | $26,928 |
| Enrollment Requirement | Student must be enrolled at least half-time. |
| Disbursement | Visit the Important Dates page for Disbursement Dates. Funds are applied directly to the student’s account. If the student’s account is paid in full and financial aid funds remain, the Office of the Bursar will issue the remaining funds to the student in the form of a refund. |
| Repayment | For additional information on loan repayment, visit our loan repayment page. |
| Grace Period | 9 months |
| Minimum Monthly Payment | $15 |
| Maximum Repayment Period | 10 years |
| Deferment/Forbearance | A Federal Nursing Student Loan borrower may receive a deferment while he or she is enrolled on at least a half-time basis. Deferment/forbearance may be available under other circumstances. Contact the Office of Student Loan Collections by calling (937) 775-5666 for more information. |
| Federal Loan Consolidation | Available under certain circumstances. Visit the Federal Direct Loan Consolidation website for more information. |
*Award contingent upon availability of funds.
Federal Nursing Student Loan Repayment Options
The Nursing Education Loan Repayment Program (NELRP) repays registered nurses' educational loans in exchange for service in critical shortage facilities located in areas experiencing a shortage of nurses. The Health Resources and Services Administration (HRSA) accepts applications annually. For complete eligibility and application information, visit HRSA's website.
The National Health Service Corps (NHSC) offers loan repayment for primary care nurse practitioners and certified nurse midwives who have qualifying educational loans and serve in a community of greatest need. For complete eligibility information, visit HRSA's website.
Alternative (Private) Student Loans
Alternative or private loan programs are non-federal student loans offered by various lending institutions to assist students in paying for their educational expenses.
Interest rates for alternative loans, loan repayment terms, and rights and responsibilities vary by lender and loan, and eligibility often depends upon borrower or co-borrower's credit history. Some alternative loan programs may require international students have a credit-worthy co-borrower who is a U.S. citizen or permanent resident.
Apply for Federal Aid First
Often students borrow alternative loans after having exhausted all other forms of federal student aid, state aid, Wright State University aid and external scholarships. It is highly recommended students apply for federal student aid before applying for an alternative loan. You may be eligible for federal loans. Visit the Department of Education's Federal Student Aid website.
How to Apply for Alternative Loans
Below are steps students should follow when applying for alternative loans.
- Explore other loan options first. You may qualify for federal student loans.
- If you'd like to pursue an alternative loan, contact the lender of your choice for information on how to apply. You may also view a list of alternative loan programs selected by Wright State University on FASTChoice. NOTE: You may choose any loan program/lender, even if they do not appear on FASTChoice. If a lender approves you for an alternative loan, the lender will send a school certification request to the Office of Financial Aid.
- Upon receipt of a school certification request, you will be asked to complete and return an Alternative Loan Data Request Form to Enrollment Services. This form will be assigned to your WINGS Financial Aid Student Requirements page.
- Upon receipt of the Alternative Loan Data Request Form, the Office of Financial Aid will complete and return to the lender a school certification, provided the student is eligible for the loan. If the student is eligible, the alternative loan will appear on the student's Award Notice via WINGS as "accepted."
- Depending upon the loan program, the lender may ask the student to complete a self-certification form prior to disbursing loan funds.
Wright State University Policy for Alternative Loans
On this page:
Federal Direct Loans
Direct Loans are federally subsidized and unsubsidized loans where the lender is the federal government. These loans are serviced by third-party vendors contracted by the federal government.
Understanding the repayment process for your federal student loans can go a long way toward building a solid financial foundation.
Remember, federal student loans are real loans, just like car loans or mortgages. You must repay a student loan even if your financial circumstances become difficult. Your student loans cannot be canceled because you didn't get the education or job you expected, or because you didn't complete your education (unless you couldn't complete your education because your school closed). To estimate your federal student loan payments, you may use the Loan Simulator provided by logging into your dashboard on www.studentaid.gov.
If you have any questions about your federal direct loans, contact Direct Loan borrower services at 1-800-848-0979 or visit the Federal Student Aid website.
You should also contact your loan servicer if you:
- Need help making your loan payment
- Change your name, address, or telephone number
- Have a question about your bill
- Graduate
- Drop below half-time enrollment
- Transfer to another school
- Stop going to school
- Have questions on deferment, forbearance, or loan consolidation
- Have questions on loan forgiveness, cancelation, and discharge
- Have questions on how to resolve a dispute
- Need to understand the consequences of default
Loan Servicer Information
Who is my loan servicer for Federal Direct Loans?
Visit your dashboard on studentaid.gov to view information about all of the federal student loans you have received and to find contact information for the loan servicer or lender for your loans. You will need your Federal Student Aid ID to access your information.
Below is a partial list of federal loan servicers.
You can find your federal loan servicer by logging into studentaid.gov for more information.
Please note: Institutions that enter into an agreement with a potential student, student, or parent of a student regarding a Title IV, HEA loan are required to inform the student or parent that the loan will be submitted to the National Student Loan Data System (NSLDS), and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system.
Exit Counseling
Prior to entering repayment, Wright State University will make Exit Loan Counseling available to student loan borrowers meeting one the following criteria via their Wright State e-mail account and/or via mail.
- Applied for graduation;
- Dropped to less than half-time enrollment for a term;
- Withdrawn from classes for a term; or
- Did not enroll for a term (excluding summer semester)
Exit Loan Counseling is designed to help students understand their rights and responsibilities as a borrower and to help determine an appropriate repayment plan. Borrowers may complete Exit Loan Counseling online at www.studentaid.gov. For additional information regarding what is provided by loan servicers prior to entering repayment, please visit our Borrower Rights & Responsibilities page.
Federal Student Loan Repayment Support
Wright State University has partnered with Ascendium Education Solutions® and its Repayment Support team. They can answer your federal student loan questions and help you find and implement an affordable repayment plan. Because there are numerous scams and fraudsters taking advantage of students, we want to make sure you know Ascendium is a trusted resource for you.
We hired them to reach out to our students to help them manage repayment. There’s absolutely no cost to you, and you can confidently talk with them to get help.
If you have questions or concerns about repaying your federal student loans, contact their Student Loan Success Center at (833) 707-1220 Monday through Friday, 9 a.m.-5:30 p.m. EST or by email at wrightstate@ascendiumeducation.org.
Campus-Based Loans
Wright State University services several different “campus based” loans including:
Federal Campus Based Loans
- Perkins loan
- Nursing
- Nurse Faculty
- Health Professions
- Primary Care
- Loans for Disadvantaged Students
Other Institutional Loans
- Need Based
- Special Academy of Medicine
- Moore
- Moore Medical
The Student Loan Collection Department is responsible for servicing these and other institutional-based loans where Wright State University is the lender. We can be found within the Office of the Bursar and can be reached by phone at 937-775-5666 or by email at wsubursar-studentcollections@wright.edu. It is important for you to contact us throughout your loan repayment period whenever you:
- Change your name
- Change address
- Change telephone number
You can manage your Wright State campus based loan at heartland.ecsi.net; Wright State's school code is "w58".
Payments
Heartland ECSI is the billing service retained by Wright State to perform the billing and bookkeeping functions on our student loans. Heartland ECSI will email regular billing statements to the borrower.
Payments may be made by check and mailed to Heartland ECSI, via ACH payment from your checking or savings account, or debit card .
To make a payment electronically or set up a recurring ACH payments go to heartland.ecsi.net; Wright State's school code is "w58".
General Payment Information
- You may make payments in excess of the amount due without penalty.
- You must contact WSU Student Loan Collections if a payment will be late for any reason.
- You must inform WSU and Heartland ECSI of any changes in your name, address, or phone number.
- You may be eligible to defer, postpone or cancel repayment of your loan. Examine your loan paperwork to determine your eligibility. You will be required to complete a form and submit it in a timely manner.
- Your payment history will be reported to the credit bureau on a monthly basis.
- Your loan must be repaid on a timely basis.
- If you default on your loan, you may: (1) have a hold placed on your student account which will prevent registration and transcript release; (2) be subject to late fees on past due payments; (3) lose your right to defer or cancel the loan; (4) be required to pay collection costs once the account is certified to the Ohio Attorney General; (5) be subject to litigation.
Forms
You may be eligible to defer, postpone or cancel repayment of your loan. Examine your loan paperwork to determine your eligibility. You can contact Heartland/ECSI and/or WSU Student Loan Collections for questions on eligibility. If eligible you will have to complete and submit the necessary form. These forms can be found at heartland.ecsi.net in the “downloadable forms” section.
Types of forms:
Deferment - a period of time when payments are not due and interest does not accrue (on most loans).
- Educational – most loan programs offer deferments if you are enrolled in school on at least a half-time basis
- Economic Hardship – the Perkins program offers this deferment if you meet the criteria described on the form
Cancelation – This is mainly a Perkins Loan benefit.
- Teaching – various aspects including low income districts, shortage subjects, special education
- Nursing/Medical Technician
- Law Enforcement
- Head Start
- More information is listed in the “information center” on the Heartland ECSI website
- Permanent and Total Disability (on all loan types)
Forbearance – a period of time when payments are not due but interest accrues
- Granted for shorter periods of time than deferments
- Generally approved for hardship situations
- Interest must be paid current by the end of the forbearance period
You should contact your loan servicer if you:
- Need help making your loan payment
- Change your name, address or telephone number
- Have a question about your bill
- Graduate
- Drop below half-time enrollment
- Transfer to another school
- Stop going to school
- Have questions on deferment, forbearance or loan consolidation
- Have questions on loan forgiveness, cancelation and discharge
- Have questions on how to resolve a dispute
- Need to understand the consequences of default
Who is my loan servicer for federal Direct Loans?
Visit the Federal Student Aid website to view information about all of the federal student loans you have received and to find contact information for the loan servicer or lender for your loans. You will need your Federal Student Aid PIN to access your information.
Please visit studentaid.gov for more Information.
Exit Counseling
Students who are graduating or otherwise leaving the university are encouraged to contact the Office of Student Loan Collections so they can complete the Loan Exit Interview requirement. The purpose of the Loan Exit Interview is to explain the various loan provision benefits students may have such as grace periods, deferments, hardship forbearance, and cancelation. Interest rates, minimum monthly payments and loan repayment periods are also reviewed for the major loan programs.
Students can complete this requirement online at heartland.ecsi.net. Since the Loan Exit Interview is both an institutional and federal requirement, a hold will be placed on the student's account until the Loan Exit Interview is completed.
For further information about the Loan Exit Interview process, please contact the Office of Student Loan Collections at (937) 775-5666 or wsubursar-studentcollections@wright.edu.
Alternative (Private) Loans
For repayment information on your private loan, contact the alternative lender from which you borrowed your alternative loan. Please refer to your loan documents for contact information.
Understanding the repayment process for Alternative (Private) Loans can help you maintain your financial health.
FASTChoice provides helpful information on staying on top of your loans, knowing your repayment options, and loan consolidation.
