Student Loans
On this page:
- About Student Loans
- Federal Direct Subsidized/Unsubsidized Loans
- Federal Direct Graduate PLUS Loan
- Federal Nursing Student Loan
- Alternate (Private) Student Loans
About Student Loans
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.
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 ` 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 they are 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
