Federal Direct Stafford Student and Parent PLUS Loans
Westminster financial aid office determines loan eligibility using results from the FAFSA.
The Financial Aid office will mail new or Prospective students and communicate via email for current students’ award letters, updates, and any other documentation requirements. Subsidized Loans
– the government pays the interest while you are in school Unsubsidized Loans
–the student is responsible for the interest, it accrues (gains) or can be paid while a student is attending college
Please refer to studentaid.gov
for student loan rights and responsibilities and in depth information regarding Stafford Student Loans and Parent Plus Loans.
To accept a student or Parent Plus loan, please Complete your Master Promissory Note (MPN)
and Entrance Loan Counseling
for first time borrowers.
For current orginations fees, interest rates, and repayment options for both Parent and Student Federal Stafford Loans please visit studentaid.gov Private/Alternative Loans
Private, or alternative, loans are offered by private lenders to assist students with educational and living expenses not covered by other financial aid and should only be used as a last resort after all federal loan options have been exhausted.
Before students apply for a private, or alternative, loan, the Financial Aid Office recommends students complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov
and apply for the maximum Federal Direct Stafford Loan they are eligible to receive before applying for a private, or alternative, loan.
The Financial Aid Office also recommends that parents consider applying for the Federal Direct PLUS Loan before the student applies for a private, or alternative, loan.
Private, or alternative, loans are not federally funded. The interest rates on these loans are often variable therefore, they are generally more expensive than Federal educational loans.
Alternative loans are credit-based loans and in most cases, a credit worthy co-applicant is required. Alternative loans cannot be consolidated with Federal Direct Stafford Loans.Apply for Private/Alternative Loans