Wentworth uses the Federal Direct Loan program. This means that all Subsidized and Unsubsidized Stafford loans, Parent PLUS loans, and Graduate PLUS loans will be processed through the Department of Education.
Subsidized and Unsubsidized Stafford Direct Loans
The Direct Loans for which you are eligible will be offered to you on your financial aid award package. These loans are borrowed under your name through the Direct Loan program.
Eligibility
You must be submit a FAFSA and be enrolled at least half-time (six credits per semester for undergraduates) to be eligible for these loans. For the Subsidized loan, you must demonstrate financial need as determined by the FAFSA.
First-time borrowers are required to complete Entrance Counseling and a Master Promissory Note (MPN), which detail the borrower’s rights and responsibilities.
Subsidized vs. Unsubsidized
Subsidized loans are need-based loans. Interest on these loans does not accrue while you are in school and during the 6-month grace period after you leave school. Unsubsidized loans will begin accruing interest as soon as they are disbursed to you.
Amounts
- 1st-year students: $3500 subsidized + $2000 unsubsidized
- 2nd-year students: $4500 subsidized + $2000 unsubsidized
- 3rd & 4th-year students: $5500 subsidized + $2000 unsubsidized
Independent students, and any dependent student whose parent was denied a Parent PLUS loan, are eligible for additional unsubsidized loans:
- 1st & 2nd-year students: $4000 additional unsubsidized
- 3rd & 4th-year students: $5000 additional unsubsidized
Interest Rates
Direct loan interest rates are fixed rates – they will remain the same for the life of the loan.
For 2012-2013 (First disbursement on or after July 1, 2012):
- Subsidized: 3.4%*
- Unsubsidized: 6.8%
For 2011-2012 (First disbursement on or after July 1, 2011):
- Subsidized: 3.4%*
- Unsubsidized: 6.8%
For 2010-2011 (First disbursement on or after July 1, 2010):
- Subsidized: 4.5%*
- Unsubsidized: 6.8%
For 2009-2010 (First disbursement on or after July 1, 2009):
- Subsidized: 5.6%*
- Unsubsidized: 6.8%
*These rates apply to undergraduate students only. Graduate students are only eligible for the Unsubsidized loan rate of 6.8%.
Fees
Origination Fee: 1.0% (This fee goes to the government to help reduce the overall cost of the loans.)
Up-Front Interest Rebate: +0.5% (This is an incentive to repay. You must make your first 12 payments on time or the rebate amount will be added to the principal of the loan.)
Total Fee: 0.5%
This amount will be subtracted from each loan disbursement.
Example: $1000 disbursement – 0.5% fee ($5) = $995
Repayment & Consolidation
No payments are required on Direct loans while you are enrolled at least half-time, and during the 6-month grace period.
Interest will accrue on the Unsubsidized loan – you can either pay the interest while you are in school or defer it. No interest will accrue on the Subsidized loan while you are enrolled at least half-time and during the 6-month grace period.
Learn more about repayment and loan consolidation.
Parent and Graduate Direct PLUS Loans
Parent and Graduate Direct PLUS loans are federal loans available to help fill the gap between your expenses (Cost of Attendance) and your financial aid package. These are available to parents of dependent students and students pursuing a graduate degree.
Eligibility
To be eligible, you must file a FAFSA and must not have an adverse credit history.
Interest Rate
Direct PLUS loans have a fixed annual interest rate of 7.9%.
Fees
Origination Fee: 4.2% (This fee goes to the government to help reduce the overall cost of the loans.)
Repayment & Consolidation
Your Graduate Direct PLUS loan will enter repayment on the date of the last disbursement, however, your loan will be deferred as long as you are enrolled at least half-time in your degree-seeking program. During this time, your loan will accrue interest and you can opt to make interest-only payments.
Your Parent Direct PLUS loan has an optional grace period of either:
60 days after the loan is fully disbursed, or 6 months after your student is not enrolled at least half-time
During this time your loan will accrue interest and you can opt to make interest-only payments.
Learn more about repayment and loan consolidation.
Perkins Loan
If you are offered this loan it will appear on your financial aid package. In the past we have offered the Wentworth Loan in place of the Perkins Loan.
Eligibility
Funding for this program is limited and will be offered to undergraduate students who submit a FAFSA and have high financial need. You must be enrolled full-time.
Amount
$3000 maximum award
Interest Rate
5.0% fixed annual interest rate. This loan is subsidized, meaning that you will not be charged interest until you enter repayment. There is no origination fee.
Repayment
After you are no longer enrolled at least half-time in a degree-seeking program, you will have a 9-month grace period before repayment begins.
Promissory Note & Disclosures
If you are offered and accept a Perkins Loan, you will be contacted by University Accounting Services to sign a Promissory Note and other paperwork.
Massachusetts No Interest Loan
The Massachusetts No Interest Loan is offered to eligible students on a funds-available basis.
Eligibility
Funding for this program is limited. To be eligible, a student must be eligible for need-based federal aid (have a valid FAFSA on file and demonstrate financial need as determined by the FAFSA,) and be a permanent legal resident of Massachusetts for one year prior to the start of the academic year for which the loan is awarded.
Amount
Awards range from $1000 to $4000 per academic year. Award amounts are determined according to financial need.
Interest and Fees
This loan has no interest or fees.
Alternative Loans
These are education loans from private lenders. They vary in eligibility requirements, fees, interest rates, repayment, etc., depending on the lender, so be sure to choose carefully. Depending on the loan product, the loan can be in either the student's or parent's name.
In general, we recommend that you exhaust your federal loan eligibility (including PLUS loans) before borrowing alternative loans. The list below is not exhaustive, but includes lenders our students have used in the last three years.
Alternative loans used by our students in the past three years (PDF)
Loan History
View your federal student loan history. For alternative loan history, please contact your loan provider(s).
Direct Loan Support
Website: www.studentloans.gov
Go here to:
- Complete Entrance Counseling
- Complete your eMPN (electronic Master Promissory Note)
- Apply for a PLUS loan
Direct Loan Applicant Services
800-557-7394
email: CODsupport@acs-inc.com
Contact them about:
- Assistance filling out eMPNs
- Appealing a denied credit decision
- Endorser application questions
- Verifying if MPN and/or Endorser Addendum was received
Student Service Center
617-989-4020
email: ssc@wit.edu
Contact us if you have questions about:
- Stafford Direct Loan or Wentworth Loan status
- Alternative loan certification
- Anything else!
Direct Loan Borrower Services
800-848-0979
www.dl.ed.gov
Contact them about:
- Repayment
- Loan deferment
- Entrance and Exit Counseling
Average Debt
The average amount of debt for students leaving the institution with a degree is $29,297 for undergraduates and $41,393 for Graduate Students.
