Loans

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.

If a student drops below half-time enrollment, his loans will go into the grace period and then repayment.  Should the student return to half-time or greater enrollment, his loans will go back into deferment.  Should a student use his grace period prior to graduation, it may no longer be available and upon graduation, and the student will directly into repayment.

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

Loan proration for graduating borrowers (undergraduates only)

If you are a graduating senior and are attending less than three semesters (less than two semesters if you are a 5th year BELM student), your Stafford loans may be prorated based on the number of credits for which you are enrolled. This means that you may not be eligible to receive your maximum annual loan limit.

The Department of Education requires schools to pro-rate your Stafford loans if you will be graduating from the school in less than an academic year.  Please go to our website for more detailed information at http://www.wit.edu/ssc/financial/loans.html.

Loan proration applies only to undergraduate students; it does not apply to graduate or professional students.

Examples for Students Enrolled Full-Time For One Semester:

Example of dependent student proration calculation:

12 credits enrolled in each semester

31 academic year credits

12 / 31

x 5500 subsidized loan

= $2129

12 credits enrolled in each semester

31 academic year credits

12 / 31

x 2000 unsubsidized loan

= $774

 

Example of independent student proration calculation:

12 credits enrolled in each semester

31 academic year credits

12 / 31

x 5500 subsidized loan

= $2019

12 credits enrolled in each semester

31 academic year credits

12 / 31

x 7000 unsubsidized loan

= $2710

Examples for Students Enrolled Full-Time For Two Semesters

Example of dependent student proration calculation:

24 credits total (12 credits enrolled in each semester)

31 academic year credits

24 / 31

x 5500 subsidized loan

= $4258

24 credits total (12 credits enrolled in each semester)

31 academic year credits

24 / 31

x 2000 unsubsidized loan

= $774

 

Example of independent student proration calculation:

24 credits total (12 credits enrolled in each semester)

31 academic year credits

24 / 31

x 5500 subsidized loan

= $4258

24 credits total (12 credits enrolled in each semester)

31 academic year credits

24 / 31

x 7000 unsubsidized loan

= $5419

 

Interest Rates

Direct loan interest rates are fixed rates – they will remain the same for the life of the loan.

For 2013-2014 (First disbursement on or after July 1, 2013):

  • Subsidized: 3.86%*
  • Unsubsidized: 3.86%

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: 1.072% for loans originating on or after December 1, 2013.  1.051% for loan originated for the 2013-14 academic year prior to December 1, 2013.  (This fee goes to the government to help reduce the overall cost of the loans.)

This amount will be subtracted from each loan disbursement.

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.

Apply for a Direct PLUS loan

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: 4.204% (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.

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