Stafford Loans

Federal Stafford Subsidized loans carry a low-interest fixed rate of 3.4% effective July 1, 2011 for undergraduate students and 6.8% for graduate students. The interest rate is based on current Federal guidelines. Loan fees up to 1.5% may be deducted from your loans by the lender and/or guarantor at disbursement. All loan funds are disbursed in two equal amounts.

Subsidized Loans are need-based and determined by the cost of attendance minus your expected family contribution (EFC). The government pays the interest that accrues while you are enrolled at least half-time, in an authorized period of deferment or during your six-month grace period that starts when you graduate or drop below-half-time enrollment status.

Unsubsidized Loans are not need based and the interest rate is fixed at 6.8%. The student is responsible for the interest that accrues from the time the loan is disbursed until it is paid in full. The student can choose to pay the interest as it accrues or let it capitalize. If you let the interest capitalize it will be added to the loan amount. At repayment, interest will be calculated on the amount of the loan plus the accrued interest.

How to Apply

 Complete the Free Application for Federal Student Aid (FAFSA) 

 Accept your award on MyWashburn 

• Select the Financial Services tab
• Select the Financial Aid Awards link available in the left column
• Select Aid Year and click Submit
• Select the “Terms and Conditions” tab - All students must read and accept the terms and conditions before accepting your financial aid. 
• Select the “Accept Award Offer” tab to accept/decline awards.

Complete the Master Promissory Note (MPN) and Entrance Counseling. Both of these items must be completed by all first-time Washburn University borrowers.

• Sign in to studentloans.gov
• Select "Complete Entrance Counseling" and identify whether you are currently an Undergraduate or Graduate/Professional student
• Select "Complete Master Promissory Note" and select "Subsidized/Unsubsidized"