Student Loans

Student loan options (and more)

Types of (Need-Based) Loans

Entrance Loan Counseling
Exit Loan Counseling
Consolidation of Loans
Loan Forgiveness and Cancelation

Need-Based Loans 

FEDERAL DIRECT LOANS

The Federal Direct Loan is designed for students who have completed the Free Application for Federal Student Aid (FAFSA) and are enrolled in a degree or qualified certificate program at an eligible school on at least a half-time basis. There are no credit-check or co-signer requirements and no employment or income verifications.  You must be a U. S. citizen or eligible non-citizen to participate in this program. More information can be found on the Federal Student Aid website.

Year in College Subsidized Unsubsidized Total Eligibility
First Year $3,500 dependent: $2,000
independent: $6,000
dependent: $5,500
independent: $9,500
Sophomore $4,500 dependent: $2,000
independent: $6,000
dependent: $6,500
independent: $10,500
Junior $5,500 dependent: $2,000
independent: $7,000
dependent: $7,500
independent: $12,500
Senior $5,500 dependent: $2,000
independent: $7,000
dependent: $7,500
independent: $12,500
Total Loan Limits $23,000   dependent: $31,000
independent: $57,500

Qualifications: If you demonstrate financial need, as determined by federal regulations, you may receive a Direct Subsidized loan. The interest that accrues on a Direct Subsidized loan is paid by the Federal Government while you are in school. If you do not demonstrate financial need, you may still be eligible for an Direct Unsubsidized loan. The interest that accrues on an Direct Unsubsidized loan while you are in school is your responsibility. You have the option of paying the interest quarterly or having it added to the principal balance when you leave school.

Repayment: Repayment of a Direct Student Loan begins six months after you graduate or leave school on at least a half-time basis. The standard repayment term is ten years. There are other repayment plans available such as graduated repayment and extended repayment to minimize your monthly payment.

Fees: The interest rates and fees for Federal Direct Loans are as follows: 2017-2018 Direct Loan (origination fee is based on date of first disbursement): interest: 4.45%; origination: 1.069%.

THE FEDERAL PERKINS LOAN

The Federal Perkins Loan is a 5 percent fixed simple interest loan which may be granted to undergraduate and graduate students who demonstrate considerable financial need. This specialized form of student financial aid is administered not by banks or the Department of Education, but by your school itself. As with all schools participating in the Federal Perkins Loan Program, Wellesley College has a limited amount of funds to award each year. The amount of funds is determined by Congress and is dependent on the repayment history of previous Perkins borrowers. You must be a U. S. citizen or eligible non-citizen to participate in this program.

Loan amounts: Undergraduates may borrow up to $5,500 per year for an aggregate amount of $22,000.

Qualifications: Demonstrated financial need

Repayment: Repayment of a Federal Perkins Loan begins nine months after you graduate or leave school on at least a half-time basis. The standard repayment term is 10 years. There are other repayment plans available such as graduated repayment and extended repayment to minimize your monthly payment.

THE WELLESLEY COLLEGE LOAN

The Wellesley College Loan is a 9 percent fixed simple interest rate loan, often granted to international undergraduate students who demonstrate considerable financial need. This specialized form of student financial aid is administered by Wellesley College; a limited amount of funds is available each year.

Loan Amounts: Undergraduates may borrow up to $4000 per year for an aggregate amount of $20,000.

Qualification: This loan cannot be requested. SFS will award the loan to eligible students based on demonstrated financial need.

Repayment: Repayment of a Wellesley College Loan begins nine months after you graduate or leave school on at least a half-time basis. The standard repayment term is ten years. There are other repayment plans available such as graduated repayment and extended repayment to minimize your monthly payment.

THE PLITT-KIRGAN LOAN

The Plitt-Kirgan Loan is a 5 percent fixed simple interest rate loan which may be granted to undergraduate students who demonstrate considerable financial need. This specialized form of student financial aid is administered by Wellesley College.

Eligibility: Based on financial need; must be enrolled full time

Annual Limit: No annual limit, but an aggregate limit of $20,000

Fees: No fees

Repayment: No payments due while student is enrolled full time or during grace period (nine months after leaving school). Maximum of ten years to repay loan.

THE STUDENTS' AID SOCIETY LOAN

The Students' Aid Society Loan is a 5 percent fixed simple interest rate loan which may be granted to undergraduate students who demonstrate considerable financial need. These funds have been donated by alumnae but are administered by Student Financial Services. The amount of funds available is determined by donations to the fund and on the repayment history of previous Students' Aid Society Loan borrowers. The Students' Aid Society is independent of Wellesley College.

Loan amounts: Undergraduates may borrow up to $4,000 per year for an aggregate amount of $10,000.

Qualifications: Demonstrated financial need.

Repayment: Repayment of a Students' Aid Society Loan begins nine months after you graduate or leave school on at least a half-time basis. The standard repayment term is five years.

EDUCATIONAL ASSISTANCE PROGRAM FOR MILITARY FAMILIES

Educational Assistance Program for military families: MOAA's (Military Officers Association of America) program provides interest-free loans to children of military personnel for up to five years of undergraduate study as well as a limited number of grants. For more information, go to http://www.moaa.org/Education/

Entrance Loan Counseling

Entrance Counseling is a Federal requirement explaining your rights and responsibilities as a borrower. It is designed to help you understand the seriousness of your loan obligations and the consequences of default.  It will also explain to you the basic facts about loan programs and provide you with important information on how to manage and repay your loans.

How to complete Entrance Counseling, with link to Entrance Counseling and Promissory Notes:

Federal Direct Loan (Subsidized & Unsubsidized): Complete online at https://studentloans.gov

Federal Perkins Loan: You will be notified via email: https://www.ecsi.net/promRD

Wellesley College Loan:  You will be notified via email: https://www.ecsi.net/promRD

Plitt-Kirgan Loan:  You will be notified via email: https://www.ecsi.net/promRD

Plitt-Kirgan Alternative Loan:  You will be notified via email: https://www.ecsi.net/promRD

Massachusetts No Interest Loan: New loans currently not available. In person Student 

Student Aid Loan: You will be notified by the Student's Aid Society; complete in person, Schneider Center 117

Exit Loan Counseling

Federal Direct Loan (Subsidized & Unsubsidized): Complete online at https://studentloans.gov

Federal Perkins Loan: Complete online (TBD)

Wellesley College Loan: Complete online (TBD)

Plitt-Kirgan Loan: Complete online (TBD)

Plitt-Kirgan Alternative Loan: Complete online (TBD)

Massachusetts No Interest Loan: Complete online. New loans currently not available.

Student Aid Loan: You will be notified by the Student's Aid Society; complete in person, Schneider Center 117

Consolidation of Loans

If you already have FFEL (Stafford) Program loans and will now be receiving Direct Loans, consolidating your Stafford and Direct Loan program loans together into a Direct Consolidation loan may make loan repayment easier.  If you consolidate, you will have just a single monthly payment.  Consolidating your Stafford loans into a Direct Consolidation Loan may also allow you to take advantage of certain benefits that are offered only in the Direct Loan Program, such as Public Service Loan Forgiveness and the Income Contingent Repayment Plan.

To learn more about when you may consolidate, the pros and cons of doing so, and the application process, visit https://studentaid.ed.gov/sa/repay-loans/consolidation or call 800.557.7392 (TDD/TTY: 800.557.7395).

The following are consolidation options for private student loans: 
Sun Trust Private Student Loan Consolidation 
Wells Fargo Private Student Loan Consolidation

Loan Forgiveness and Cancelation

Federal Perkins Loan Cancelation
Stafford Loan Forgiveness Program for Teachers
Public Service Loan Forgiveness