Student Loans

Student loan options (and more)

Types of (Need-Based) Loans

Entrance Loan Counseling

Master Promissory Note (MPN)

Annual Student Loan Acknowledgement (ASLA)

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 a Direct Unsubsidized loan. The interest that accrues on a Direct Unsubsidized loan while you are in school is your responsibility. You have the option of paying the interest or having it capitalized and  added to the principal balance of the loan at the end of each academic year (continuing students) or when you enter repayment (graduated/separated students).

Repayment: Repayment of a Direct Student Loan begins six months after you have separated from the college (graduated or took a leave of absence) or if your enrollment drops below a half-time basis. The standard repayment term is ten years. There are additional repayment plans available. Please be aware of the long term interest accrual implications when changing the monthly payment plan.

Deferment: A deferment is an option available to postpone payments for a specified period of time. This option is limited and certain qualifications must be met in order to qualify. While on a deferment, interest does not accrue on Federal Direct Subsidized loans. Interest does continue to accrue on Federal Direct Unsubsidized loans.

Forbearance: A forbearnace is an option available to postpone payments for a specified period of time. This options is limited, but there are no qualifications to qualify. While on a forbearance interest continues to accrue on both Federal Direct Ssubsidized and Federal Direct Unsubsidized loans.

Servicer: All federal student loans are assigned to a federal student loan servicer (company that manages the repayment of the loan). You are strongly encourage to contact your servicer to discuss all repayment options prior to taking any action.

Fees: The Federal Direct Loans have a fixed interest rates and loan origination fee assessed by the Department of Education. The loan origination fee is based on the date of first disbursement and changes as of October 1st each year. For the 2020-2021 academic year: Fixed interest rate: 2.75%; Fixed loan origination fee: 1.059% if disbursed prior to October 1, 2020 and 1.057% if disbursed as of October 1, 2020.

THE WELLESLEY 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.

Loan amounts: $5,000 annual limit, with 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.

Eligibility: Based on financial need; must be enrolled half time.

Loan amounts: $4,000 annual limit, with an aggregate limit of $13,000.

Fees: No fees.

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.

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.

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

Loan Amounts: $4,000 annual limit, with an aggregate limit of $20,000.

Fees: No fees.

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 FEDERAL PERKINS LOAN (DISCONTINUED)

The Federal Perkins Loan was a 5 percent fixed simple interest loan which may be granted to undergraduate and graduate students who demonstrated considerable financial need. This specialized form of student financial aid was 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 had a limited amount of funds to offer each year. The amount of funds was determined by Congress and is dependent on the repayment history of previous Perkins borrowers. As of June 30 2018, The Perkins Loan Program has been discontinued. 

Eligibility: Demonstrated financial need.

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

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.

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

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

Student Aid Loan: You will be notified by the Student's Aid Society to complete electronically

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

Master Promissory Note (MPN)

The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees. It also explains the terms and conditions of your loan(s).

Federal Direct Loan (Subsidized & Unsubsidized): Complete online at Studentaid.gov

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

Student Aid Loan: You will be notified by the Student's Aid Society to complete electronically

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

Annual Student Loan Acknowledgement (ASLA)

The Annual Student Loan Acknowledgment (ASLA) will need to be completed each year that a new federal student loan is accepted. Students will need to complete the ASLA to borrow a federal student loan. Parents will need to complete the ASLA to borrow a federal parent student loan. The goal is to help borrowers understand how loans affect one's financial future.

Federal Direct Loan (Subsidized & Unsubsidized): Complete online at Studentaid.gov

Federal Direct Parent PLUS Loan: Complete online at Studentaid.gov

Exit Loan Counseling

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

Plitt-Kirgan Loan: You will be notified by email from ECSI

Student Aid Loan: You will be notified by the Student's Aid Society to complete electronically

Wellesley College Loan: You will be notified by email from ECSI

Federal Perkins Loan: You will be notified by email from ECSI

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).

Loan Forgiveness and Cancelation

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