Loan Programs

SALT Program

We teamed up with SALT, a new membership program that helps students and alumni manage their money and student loans successfully. Our current students and recent alumni have received free SALT memberships! Join at SALTMONEY.ORG

Federal Direct Student Loans:

Federal Subsidized Direct Loan

Need based, long-term federal loan, for which the Federal government will pay the interest while students are enrolled, as well as during deferment periods.
Repayment of both principle and interest begins six months after a student graduates, withdraws, or drops below half-time enrollment.
The interest rate for 2012-2013 will be fixed at 6.8%
Current Subsidized Loan limits are: $3500 for freshmen, $4500 for sophomores, $5500 for juniors and seniors, and $8500 for graduate students.
This must be repaid.

Federal Unsubsidized Direct Loan

Federal Loan available to students regardless of calculated need.
Interest begins to accrue immediately and accumulates during deferment periods. Paying toward interest while the student is enrolled is optional, but advised.
The interest rate is fixed at 6.8%.
Loan limits are the same as those for the Federal Subsidized Direct Loan.
This must be repaid.

Additional Unsubsidized Direct Loan

Dependent students may borrow an additional $2000 per year in Unsubsidized Direct Loan per year. In most cases the additional $2000 is reflected in the financial aid award letter.
This must be repaid.

To secure you Federal Direct Loan
All NEW STUDENT borrowers must complete both the Direct Loan Entrance Counseling and Master Promissory Note at www.studentloans.gov. To view this website effectively, you will need one of the following supported browsers: MS Microsoft Internet Explorer or Mozilla Firefox.

You will need your FAFSA PIN to log in and e-sign your Direct Loan Master Promissory Note. If you do not remember your PIN or if you have misplaced your PIN, you can request a duplicate at www.pin.ed.gov.

The Federal Direct Loan award is for the academic year and it will be disbursed to your student account, half in the fall semester and half in the spring semester.

Federal Direct Parent PLUS Loans
If your parent wishes to borrow a Federal Parent Loan (PLUS) he/she should go to www.studentloans.gov to apply. The interest rate is fixed at 7.9%. Your parent may borrow up to the total cost of education minus any financial aid you are receiving. The Financial Aid Staff strongly encourages parents to borrow the PLUS Loan for the academic year. Fall semester bills will be due in July and spring semester bills will be due in December.

Your parent will need his/her FAFSA PIN to log on, apply for the Direct PLUS Loan and sign the Master Promissory Note. If your parent does not remember his/her PIN, a duplicate PIN can be requested at www.pin.ed.gov.

Private Student Loans:

Westfield State University does not endorse any one private educational loan lender over another. To learn more about specific loan programs that have been reviewed and approved by the financial aid office, please click here.

Students should expect to provide a cosigner when borrowing a private student loan.

Under federal law, students applying for a private education loan will be provided a series of disclosures by their lender and will be required to complete the Private Education Loan Applicant Self-Certification Form. Students will need their Cost of Attendance and Financial Aid amounts to complete the Self-Certification Form. These requirements extend the amount of processing time students should expect when borrowing private loans to fund their education. It is very important that students and families plan accordingly.