Student loans are available to assist students in meeting the cost of education. All first-time borrowers are required to complete an entrance interview.
Borrowing funds at a low interest rate allows students to take responsibility for their education. Although sponsored by the federal government, Walsh University determines loan eligibility and handles the processing of all applications.
Federal Direct Student Loan (Federally Guaranteed)
- Subsidized - Based on financial need
- Unsubsidized - Not based on financial need
- Complete the FAFSA to determine loan eligibility
- Award maximums (dependent students)
$5500 - Freshman Year (at least $2,000 must be unsubsidized)
$6500 - Sophomore Year (at least $2,000 must be unsubsidized)
$7500/yr. - Remaining undergraduate years (at least $2,000 must be unsubsidized)
- Award maximums (independent students)
$9500 - Freshman Year (at least $6,000 must be unsubsidized)
$10500 - Sophomore Year (at least $6,000 must be unsubsidized)
$12500/yr. - Remaining undergraduate years
- Repayment of principle and interest commences 6 months after graduation or when enrollment status drops below half-time (excluding summer). Interest rates are currently 4.66% for undergraduates and 6.21% for graduate students, and can be adjusted annually. Interest will begin to accrue at time of disbursement for Unsubsidized Loans and when students begin their grace period for Subsidized Loans (i.e., when they drop below half-time enrollment).
Federal Perkins Loan (Federally Funded)
- Based on financial need
- Apply by completing the FAFSA
- Award maximum up to $1000/yr.
- Repayment and interest deferred until 9 months after graduation or when enrollment status drops below half-time
- Interest rate is 5% for the length of repayment
- Given up to 10 years to repay loan
Federal Direct Parent Loan for Undergraduate Students (PLUS)
- Under this federal program, parents of dependent students may borrow up to the cost of education minus any other financial aid. The interest rate is 7.21%. Repayment begins 60 days after the date of disbursement. Eligible parent borrowers must demonstrate a good credit history to receive a PLUS loan.