William D. Ford Federal Direct Loan (formerly Federal Stafford Loan)

This federal loan is available to students and is not credit-based. The amount students can borrow each academic year is based on class level. Freshmen can borrow a maximum of $5,500, $6,500 for sophomores, and juniors and seniors can borrow $7,500 each year. Class levels are based on the number of completed courses. Students whose parents are denied a PLUS loan can borrow additional unsubsidized Direct loan funds. The interest rate on the Subsidized and Unsubsidized Direct loan is 4.99% (if disbursed after July 1, 2022) with an origination fee of 1.057%. Interest rates on both types of loans are fixed

A Direct loan will be part of the financial aid award package if the FAFSA form is on file. The loan will be certified by the Office of Financial Aid unless the award letter is returned by the student indicating that the loan is not needed. A Master Promissory Note (MPN) will need to be completed by the student when they borrow their first loan and will automatically be used for all other Direct loans borrowed while attending W&J.

Entrance Counseling for First-Time Borrowers (Freshmen and Transfer Students)

As a first-time borrower, federal regulations require you to complete an entrance counseling session before federal Direct loan funds can be credited to your student account at the College.

William D. Ford Federal Direct PLUS Loan (formerly Federal PLUS Loan)

This loan is for parents of dependent undergraduate students. Parents who are credit approved may borrow a PLUS loan each year to assist in meeting college expenses that are not covered through other financial aid awards. The maximum a parent may borrow is the difference between the cost of attendance and the student's total financial aid. Repayment traditionally begins within 60 days of the final disbursement. Beginning July 1, 2022, the rate of interest for PLUS Loans is a fixed 7.54% with an origination fee of 4.228%.

Students must complete a Free Application for Federal Student Aid (FAFSA) in order for a parent to apply for a PLUS loan. A biological parent who wishes to borrow a PLUS Loan and is not the parent listed on the FAFSA must complete this PLUS Pre-Application in order for an aid representative to verify his/her relationship to the student. In addition, a Direct PLUS Loan Request and MPN must be completed on www.studentaid.gov* by the borrower.

* NOTE: Web site does not support Internet Explorer 9 or 10. It does support Internet Explorer 11 in addition to Chrome, Firefox, Safari, etc.