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Financial Aid and ScholarshipsThe Financial Aid and Scholarship Office helps you obtain funding for your higher education. Financial aid includes scholarships, grants, tuition waivers, work study and loans.
102 Sutton Hall
Cheney, WA 99004
Federal Direct Loan
Major changes were made to the Direct Loan programs on July 1, 2012. Please click the following links for details:
The Federal Direct loans are loans borrowed by the student. Funding for the loan comes from the U.S. Department of Education. Direct loans are divided into two types: subsidized and unsubsidized.
Direct Subsidized Loan
Qualification for the Direct Subsidized Loan is based on financial need as determined by the FAFSA. The federal government pays the interest on this loan during periods of half-time attendance or more, and for periods of authorized deferment. Beginning July 1, 2012, subsidized loans will be available to undergraduates only and the loans will not be subsidized during the six month grace period.
Direct Unsubsidized Loan
Direct Unsubsidized Loans are not based on need, but the amount for which you are eligible may vary depending on the results of the FAFSA and the amount of your other aid. Interest starts accruing from the first disbursement and continues until the loan is paid in full. Interest payments are not required while the student is in school at least half-time, but can be paid by choice without penalty. Interest is capitalized (added to the principal balance) and is included in your monthly payment once one or more of the following occur: enrollment ceases, the grace period expires, and/or a deferment period ends.
To be eligible for Direct Loans, you must meet the following requirements:
- have a completed FAFSA for the current academic year,
- enroll in at least half-time credits (6 credits for undergraduates, 5 credits for graduates (at the 500-level or above)),
- not be in default on previous federal loans,
- not have exceeded lifetime borrowing limits,
- have a completed Master Promissory Note (MPN) on file,
- have completed loan entrance counseling.
The origination fee for Direct Subsidized and Unsubsidized Loans disbursed after September 30, 2014 is 1.073%
Interest Rates (2014-2015)
- Direct Subsidized Loans - 4.66%
- Direct Unsubsidized Loans - 4.66%
- Direct Unsubsidized Loans - 6.21%
These rates are fixed until the loan is paid in full or is consolidated. However, these rates will change yearly for any new loans borrowed.
The annual limits for dependent students are:
The annual limits for independent students are:
The annual limits for graduate students are:
The aggregate (lifetime) limits are:
$31,000 total loan limit
$23,000 subsidized loan limit
$57,500 total loan limit
$23,000 subsidized loan limit
$138,500 total loan limit
$65,500 subsidized loan limit
For more detailed loan information: