Federal Stafford Subsidized loans carry a fixed interest rate of 3.86% effective July 1, 2013. The interest rate is based on current Federal guidelines. Loan fees up to 1.051% may be deducted from your loans by the lender at disbursement. All loan funds are disbursed in two equal amounts.
Subsidized Loans are need-based and determined by the cost of attendance minus your expected family contribution (EFC). The government pays the interest that accrues while you are enrolled at least half-time, in an authorized period of deferment or during your six-month grace period that starts when you graduate or drop below-half-time enrollment status.
Unsubsidized Loans are not need based and the interest rate is fixed at 3.86% for undergraduate and 5.41% for graduate students. The student is responsible for the interest that accrues from the time the loan is disbursed until it is paid in full. The student can choose to pay the interest as it accrues or let it capitalize. If you let the interest capitalize it will be added to the loan amount. At repayment, interest will be calculated on the amount of the loan plus the accrued interest.
How to Apply
Complete the Free Application for Federal Student Aid (FAFSA)
Accept your award on MyWashburn
Complete the Master Promissory Note (MPN) and Entrance Counseling. Both of these items must be completed by all first-time Washburn University borrowers.
When completing the Free Application for Federal Student Aid (FAFSA), please add Washburn University’s federal school code of 001949.FAFSA
Better understand your options for paying for college. Use the FAFSA4caster to estimate your eligibility for federal student aid.FAFSA4caster